TORONTO, Aug. 19, 2019 /PRNewswire/ - Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: LHSIF) www.libertyhealthsciences.com ("Liberty" or the "Company"), a provider of high quality cannabis, announced the sale, via its subsidiaries, of certain of its assets in Florida and substantially all of its assets in Ohio, in a transaction that was completed today.
The Company is selling 36 acres of land, comprising its Chestnut Hill Tree Farm site in Alachua County, Florida, as well as all of its assets in Ohio, for an aggregate total of for US$14,750,000 to an arm's length purchaser.
In Florida, the Chestnut Hill Tree Farm site includes greenhouses comprising a total grow space of approximately 21,600 square feet, as well as various other structures totaling approximately 23,300 square feet and certain personal property located on the site.
In Ohio, the assets consist of the sale of 50.0% of the Company's indirect 50.1% interests in each of three joint ventures, including a dispensary license operating under the trade name "Mad River Remedies" and a provisional processing license.
In 2019, Liberty has shifted its focus to its 387-acre LHS 360º Innovation Campus in Gainesville, Florida ("Liberty 360") and completed the cultivation portion of its retrofit activities at Liberty 360 this past March, bringing 190,000 square feet of greenhouses online. Liberty 360 is a state-of-the-art cannabis facility with large-scale cultivation space and innovative production technology.
"Our primary focus has been on expanding Liberty 360 facility located in Gainesville," said Victor Mancebo, Interim Chief Executive Officer of Liberty. "Growing our cultivation, processing, manufacturing, and distribution areas has been pivotal to support the allotment of dispensaries in Florida. At Liberty 360 we have plenty of room to grow and overcompensate for the market demand. We plan on initiating ethanol extraction by October 2019, which will help us expedite our overall extraction process along with maintaining our CO2 extraction for certain products."
Liberty currently operates 16 dispensaries across Florida, in the locations listed below:
• Dania Beach
• North Miami
• Port St. Lucie
• Palm Harbor
• St. Petersburg
• Orange Park
• Tampa (Hyde Park)
• Winter Haven
• Cape Coral
• Merritt Island
• Boca Raton
• Bonita Springs
About Liberty Health Sciences Inc. Liberty is the cannabis provider committed to providing a high-quality cannabis experience based on our genuine care for all cannabis users and a focus on operational excellence from seed to sale. For more information, please visit: www.libertyhealthsciences.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains certain forward-looking statements within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "believe", "plan", "intend" or the negative of these terms and similar expressions. There is no certainty that the transactions will be completed by the anticipated closing date or at all. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the medical marijuana industry in the United States generally, income tax and regulatory matters; the ability of Liberty to implement its business strategies; competition; crop failure; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.