Vida Cannabis Corp to purchase former Stellarton Clairtone factory by the end of this month
© TC Media photo by Adam MacInnis
The former Clairtone factory has remained virtually vacant and derelict over the past 40 years.
STELLARTON — Vida Cannabis Corp. has announced the accelerated closing of the purchase of the Stellarton facility by its wholly owned subsidiary Vida Cannabis (Canada) Ltd.
The new closing date will now be by the end of March instead of April 15 for a total purchase price of $500,000.
"We believe that the 'shorter than anticipated' negotiation is indicative of the Town of Stellarton's shared vision with Vida Cannabis," the company stated in a release.
Town provided its approval during an in camera session at the council meeting on March 10.
At full production, Vida Canada indicated a labour force of 200 to 300 employees might be needed although they plan to start with between 20 and 30 and build as demand grows.
The company, which is aiming to take the lead in the rapidly developing global marketplace for the legal use of marijuana, stated the Clairtone building was the perfect structure to house a large-scale medical marijuana production plant.
The project is being funded by a venture capital group and is not looking for any government funding.
“I think there’s a huge business opportunity here and we’re really approaching this as business people,” said CEO of Vida Cannabis, Greg Wilson. “It’s a medical product that’s been proven to alleviate some pretty serious symptoms for patients.”
The location in Stellarton is ideal, with the modern infrastructure in place and the building itself meets the requirements of Health Canada.
“It’s a controlled substance and they want to know the facility has the security in place to monitor the movement of the product,” Wilson said.
Stellarton Mayor Joe Gennoe stated he was delighted to see the Clairtone factory put back into production.
“Albeit in an industry I never could have imagined even five years ago,” he said. “As things change, we too must adapt.”
Under the terms of the agreement, the Town of Stellarton will grant the company a 50-year irrevocable licence to produce medical marijuana at the facility, subject to Vida Canada obtaining a commercial licence from Health Canada. Such local approval is a condition necessary to making a successful application to Health Canada.
"Health Canada has established policies and procedures that ensure the legal production of medical marijuana is secure,” Gennoe said. “We welcome Vida Cannabis to bring much-needed employment opportunities back to the Town of Stellarton and support their efforts."
Wilson noted he is extremely pleased with the total package that accompanies this remarkable facility.
"The people of the Town of Stellarton are at the top of that list. The local support for our Canadian medicinal marijuana operations has been virtually 100 per cent," he said. "We look forward to bringing quality employment opportunities to the area and will hire and train people from the region whenever possible.”