New subsidiary Canada Marijuana Agricorp Inc intends to apply for medical marijuana producer license
Toronto, Ontario, April 14, 2014 – GreenBank Capital Inc. (CSE: GBC) (“GreenBank” or “the Company”), announces that it has determined to enter the medical marijuana business and has established a new subsidiary, Canada Marijuana Agricorp Inc which has entered into an agreement to lease 20 acres of suitable land near Tweed, Ontario which it proposes to utilize for the commercial production of medical marijuana.
Canada Marijuana Agricorp intends to apply for a medical marijuana producer license under the new Marijuana for Medical Purposes Regulations Health Canada program, and aims to commence commercial medical marijuana growing operations as soon as its producer license is granted. The lease of the Tweed, Ontario land is for an initial term of three years with options to renew. Power for growing operations will be provided by solar energy, and a local consultant has been engaged to supervise growing operations. Plans are being formulated for the construction of greenhouses and storage facilities to facilitate year round production capabilities. The use of greenhouses will facilitate the growing of medical marijuana through hydroponic processes.
The market for medical marijuana in Canada is controlled by and subject to regulation, and the commercial medical marijuana industry is a new industry. Commencing April 1, 2014 the only legal access to marijuana for medical purposes will be through licensed producers. Health Canada anticipates that the number of Canadians authorized to consume medical marijuana is anticipated to be 450,000 by 2024.
“GreenBank’s subsidiary Canada Marijuana Agricorp intends to provide affordable, safe, regulated, high quality medical marijuana for medical marijuana patients in Canada seeking pain relief medication. We look forward to complying with all applicable Health Canada regulations as we establish commercial production of medical marijuana. The Canadian government predicts a $1.3 billion industry in 10 years and we intend to participate in this fast growing business opportunity” said Danny Wettreich, CEO of GreenBank.
GreenBank has previously announced its intention to make Bitcoin related investments through its subsidiary Bitcoin Angel Capital Inc. which is focused on investing in early stage Bitcoin and other cryptocurrency companies, and which has recently acquired 20% of Sovereign Bitcoin Exchange.
GreenBank is a corporate finance investment business investing in Canadian small cap companies. GreenBank’s subsidiary Canada Marijuana Agricorp intends to be a commercial producer of medical marijuana, and GreenBank’s subsidiary Bitcoin Angel Capital is seeking to make investments in early stage Bitcoin and other cryptocurrency companies. For more information please see www.GreenBankCapitalinc.com or contact Danny Wettreich at (647) 931 9768 or dw@GreenBankCapitalinc.com.
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of GreenBank Capital Inc. The forward-looking information is based on certain key expectations and assumptions made by the company’s management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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