VANCOUVER, British Columbia, April 01, 2019 (GLOBE NEWSWIRE) -- BOUGAINVILLE VENTURES INC. ("Bougainville" or the "Company") (CSE: BOG), providing cannabis infrastructure and seed-to-sale services to I-502 tenant-growers, is pleased to announce that its first 10,000 square foot cultivation facility in Oroville, WA will be occupied by a Tier-3, I-502 tenant (the “Tenant”) starting June 01, 2019. The Tenant is currently in the process of obtaining occupancy approval from the Washington State Liquor and Cannabis Board (WSLCB) to begin planting the Tenant’s crop for the season. In addition to the 10,000 sq. ft. space the Tenant is planning to plant a 20,000 sq. ft. out-door crop. The Tenant is licensed to build out up to 30,000 square feet on the existing property in Oroville, WA.
CEO, Andy Jagpal Comments:
“We are excited to see our first Tier-3, I-502 tenant move forward towards a successful growing season. This first planting season signals a new phase for Bougainville concept of providing fully built out turnkey facilities to cannabis growers and processors.These facilities remove financial barriers for cannabis cultivators as traditional funding can be limited. In addition, steps are being taken to get a second tenant up and running for the 2019 growing season. We are moving towards our goal of revenue generating self-sufficiency.”
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, sufficient land for two more pods of the same size.
For more information please visit: http://bougainvilleinc.com/
On behalf of the Board of Directors
BOUGAINVILLE VENTURES INC.
_____________________
Andy Jagpal, CEO and Director
For further information, please contact the IR department at info@bougainvilleinc.com or by phone at 1-877-517-7816.