GeoNovus Signs LOI to Acquire Agricultural Land in BC

GeoNovus Corp. (CSE:GNM) announced that it has signed a letter of intent (LOI) with REH Fish Farm Ltd. under which it will acquire a 100-percent interest in 20 acres of agricultural land in Langley, British Columbia.

The land will house the company’s proposed Vertical Growing Greenhouse, which is to use Affinor Growers Inc.’s (CSE:AFI) vertical growing technology.

As quoted in the press release:

This LOI includes 20 acres of land zoned for agriculture use and ready to begin construction of the new vertical growing facility as well as 2 existing fresh water – land based aquaculture licences, granted by Fisheries and Oceans Canada that could provide a second source of revenue streams from this agreement.

Mike England, president and CEO of GeoNovus, commented:

In addition to recently securing an exclusive licensing agreement with one of the world’s most advanced vertical farming systems, we now have agriculturally zoned and build-ready real-estate in excess of 20 acres to begin construction of our indoor growing facilities. This LOI brings GeoNovus one step closer to tapping into the multi-billion dollar agricultural market place with multiple potential revenue streams available through this strategic location.

Click here to read the full GeoNovus Corp. (CSE:GNM) press release.