Bougainville Ventures Inc., Provides Corporate Update on Oroville Campus
July 25 2019 - 1:00AM
BOUGAINVILLE VENTURES INC. (CSE: BOG) (FRA: 8BV) (DEU: 8BV)
(MUN: 8BV) (STU: 8BV) ("Bougainville" or the
"Company") is pleased to announce that after a very
though review the Washington State Liquor and Cannabis Board
(WSLCB) has finally approved the tenant grower to prepare the
Oroville location for final inspection.
Leading up to final inspection the tenant grower will be
required to provide updates detailing how the build-out is
progressing and will include proof of this progress, until the
location is final inspection ready. Proof of progress can come in
the form of copies of permitting paperwork, photographs of
construction, and or other supporting documentation that shows
progress has occurred at the cultivation facility in Oroville,
WA.
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. ft. in-door space the tenant is planning
to plant a 20,000 sq. ft. out-door crop as well. 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 1,500 to 1,800 plants. The
tenant grower has decided to plant an auto-flower strain of
cannabis for its in-door and out-door season.
About Auto-flowering Cannabis
The concept of auto-flowering strains is that they will
automatically flower as opposed to waiting for a specifically timed
light cycle. The plants begin to flower all on their own after a
relatively short vegetative period of 2-4 weeks. Once planted
outdoors, auto-flowering plants will start producing buds no matter
how many hours of sunlight they are receiving, which means one will
not need to worry about running a light deprivation system or
supplementing light as the tenant is trying to achieve multiple
harvests in a season.
CEO, Andy Jagpal Comments: “We are
very excited to finally see our Tier-3 tenant receiving final
approval for final inspection of the Oroville facility. It has been
a long and drawn out process dealing with the WSLCB, which took
longer that we initially anticipated. Even though we were hoping to
receive final inspection sooner we are happy to see it finally come
through. We are very optimistic the tenant will receive approval to
plant as the site has been ready for inspection since June 1,
2019.”
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 info@bougainvilleinc.com. Please note that
our Toll free number has changed to 1-877-517-7816.
http://bougainvilleinc.com/
https://twitter.com/bougainvilleinc
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.
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