GreenBank Capital (CSE:GBC) has decided not to pursue its medical marijuana plans, blaming the complexity and extended time line of the Canadian licensing process given the increasing number of participants in the space.
Its plans, which were announced in April of this year, included the lease of land near Tweed, Ontario for a medical marijuana facility. The lease has now been terminated, the company said, at no cost.
It added that it will instead focus its time on its other activities, which include its GreenBank Financial and GreenCoinX subsidiaries. GreenBank Financial has applied for an exempt market dealer license, while GreenCoinX --- which is 80% owned by GreenBank --- is developing a unique cryptocurrency.