Toronto, Ontario–(Newsfile Corp. – October 8, 2020) – City View Green Holdings Inc. (CSE: CVGR) (“City View” or the “Company“), trading through the facilities of the Canadian Securities Exchange (“CSE“) under the symbol “CVGR” and on the OTCQB® under the symbol “CVGRF” announces that it has submitted its Site Evidence Package (the “Evidence Package“) to Health Canada for a Standard Processing License (the “Processing License“) for its 40,000-Square-foot automated cannabis infused food manufacturing facility in Brantford, Ontario (the “Edibles Facility“).
The recently completed 12,200 sq ft will utilize state of the art equipment technology and when fully operational, City View expects to produce 100,000 pieces of precisely dosed edibles across many formats per eight-hour shift. With the facility’s equipment efficiencies City View will provide specific dosing and custom cannabis infused products that meet regulatory requirements and customer specifications
Rob Fia, CEO commented, “We have submitted our evidence package to Health Canada and upon receipt of the license we expect to manufacture our first packaged sales in Q1 of 2021. We have designed our facility to handle high-volume output while maintaining industry leading quality and cost structure. We will leverage our team’s 30 plus years of knowledge in international consumer products goods and industry leading co-manufacturing to produce chocolate, baked goods and confectionery. City View will produce superior quality cannabis infused food products for other licenced producers as well as branded products under its own label for the cannabis edibles marketplace. Upon the receipt of the Processing License, City View will immediately begin production of edibles for a well-established international licensed producer.”
The Company also announces that that it has granted incentive stock options to a consultant of City View to purchase up to 200,000 common shares of the Company pursuant to the company’s share option plan. The options are exercisable for a period of 5 years at a price of $0.10 per share.
The Company also announces that that it has issued an aggregate of 550,000 share purchase warrants to certain consultants in partial consideration for consulting advisory services provided to City View. Each warrant is exercisable for one common share of the Company at a price of $0.10 for a period of three years.
The above-noted options and warrants, and any underlying common shares issued on exercise thereof, will have a hold period expiring February 8, 2021, in accordance with the policies of the CSE and applicable securities laws.
About City View
City View is a leading cannabis-infused food company focused on the development of food brands, extraction, and distribution. Upon the anticipated receipt of its Cannabis Act processing and sales licences (“Cannabis Licences“), City View will incorporate cannabis-infused food production and extraction at its Brantford, Ontario facility. Once operational, it is our expectation that City View will produce high quality cannabis-infused food, oils, distillates, and water-soluble products for the food and beverage markets. In addition, City View owns a 27.5% stake in Budd Hutt Inc. (“Budd Hutt“), a retail-focused cannabis company with access to cannabis cultivation and production licences in Alberta and other retail opportunities across Canada. Through its relationship with Budd Hutt, the Company anticipates securing shelf space, product placement, and distribution opportunities for City View’s products. For more information visit www.cityviewgreen.ca.
For further information contact:
City View Green Holdings Inc.
Rob Fia, CEO & President
Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements which are not composed of historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Important factors that could cause actual results to differ materially from the Company’s expectations include, among others, availability and costs of financing needed in the future, changes in equity markets, delays in the development of projects, and ability to predict or counteract potential impact of COVID-19 coronavirus on factors relevant to the Company’s business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.