viewLGC Capital Ltd

LGC Capital surges as David Lenigas takes to Twitter to showcase medical cannabis progress

In July, LGC's joint venture with London listed AfriAg Global Plc struck a deal to acquire 60% of House of Hemp.

Lenigas reckons there is a global push for legalised cannabis going on.

Serial investor David Lenigas has taken to Twitter  to showcase the progress being made on LGC Capital Ltd's (CVE:LG) plans to break into the growing global medical cannabis market.

In a series of tweets, he posts photos, showing potential operating facilities being site visited after the deal struck in the summer with South Africa-based company House of Hemp.

In July, LGC Capital Ltd, where Lenigas is co-chairman, said its joint venture with London listed  AfriAg Global Plc (LON:AFRI) had struck a deal to acquire 60% of House of Hemp.

The latter's 405,000 square foot site in the Dube TradePort AgriZone, is the only approved indoor growing site in South Africa, signed off by both the South Africa Department of Agriculture and the Department of Health.

The deal, said Lenigas at the time, launches "LGC straight into the global medical cannabis sector".





In June, a tie-up between AfriAg and LGC was announced, with the partnership setting a stated goal of setting up Africa based cannabis production for export into foreign markets.

In October, Lenigas told Proactive's Andrew Scott that: "We're seeing a global push for legalised cannabis within a full regulatory regime growing dramatically globally."

Last month , the cannabis theme continued with LGC shares booming as it entered what it sees as another growing market - the cannabis infused drinks industry.

The firm, along with Creso Pharma Limited (Australia and Switzerland) and Baltic Beer Company Ltd (UK) have signed a binding LOI (letter of intent) to form a joint venture to develop a bespoke portfolio of cannabis- and hemp-derived alcoholic and non-alcoholic beverages.

The partners added they had already identified potential distribution partners in Europe, far East Asia, Central and Latin America, Canada, Africa and with the recent legalization of hemp seed-based food and drink products in Australia and New Zealand, partners have been identified in this region as well.

LGC Capital shares added over 12% on Thursday to stand at C$0.46 each.

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Market: TSX-V
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