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Vancouver, British Columbia--(Newsfile Corp. - September 13, 2019) - BOUGAINVILLE VENTURES INC. (CSE: BOG) (OTC Pink: BUGVF) (FSE: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) ("Bougainville" or the "Company") is pleased to announce that further to its news release on July 25, 2019, that the licensed I-502 tenant-grower for the Company's Oroville Campus has received their final production approval from the Washington State Liquor Control Board (WSLCB) to commence operations. This signals a major milestone for the Company and its obligation to our tenant-grower for a turnkey facility and more importantly to begin cash flow as early as the first quarter of next year. The first 10,000 sq. ft. of a 30,000 sq. ft. Tier-3, I-502 production and processing license is already built. In addition to the 10,000 sq. The tenant is licensed to build out up to 30,000 sq. ft and once fully built-out the facility will be able to house 3,000 plants. Further updates will be provided as they are made available.
Figure 1: Oroville Campus
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CEO, Andy Jagpal Comments:
"This is a major milestone as this was the project the company went public with and to see it come to fruition is a testament to the bougainville team and our relentless pursuit to follow through with our commitments." To learn more about what this news means to the shareholders visit https://marketnewsfirst.com/bog-news, as well as on the company's site.
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 Ventures Inc. is dedicated to rapid growth in production, processing, retail and branding of cannabis and cannabis related products. Currently the company provides strategic capital to the thriving cannabis cultivation sector through ownership and development of commercial real estate properties. We offer fully built out turnkey facilities equipped with state-of-the-art growing infrastructure to cannabis growers and processors. Also, the Company is focused on building a strong presence in the hemp industry with the objective of extracting cannabinoids in both Canada and the United States. Along with our flagship Hemp project in Oregon State and the Greenhouse campus in Washington state, the Company has proprietary formulas for cannabis edibles, topical, and tinctures.