Tickers: XCNQ:LIB, PINX:WSSRF
Tags: Medicinal Marijuana
Vancouver, B.C. / TheNewswire / February 8, 2017: - Liberty Leaf Holdings Ltd. (CSE: LIB and FSE: HN3P) (the "Company" or "Liberty Leaf") announced today that the Company has paid the initial US$50,000 transaction deposit to GR8 Track, Inc. ("GR8"), representing the first loan payment by the Company under the terms of the Letter Of Intent ("LOI") signed with GR8 on February 2, 2017.
The LOI lays out the terms under which Liberty Leaf can acquire 27.5% of GR8, a private California corporation licensed to produce cannabis for medical use. GR8's holdings also include another licensed medical cannabis cultivator, CBG, with whom Liberty Leaf signed a memorandum of understanding in November, 2016.
"This is an important step forward in completing our deal with GR8," says William Rascan, President and CEO of Liberty Leaf. "This transaction will make us a legitimate player in California's legal-cannabis market - a market that is expected to reach $6.5 billion in sales by 2020. Furthermore, our team continues to work diligently towards securing additional, complimentary cannabis related opportunities."
About GR8 Track, Inc.
GR8 Track is a licensed, value-added medical cannabis producer, with cultivation facilities in the Sacramento area. In 2016, the company enjoyed over U$12 million in sales through its medical cannabis dispensary network.
About Liberty Leaf
Liberty Leaf Holdings Ltd. (CSE: LIB and FSE: HN3P) is a new, Canadian-based public company whose focus, as an accelerator, is to build and support a diversified portfolio of cannabis-sector businesses, including cultivation, value-added CBD/THC products, biotech research and supply chain products within this dynamic and fast-growing sector.
For further information on Liberty Leaf, please visit www.libleaf.com or email info@libleaf.com.
On Behalf of the Board
Will Rascan, President & CEO
Liberty Leaf Holdings Ltd.
Phone: (604) 683-3995
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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