- licensed I-502 tenant-grower for the Company’s Oroville Campus has received their final production approval from the Washington State Liquor Control Board (WSLCB) to commence operations.
- This signals a major milestone for the Company and its obligation to our tenant-grower for a turnkey facility and more importantly to begin cash flow as early as the first quarter of next year.
- The first 10,000 sq. ft. of a 30,000 sq. ft. Tier-3, I-502 production and processing license is already built. In addition to the 10,000 sq .
Vancouver, British Columbia–(September 13, 2019) – BOUGAINVILLE VENTURES INC. (CSE: BOG) (OTC Pink: BUGVF) (FSE: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) (“Bougainville” or the “Company”) is pleased to announce that further to its news release on July 25, 2019, that the licensed I-502 tenant-grower for the Company’s Oroville Campus has received their final production approval from the Washington State Liquor Control Board (WSLCB) to commence operations. This signals a major milestone for the Company and its obligation to our tenant-grower for a turnkey facility and more importantly to begin cash flow as early as the first quarter of next year. The first 10,000 sq. ft. of a 30,000 sq. ft. Tier-3, I-502 production and processing license is already built. In addition to the 10,000 sq. The tenant is licensed to build out up to 30,000 sq. ft and once fully built-out the facility will be able to house 3,000 plants. Further updates will be provided as they are made available.
Figure 1: Oroville Campus
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/6334/47763_6271dd4f2451181b_001full.jpg
CEO, Andy Jagpal Comments:
“This
is a major milestone as this was the project the company went public
with and to see it come to fruition is a testament to the bougainville
team and our relentless pursuit to follow through with our commitments.”
To learn more about what this news means to the shareholders visit https://marketnewsfirst.com/bog-news, as well as on the company’s site.
About the Washington I-502 Marijuana Market
In
November 2012, the Washington State Liquor Control Board (WSLCB) passed
Initiative 502 (I-502) pursuant to a vote by the people of the State of
Washington. I-502 authorized the WSLCB to regulate and tax recreational
marijuana products for persons over twenty-one years of age and thereby
created a new industry for growing, processing and selling of
Washington State-regulated recreational marijuana products. A recent
WSLCB commissioned report by the Rand organization suggests that there
are currently up to 650,000 recreational marijuana users in Washington
State, worth approximately $1.25 – $1.5 billion USD in annual sales.
About Bougainville Ventures, Inc.
Bougainville
Ventures Inc. is dedicated to rapid growth in production, processing,
retail and branding of cannabis and cannabis related products. Currently
the company provides strategic capital to the thriving cannabis
cultivation sector through ownership and development of commercial real
estate properties. We offer fully built out turnkey facilities equipped
with state-of-the-art growing infrastructure to cannabis growers and
processors. Also, the Company is focused on building a strong presence
in the hemp industry with the objective of extracting cannabinoids in
both Canada and the United States. Along with our flagship Hemp project
in Oregon State and the Greenhouse campus in Washington state, the
Company has proprietary formulas for cannabis edibles, topical, and
tinctures.
On behalf of the Board of Directors
BOUGAINVILLE VENTURES INC.
Andy Jagpal, President and Director
For further information, please contact Andy Jagpal at [email protected]. Please note that our Toll free number has changed to 1-877-517-7816.
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, 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. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
No regulatory authority has approved or disapproved the information contained in this news release.