Solanbridge Group Inc. (SLNX)

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I got this an an email from Mr. Shirley:

An example of marijuana development in Nova Scotia

Stellarton pot project exceeds financing hopes


The Chronicle Herald of Halifax
Updated April 17, 2014 - 7:31am

A medical marijuana plant at a dispensary in Seattle. Vida Cannibis Corp. of Ontario says investors are interested in its plan for a commercial medical marijuana production facility in Stellarton. (THE ASSOCIATED PRESS / File)
A medical marijuana plant at a dispensary in Seattle. Vida Cannibis Corp. of Ontario says investors are interested in its plan for a commercial medical marijuana production facility in Stellarton. (THE ASSOCIATED PRESS / File)

An Ontario-based company that recently bought an old Stellarton factory building, with the goal of turning it into a commercial medical marijuana production facility, says it is seeing more interest from investors than anticipated.

Vida Cannabis Corp. announced Wednesday that it has completed an oversubscribed equity financing, raising US$2.5 million by a private placement offering of its common stock. The round had been initially set at US$1.5 million.

“Due to significantly higher interest than anticipated, Vida increased the quantum of financing to US$2.5 million, which was consented to by investors of this round,” the company said in a release Wednesday.

The private placement consisted of 10 million common shares at US25 cents per share. Vida said it now has a total of 28,708,400 outstanding common shares.
Vida Canada Corp.’s wholly owned subsidiary, Vida Cannabis (Canada) Ltd., is using the financing to obtain a commercial medical marijuana producer licence.

“The proceeds of this successful equity financing will allow us to take steps that are essential to establishing Vida Canada’s profile as a candidate fit for licensing with Health Canada,” Vida Cannabis chairman and CEO Greg Wilson said in the release.

Under recent changes to federal regulations, Health Canada no longer grants medical marijuana growing licences to individuals with prescriptions for the drug, but is instead providing licences to larger commercial growers that meet regulatory requirements under the (Marijuana) for Medical Purposes Regulations.

Vida Cannabis recently bought a vacant 315,000-square-foot concrete-and-steel building from the Town of Stellarton for $500,000 to house its medical marijuana growing operation. The municipality has given its approvals for the plant to operate.

The structure was built by the Clairtone Sound Corporation Ltd. in 1966 and has a concrete floor, concrete walls and a steel roof.

Wilson could not be reached Wednesday, but said last month that the company is expected to spend $4 million to $5 million renovating the building and hopes to start production this fall, pending licence approval from Health Canada.

Between 20 to 30 people are expected to be working at the production facility at the start, although its workforce is eventually expected to grow to 200 or 300, he said.