City View Green Holdings Inc. (CSE: CVGR) (formerly Icon Exploration Inc.) is a vertically integrated cannabis company focused on seed to retail. Headquartered in Toronto, Ontario, Canada, City View’s application to Health Canada for an Access to Cannabis for Medical Purposes Regulations (“ACMPR”) license is now at the in-depth review stage of the licensing process. Following receipt of its Cannabis Act license, City View’s production plans include producing high quality edible products, distillates, and water-soluble products for the rapidly expanding domestic and international CBD-infused (cannabidiol) beverage market.
City View leases a 40,000-square-foot facility located in Brantford, Ontario, which has earned the enviable reputation as a business-friendly city. Retrofit plans for the building include adding state-of-the-art LED lighting, HVAC and dehumidification systems in addition to automation technologies to optimize the quality, safety and consistency of cannabis production. About 4,000 square feet will be devoted to an extraction laboratory featuring an ultra-efficient CO2 supercritical extraction process with plans to include ethanol extraction technology in the future. Another 4.3 acres remains available for future construction of up to 125,000 square feet of grow and extraction space.
City View recently entered into an agreement to purchase supercritical fluid extraction equipment which is undeniably the best method of selectively and cost-effectively extracting pure cannabis extracts containing THC, CBD and terpenes from the cannabis plant.
“The system we have chosen replaces the current mismatched collection of manual and semi-automatic solutions we’ve explored and offers an integrated system which maximizes product quality while minimizing labor expenses and yield losses,” City Green CEO Rob Fia said. “Our chosen supplier’s patented and proprietary extraction system offers the most consistent results and highest yields, with no degradation of materials.”
Mike Hagopian, the company’s chief operations officer and “extraction guru,” who most recently served the same role at Dose Oil, a licensed processor of cannabis extracts in Seattle, Washington, agrees.
“The equipment we have selected has been successfully used for a quarter century in fluid extraction and their methods have been applied to over 600 natural oils and compounds from over 300 different bio-botanical raw materials,” Hagopian said. “We are very confident this equipment will establish us as a leader in the processing of high-quality THC and CBD extracts.”
City Green’s master grower/managing partner is Mario Meek, whose deep knowledge of the cannabis space includes 10 years of networking, growing and cultivation experience in the medical cannabis industry. Meek was an original founding partner of WeedMD and is experienced in every aspect of growing marijuana from seed to the finished product.
Adding depth to the team is quality assurance specialist Yan Hai, an accomplished professional with 15 years of experience in the pharmaceutical, medical device, medical cannabis and natural health product industries. She holds a master’s degree in chemical engineering and applied chemistry/biomaterials and biomedical engineering from the University of Toronto.
City View also owns a 19.9 percent stake in Budd Hutt Inc., a retail-focused cannabis company with access to multiple licenses in Alberta and other retail opportunities across Canada. City View expects to secure shelf space and distribution opportunities for its premium cannabis products through an agreement with Budd Hutt.
The Canadian medical cannabis market has steadily been growing with an average 10 percent increase in patients each month. Now that the Canadian federal government has legalized recreational cannabis for adult users nationwide, analysts project a compound annual growth rate of nearly 78 percent from 2018 to 2021, reaching an estimated $3 billion by 2021, ArcView Market Research reports. One study from Deloitte pegged the potential economic impact of legalized medical and recreational marijuana in Canada – including transportation, licensing fees and security – at more than $22 billion over the coming years. Health Canada’s most recent data show that sales of cannabis extracts grew 961 percent in the second quarter of 2017, compared to an 89 percent increase in growth of dried cannabis during the same period.
Advisors to the Board
City Green CEO Rob Fia, CFA, is the former CEO of Icon Exploration Inc. and has more than 17 years of experience in the investment business, including equity research and corporate finance. Fia served as co-head of corporate finance at Kingsdale Capital Markets, involved in several multimillion-dollar financings and advisory transactions in the mining, oil and gas, alternative energy, technology, medical device, blockchain and medical marijuana industries.
Joe Heng, formerly CFO and secretary of Icon Exploration Inc., has over 36 years of industry experience in public accounting. He has been a self-employed Chartered Accountant since 1990 and received his designation form the Institute of Chartered Accountants of Ontario in 1973. Heng holds a bachelor’s degree from the University of Malaya.
Steve Naraine, MSc., is an associate professor, founder and chief science officer of Cannavida; director of Aether Research; and a consultant to Health Canada. Naraine is a highly published, well-respected author of several scientific papers and has successfully advised several companies on becoming licensed producers with Health Canada.
Stephen McNeill is managing partner in Q4 Communications, a marketing and digital advertising company, and was a founding director of Georgian Bay Biomed which is building a large-scale facility in Collingwood, Ontario. McNeill entered the medical marijuana industry in 2013 and has provided communication, community liaison and other consulting services to several companies seeking to become a licensed producer under Health Canada.
Ian MacDonald, project lead, is a C-level CPG industry veteran with 30 years of international experience. He has a proven track record of leading and transitioning companies to long-term sustainable growth and brings his knowledge and expertise from working in the highly regulated and competitive alcohol sector into the emerging cannabis industry.
Tim Peterson was recently appointed to the board of directors of the company. He has been a director of Augen Gold, Trelawney Mining, Northern Crown Capital, Inc. (a merchant banking firm), Process Capital, Nordex Explosives and Oxygen and Prescott Paper Products, as well as the Mississauga Hospital Foundation. Peterson received a bachelor’s degree in economics from the University of Western Ontario and is a former Ontario MPP (Mississauga South).