TORONTO, May 30, 2018 (GLOBE NEWSWIRE) -- BELGRAVIA CAPITAL INTERNATIONAL INC. (CSE:BLGV) (OTCQB:BLGVF) (“Belgravia Capital”, “Belgravia”, or the “Company”) is pleased to announce that it has acquired 10.03% of the outstanding common shares of R&D Pharma Corp. (“RDP”). RDP is a Canadian corporation developing a vertically integrated medicinal cannabis business in Jamaica. Belgravia has acquired four million (4 million) common shares of RDP at a price of twenty-five (25) cents per share. Belgravia has the right to appoint an independent director to the Board of RDP. Mr. Kevin Strong, the Chief Financial Officer (“CFO”) of Belgravia, has been appointed CFO of RDP. The funding of the acquisition was by way of Canadian $500,000 (five-hundred thousand dollars) and 5,000,000 (five million) common shares of Belgravia.
RDP, through one of its subsidiaries, holds a Tier 3 Cultivator’s Licence in Jamaica. This licence is one of only three Cultivator’s licences awarded by the Cannabis Licensing Authority (“CLA”). The CLA is an agency of the Ministry of Industry, Commerce, Agriculture and Fisheries of Jamaica that was established in 2015 with the mandate of creating and regulating Jamaica’s legal Cannabis and hemp industry. In addition to being a holder of the Tier 3 Cultivator’s Licence, RDP also has been awarded conditional processing, herb house, spa and dispensary licences.
Jamaica is known to have a world-renowned medical cannabis community with recognized landrace plants in their natural environment. A Cannabis landrace is a plant grown in its natural environment and developed through traditional agricultural practices. This results in superior products that are internationally desired by markets. The consistent flowering light cycles of Jamaica, constant air flow, and other advantageous agronomic and economic conditions of the island, allows RDP to be an internationally low cost efficient producer of plants and medicinal products, for use in both the domestic and medical tourism industry, and for international export.
Mr. Mehdi Azodi, President and Chief Executive Officer of Belgravia stated: “We are excited to have completed our acquisition of 10% of RDP. Under the leadership of its Executive Chairman, Yohan Chin, President, Richard Bailey, and Chief Executive Officer, Derrick Lewis, RDP is one of only of only three companies to have been awarded a Tier 3 Cultivator’s Licence by the Government of Jamaica. This is a testament to the quality of the management team. The Tier 3 licence allows for the cultivation of over five acres of land with plants for medical, scientific, and therapeutic purposes.”
About Belgravia Capital
Belgravia Capital International Inc. is focused on its three core business divisions: Incubation, Investments and also Royalties. Belgravia will also develop new companies with a focus on the legal medical cannabis industry. The incubation division will provide services to support the development of early-stage companies in the legal Cannabis space and other technologies as well as mineral and resources. Belgravia Holdings, the Investments division, invests in various private and public companies with a focus on legal medical cannabis, technology, and on an opportunistic basis, resources.
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology. Such forward-looking statements include, without limitation, statements regarding planned investment activities & related returns, trends in the markets for fertilizers and medicinal or recreational use of cannabis, the timing or assurance of the legalization of recreational cannabis, the timing for completion of research and development activities, the potential value of royalties from water and other resources, and other statements that are not historical facts. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, changes in market trends, the completion, results and timing of research undertaken by the Company, risks associated with resource assets, the impact of general economic conditions, commodity prices, industry conditions, dependence upon regulatory, environmental, and governmental approvals, the uncertainty of obtaining additional financing, and risks associated with cannabis use for medicinal or recreational purposes. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
For More Information, Please Contact:
Mehdi Azodi, President & CEO Belgravia Capital
(416) 779-3268 mazodi@blgv.ca