Symbol: TSX-V: LG

• Immediate commencement of growing at its Montego Bay facility.
• LGC Capital receives conditional approval from the TSX Venture Exchange for investment into Global Canna Labs.

MONTREAL, June 21, 2018 /CNW Telbec/ - LGC Capital Ltd. LG ("LGC") is pleased to announce that Global Canna Labs Ltd. ("GCL") has now received its approvals from the Jamaican Cannabis Licensing Agency ("CLA") for its Tier-3 growing license for its 270,000 square feet facility within its 6.23 acres site in Montego Bay, Jamaica.

GCL's growing team is already on site and is preparing to start cultivation immediately. GCL will be planting 8,000 seedlings for its first cycle and its first harvest is expected in around 12 weeks. GCL is also commencing the expansion of its current growing facility in Montego Bay and is in late stage negations for the acquisition of an additional 300 acres of land in Jamaica.

LGC is also pleased to announce that it has received conditional approval from the TSX Venture Exchange ("TSXV") for its previously announced (see press release dated May 15, 2018) transaction with Global Canna Labs Ltd. Under the terms of the transaction, LGC will subscribe for a $2.5 million secured debenture, convertible into an initial 30% strategic interest in Global Canna Labs and will also acquire a 5% royalty on Global Canna Labs' net sales for $2.0 million, payable in shares of LGC. The terms have not changed from the news release issued on May 15, 2018.

Final TSXV approval will be subject to the following conditions, inter alia, i) receipt by the TSXV of satisfactory legal opinions and final documentation; ii) the setting up of controls and procedures to ensure that cannabis production is destined for the medical applications market and iii) the establishment of an ongoing monitoring program to ensure that none of GLC's activities are in contravention with current money laundering legislation as well the Canadian Criminal Code.  

John McMullen, CEO of LGC stated, "LGC Capital is pleased to be partnering with one of the only approved Tier-3 medical cannabis producers in Jamaica. Tier-3 is specifically granted for large scale producers of over 5 acres in size. This is a very big milestone for LGC and Global Canna Labs. Global Canna Labs has proven it has the expertise to become a major force not only in Jamaica but in the global marketplace as well. I look forward to the rapid growth of the company and LGC will continue to support Global Canna Labs' efforts to supply a wide portfolio of organic medical cannabis products for both the domestic and global consumer."

Paul Glavine, President of Global Canna Labs states, "I would like to thank the GCL and LGC teams for working endlessly towards achieving this milestone. We are very excited to begin production and developing a truly organic brand in Jamaica.

About LGC (www.lgc-capital.com)

LGC Capital Ltd. is a Canadian incorporated public company listed on the TSX Venture Exchange LG.  LGC's objective is to become a diversified business group with core business divisions that provide shareholders with exposure to a diverse range of businesses, products and services with an emphasis on significant investments in global medical cannabis sector.

About Global Canna Labs (www.globalcannalabs.com)

Global Canna Labs Ltd is an emerging cannabis producer which has just received approval from the Jamaican Cannabis Licensing Authority ("CLA") for a Tier-3 Cultivator`s License for its 6.23 acre site, which includes indoor and exterior greenhouses situated in Montego Bay. The Montego Bay site is only 10 minutes from the Montego Bay airport and sea port providing logistics access for facilitating global exports.

FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements with respect to LGC Capital Ltd. ("LGC") and Global Canna Labs (GCL), and their respective operations, strategy, investments, financial performance and condition. These statements generally can be identified by use of forward- looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of LGC and GCL could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, government regulation and the factors described under "Risk Factors and Risk Management" in LGC's Management's Discussion and Analysis for the fiscal year ended September 30, 2017, as filed on SEDAR (www.sedar.com). The cautionary statements qualify all forward-looking statements attributable to LGC and persons acting on its behalf. Unless otherwse stated, all forward-looking statements speak only as of the date of this press release and neither LGC nor GCL has any obligation to update such statements, except to the extent required by applicable securities laws.

Caution Regarding Press Releases
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE LGC Capital Ltd

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