Licensing has been obtained for crops of cannabis to send to Espanola for extraction, but the project is delayed according to proponent, Jeff Scharf.
Scharf, the president and CEO of GaiaCann Incorporated announced earlier this year he is looking at setting up cannabis facilities on properties he owns in the Espanola Industrial Park.
However, he says there is a delay because capital funding has not come through.
He says he put a property up for sale in May as part of a $6.5-million loan deal with a Houston, Texas bank to complete factory construction on another, but the deal fell through.
He adds he has now obtained two licences, one in Columbia, the other in Suriname to grow crops for shipment to Espanola where it will be processed for extraction.
Scharf adds he is looking at funding alternatives and if all goes well, the Espanola operation could see about 200,000 kilograms per year.