City View Green Holdings (CSE: CVGR) today announced its entry into an LOI with a financier for the purchase leaseback of its Brantford facility and property. Under the agreement, City View will exercise its option to purchase 49 Easton Road in Brantford and transfer that purchase option to the financier. In exchange, City View will enter into a 5-year lease with a 5-year renewable term with the right of first refusal to purchase the property and building back should the new owner decide to sell. The new landlord will finance all buildout and capital improvements required by City View to obtain Health Canada Licenses to become a fully operational Cannabis grow and extraction facility. “We are pleased to enter into negotiations for the purchase leaseback of our Brantford property,” City View Green CEO Ian MacDonald stated in the news release. “This is a non-dilutive way for us to finance and finalize the required buildout of the Brantford facility. We are confident we have established the framework for a mutually beneficial outcome with the financier. We hope to have this deal closed within the next 60 days and our current buildout initiatives are proceeding as planned.”
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About City View Green Holdings Inc.
City View Green, which began trading March 5, 2019, is a vertically integrated cannabis company focused on seed to retail. Upon receipt of its Cannabis Act license, City View Green will incorporate growing, extraction, production and retail at its Brantford, Ontario, facility. The company intends to grow exceptional quality cannabis and produce high-quality extracts. Once legalized, City View Green expects to produce high-quality edible products, distillates and water-soluble products for the beverage market. In addition, City View Green owns a 19.9% stake in Budd Hutt Inc., a retail-focused cannabis company with access to licenses in Alberta and other retail opportunities across Canada. The company expects that Budd Hutt will secure shelf space and distribution opportunities for City View Green’s products. For more information, visit the company’s website at www.CityViewGreen.ca.
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