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Monday, April 14, 2014 12:30:04 AM
In the statement, the first section, headed as "Background", briefly describes the Canadian Government's 2012 decision to change its laws regarding medical marijuana (or marihuana, for the sake of our Canadian brothers and sisters). The "Background" finishes with this statement:
"Lakeshore has been notified by CEN Biotech Inc that it has applied to [H]ealth Canada for a license in Lakeshore (as required by the new regulations)"
The next section in these minutes, entitled "Comments", gets straight to the point:
[begin quote]
"The proposed location is at Manning and North Rear Road (south of the OPP detachment at [M]anning and 401). It has the correct zoning.
The site is zoned "Agricultural Use- Value Added" that provides an accessory use for processing and refining agricultural product to a final retail product. The final retail product shall primarily consist of inputs produced on the farm.
The proponent has applied to construct a 58,000 s.q. steel barn to grow and process the plants. There is also a fencing application to secure the facility. In a meeting with the proponents, they explained that there would be a number of sophisticated security measures in addition to air filtration to remove vapors and odors.
The application is currently in progress." [end quote]
For the benefit of fellow investors and interested parties, please do not take my word for it. You can find the minutes here:
http://weblink8.lakeshore.ca/WebLink8/DocView.aspx?id=9666&dbid=1
Or, if this link doesn't work for you, then try this link to the Town of Lakeshore - Agendas,...
http://www.townoflakeshore.on.ca/lakeshore_1?page=62#minutes
and then click on "Council Minutes", then select the folder for 2013 Agendas, then select the folder for "November 12, 2013 - Regular Council Meeting", then go to page 31.
Or, if all of that doesn't work, go to this link:
http://www.townoflakeshore.on.ca/
and click on the "Search Bylaws & Council Agendas/Meeting" button on the quick links menu in the middle of the page, and proceed accordingly.
The point is that CEN Biotech made efforts to be both transparent AND forthcoming about their intentions in Lakeshore, as is obvious in the Council's record of minutes from November 12, 2013. Thus, we can confidently conclude that the Council, and by extension, the town, have understood for over 5 months what CEN Biotech's intentions in Lakeshore are.
My concern is a lack of any proper financial reporting. Therein lies possible disaster. If Mr. Chaaban and co. have taken any questionable liberties with shares, this could draw the SEC like bees to honey. I'm not suggesting that they have done so. I prefer to think that Mr. Chaaban is a highly intelligent individual with a firm grasp of both the laws governing publicly-traded companies, and of the enormous opportunity he has before him to create something enormously positive and to create enormous wealth for himself along the way.
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