VANCOUVER, British Columbia, July 25, 2019 -- 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 confident 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 firstname.lastname@example.org. 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.
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