Long time readers will remember the weird ass name of Maple Leaf Green World (MGW.C) from several years back in the cannabis space, when a group arrived from China determined to make their riches in the North American weed fields, only to end up in a small, dank, broken down greenhouse in Nevada, under a pile of unpaid bills for a proposed grow facility in the icy northwest, and with a continually imploding share price that has since gone through its share of roll backs.
Seemingly named by tossing four random words together in an extended exercise of Changlish, the thing that united all of Maple Leaf Green World’s problems back then was one thing: Supremely terrible organization.
We wrote in 2019:
On August 17, 2017, the Company entered into an agreement with an engineering firm to construct its cannabis cultivation facility in Henderson, Nevada. Maple Leaf provided deposits of $900,000 USD. On June 20, 2018, the Company terminated the contract with the engineering firm.
After review by the new architect and project manager it was determined that work claimed by the previous engineering firm could not be utilized, therefore, the assets under construction and deposit have been impaired to $Nil. The Company has engaged counsel who has recommended arbitration with the engineering firm as per the terms of the contract. Management believes they had just cause to terminate the contract and will use all due diligence to recover the funds distributed. [..]
On May 24, 2017, the Company announced it engaged an independent contractor as the procurement, engineering, and construction manager for its cannabis cultivation facilities at Telkwa, British Columbia (the “BC Facility”) and Henderson, Nevada. In June of 2017, Maple Leaf provided a deposit of $1,102,500 for this work so that it could contract with construction partners and move the projects forward.
In January of 2018, a dispute arose between the contractor and Maple Leaf which is currently in litigation. Management feels that the deposit amounts are collectible and therefore no allowance has been provided against this balance.
I mean, they just didn’t know what they were doing at any point.
Anyway, so now they’re claiming they’re a green energy company and are planning to build solar panel farms. Hope they know more about that than they did with weed farms, because over eight years they didn’t get one of those up.
In fact, looking at their website now, there’s no sign of any mention of the mess these guys were in for nearly a decade. No press releases about weed. No celebrations from cashing out. Just, ‘yo we solar now.’
Unless you know how to use Google – then you just jump to the old cannabis pages, which still exist.
MGW has leased 37+ acres of land, with the option to purchase, from Woodmere Nurseries Ltd. The 27,200 sq. ft. cannabis production facility is near completion. This facility aims to produce high quality, pesticide free cannabis and cannabis derived products utilizing biodynamic technology.
Yeah, so it didn’t get completed.
MGW intends to purchase the entire 80 acres of land from Woodmere Nurseries. This purchase includes 52 completed greenhouses and provides expansion capacity up to 500,000 sq. ft.
Yeah, that never happened either.
Phase I production is projected up to 5,000 kgs of dried marijuana or equivalent.
I mean, when I was a kid I wanted to be a fire engine, but you don’t find me out here telling folks it’s going to happen sometime soon.
Maple Leaf is currently in “Active Review” status with the ACMPR.
How’d that work out?
What followed was a quick trip to the NEO exchange, and for a while there in 2021 the company seemed to be pivoting to hemp products, which saw a change of business carried out, then there was suddenly interest in a Real Estate Investment Trust in the Cayman Islands, but that ended, um, badly.
Maple Leaf Green World Inc. (“Maple Leaf” or the “Company”), (CSE:MGW), (OTCQB: MGWFF), announces that it has cancelled its joint venture partnership with Philip Bradley, owner of Little Creek Homes and QUIC Builds. The Company was recently made aware that Mr. Bradley was engaged in fraudulent behavior in the Ontario, Canada area involving Little Creek Homes and QUIC Builds. Mr. Bradley has been charged for allegedly defrauding clients out of hundreds of thousands of dollars.
So now, without bothering with another change of business application apparently, they’ve switched from hemp to real estate to being a solar farm company.
Most recent news involved management cease trade orders, a couple of auditor changes, and a problem getting their financials done (blamed on ther auditor, naturally), so I’m sure they’ll have no trouble raising money for, permitting, building, and operating large scale solar panel facilities.
Should be a doddle.
— Chris Parry
FULL DISCLOSURE: I’m just here for the comedy, if I’m honest.
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