Blue Diamond Ventures, Inc. (OTCMKTS:BLDV) released a summary of the Canadian Cannabis projects. The company reported that fund raising lingers the Private Placement Memorandum that will be utilized to finalize the investment deal has been presented to AMS Farms Canada, and is now in final assessment. This PPM will raise funds of $12 Million needed for the construction of the 50,000-square feet facility in Hanover.
Blue Diamond is in final talks with a licensed producer in Ontario to offer an advanced design and build to-lease building of 3,000 square feet that will comprise three levels of cultivation, for a total of 9,000 square feet of cultivation space, with future expansion plans to establish a 40,000-square feet facility on the same site. This project should be confirmed this month. It will be part of the recently expanded Innovative Growth Group Fund, previously known as Michigan Growth Fund.
Blue Diamond is working on a qualified request from a current Canadian Licensed Producer to lease area in Michigan to expand their cannabis products portfolio. New license applications in Michigan will be taken on December 15, 2017. The company has numerous projects planned for new operators in Michigan and offers a Suite-of-Services to prospective lease holders to help in the licensing procedure.
Health Canada has released a supplement to their GPP that comprises new sanitation requirements. Canada is reviewing the manufacturing standards for Medicinal Cannabis Facilities.
Cannabis Clean, which is a subsidiary of Blue Diamond will soon be introducing their new standards depending on the Good Agricultural Practices and the Good Manufacturing Practices that are being advanced in Israel as part of the plan of bringing Cannabis Manufacturing in par with other Biotech Industries. It will use these new guidelines as the core of their latest customized offering to be introduced on November 1, 2017.