A Vernon company’s plans for a medical marijuana production facility in Lumby appear to be moving closer to reality.
True Leaf Medicine International has put a $100,000 down payment on a 40-acre Lumby property and has the option to purchase it for $3.3 million until the end of the year. True Leaf still needs to raise the funds to finance the deal but is optimistic that will go smoothly.
True Leaf said it has completed most of the Health Canada process to become a licensed producer under federal Access to Cannabis for Medical Purposes Regulations but will still need to pass an inspection once its facility is built.
The company plans to “refit” an existing 16,000-square-foot building on the Lumby property and produce roughly 2,500 kilograms of dried cannabis each year. It’s hoping to hire 25 to 30 people initially and could employ more than 75 people once more facilities are built.
However, True Leaf said in the future it could build a 1-million-square-foot facility on the 40-acre property which would allow it to produce over 125,000 kilograms of marijuana.
Vernon-based True Leaf Medicine (CSE:MJ) announced September 28 it has acquired an option to buy 40 acres of land in Lumby. The company paid $100,000 to acquire the option, which is exercisable until the end of the year for a total cost of $3.3 million.