We’ve formed MMJ Land LP limited partnership (“MMJ-L”) to be the first of a 3-staged investment and development program, all aimed towards commencing the production and sale of high quality MMJ on or before 1st January 2018 and being ready for expansion at an appropriate time. The stages in this program are:
Stage 1: MMJ-L acquires the 54 acres of agricultural land we already have under contract and advance the Health Canada Licensed Producer application that was both submitted and accepted in 2015. We will also commence the formal land planning and permitting processes for our proposed indoor grow facility.
Stage 2: MMJ Enterprises LP will be formed by the General Partners to raise an additional US$4.6 million of equity capital required to accomplish:
• The final design and engineering work for a 12,000 sf Phase One grow and processing facility;
• Constructing and equipping our grow and processing facility to the highest industry standards, including the latest equipment for CO2 extractions of the wide range of oils and essences of our cannabis for satisfying an increasing number of patient needs, including edibles, specially formulated CBD-THC tinctures for capsule and vape pens and the like; and
• Obtaining, after a Health Canada examination of the facilities and our product produced, a Health Canada License to Sell.
Stage 3: For the benefit of all its partners, the venture plans to own, operate and expand its grow and processing facilities to an eventual 84,000 sf complex in response to what we expect will be an increasing demand for our high quality, reasonably priced medical cannabis products.
We project that once Phase One demonstrate reliably profitable operations, the General Partners will be able to negotiate attractive terms for financing subsequent phased expansions, while providing annual cash distributions to limited partners.