Penticton, BC, Sept. 30, 2020 (GLOBE NEWSWIRE) -- Green Mountain Health Alliance Ltd. (the “Company” or “Green Mountain”), a medically-focused cannabis company, has secured $3.4 million in debt financing to complete phase 1 construction at its company-owned HWY 3A site in the Okanagan Valley. Construction is underway and will include a 4,300 sq.ft. processing facility and 18,000 sq.ft. of covered growing area.
This is the next step in the Company’s plan to build a total enclosed growing area of 125,000 sq. ft. and processing facilities totalling 29,000 sq. ft.
Green Mountain President, Wade Attwood, reports that upon completion of phase 1, the Company will submit its evidence package to Health Canada to obtain a production license. He says:
“Green Mountain is pleased to secure this funding during such a challenging period. It is a testament to the strength and depth of our strategic alliances and validates the model that we are pursuing.”
This investment was made by the Manitoba Metis Federation (MMF) — through its division, Metis N4 Construction Ltd. headed by Jack Park — the MMF is the largest and most active Indigenous community in Canada. The MMF has been closely tied to Green Mountain since inception, and its long-standing President, Dr. David Chartrand, serves as a Green Mountain director.
“Canada’s indigenous people have been using medicinal plants for centuries, and our knowledge of natural healing far predates recent “discoveries” by the pharmaceutical industry.” N4 Chairman Jack Park said. “We believe that Green Mountain will play an important role in developing medical cannabis as a mainstream treatment, and this will have a major impact on the Metis people. Our close relationship with Green Mountain is highly valued.”
Green Mountain’s plans include developing into a fully integrated medical cannabis seed to sale enterprise. In addition, the Company plans to continue to expand its wholly owned subsidiary Greener Life Medical (GLM). GLM is a remote cannabis consulting and scripting platform which has been in operation for over a year. It has a growing patient base and innovative subscription model whereby for an annual charge patients have unlimited online access to a certified cannabis practitioner. Green Mountain is also in the process of developing partnerships with cannabis research teams and health provider institutions which it believes will allow the Company to take novel formulations to clinical trial.
The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof, and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company’s expectations or projections.