Vancouver, BC, Canada – October 23, 2018.
BOUGAINVILLE VENTURES INC. (“Bougainville” or the “Company”) (CSE:BOG) is pleased to announce that it has signed a second lease agreement with a private Washington State Tier-2 I-502 licensee (the “Tenant”) to lease up to 21,000 square feet of I-502- compliant space from the Bougainville Ventures Campus in Oroville, Washington.
Bougainville will be involved with the Tenant as a consultant and in the infrastructure development capacity at its current location.
The Tenant is currently ready to harvest this year’s crop at the end of the month. Bougainville and the Tenant have agreed to the terms of the lease and will occupy a one-acre parcel of land, following building, property and infrastructure improvements.
The Tenant has been in operations since 2015 and has extensive experience and contacts in supplying the extract market in Washington State. The Company would also like to add that it has completed its due diligence on the additional 3.33 acre parcel and will be moving forward to close on the transaction.
CEO, Andy Jagpal Comments:
“With the addition of this second tenant lease for the Washington property, our business model is now well underway. We will continue to execute on our Cannabis Infrastructure business model to serve the needs of tenant-growers in the US and Canada.”
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 provides cannabis infrastructure and seed-to-sale services to I-502 tenant-growers leasing greenhouse facilities space and providing fully built-out, turnkey solutions and ancillary services including processing, cannabis expertise and marketing and sales resources.
Greenhouse canopies provide a 50% saving in cultivation cost. Bougainville has 10,000 sq.ft., in near production in Oroville, WA.
FORWARD LOOKING STATEMENTS:
This news release contains certain forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Oroville, WA cultivation facility: statements pertaining to the ability of Bougainville Ventures Inc. (“BOG”); the anticipated economic potential of the property; the availability of capital and finance for BOG to execute its strategy going forward. Forward-looking statements are based on estimates and assumptions made by BOG in light of its experience and perception of current and expected future developments, as well as other factors that BOG believes are appropriate in the circumstances.
Many factors could cause BOG’s results, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: discrepancies between actual and estimated results from exploration and development and operating risks, dependence on early exploration stage concessions; uninsurable risks; competition; regulatory restrictions, including environmental regulatory restrictions and liability; currency fluctuations; defective title to mineral claims or property and dependence on key employees. 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.