Maple Leaf Green World Inc. (OTC: MPEFF) (TSX-V: MGW), an aspiring producer of medical cannabis under Canada’s MMPR guidelines, recently announced the completion of its first tranche of 3,250,000 units priced at $0.10 a piece. The capital raise brought in some $325,000 that management plans on using to finance its growth plans as it looks to become a licensed producer in Canada.

After signing a lease agreement on the 7-acre Woodmere Nursery in Telka, B.C. earlier this year, the company has positioned itself to become a licensed producer over the near-term. The nursery has significant expansion potential with features that lend themselves to maximizing cultivation of THC and CBD rich strains, as well as blackout curtains that maximize yields throughout the growth cycle.

Industry veteran Joe Wong, who spent the vast majority of his time at the Woodmere Nursery growing medical cannabis under the country’s prior MMHR program since its inception, is leading these efforts. Over the course of his career, Mr. Wong expanded production from 2.5 million seedlings to over 12 million seedlings annually, contributing significant production to the industry.

While Maple Leaf is still in the MMPR application process, management has already run the security checks that stop most applicants and they are confident that they will receive Stage 1 approval over the coming months. Management also feels that the remaining stages should be pretty straightforward given the company’s existing access to the equipment and facilities needed to produce medical cannabis.

Shares of Maple Leaf Green World Inc. rose more than 7% in early trading on Wednesday, July 2, 2014 following the news announcement.

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