Supreme
said the current production facility has been constructed to "full
commercial standards" and was designed to meet all relevant local and
provincial government requirements. The company is confident that the
existing facility will need only minor upgrades to meet the requirements
of the new MMPR license, it added.
The producing facility, which will from now onwards be referred to as facility 1, formally submitted an application for a commercial license under the Marijuana for Medical Purposes Regulations (MMPR), which came into effect on the first day of this month.
The company said it hired specialist legal council as well as security and consulting firms with previous experience in the sector to ensure all areas of the Health Canada application criteria were met. The Health Canada program is aimed at commercializing the medical marijuana industry, with the only legal access to marijuana for medical use now exclusively through producers that are licensed under the new regulations.
Supreme said the current production facility has been constructed to "full commercial standards" and was designed to meet all relevant local and provincial government requirements.
The company is confident that the existing facility will need only minor upgrades to meet the requirements of the new MMPR license, it added.
Supreme's statement read: "The company is aware that the licensing process involves a rigorous review of the applicant by multiple authorities and can take several months with no guarantee of success.
"However, Facility 1's management team is confident that their prior experience and expertise in the industry and the high commercial standard of the facility will meet Health Canada's requirements for a full commercial MMPR license."
The company also said it is currently reviewing other medical marijuana operations in Western Canada for possible investment. It already announced earlier this month that it is in talks to purchase another medical marijuana facility in the lower mainland of British Columbia.
For the South Okanagan facility, the company paid $150,000 in cash and 2.0 million common shares for the option to acquire the asset. The option will expire 60 days after receiving notice that a conditional commercial production license under Health Canada's new regulations has been granted.
If Supreme exercises the option to purchase, it will have to pay $1.25 million in cash and common shares.
Supreme is not the only one to sniff out the potential in the medical marijuana space, with a flood of new entrants --- listed on both the Canadian Securities Exchange the TSX Venture Exchange --- emerging in the past few months, including GreenBank Capital (CSE:GBC), Enertopia (CSE:TOP), Lexaria (CSE:LXX), Abattis Bioceuticals (CSE:ATT) and Next Gen Metals (CSE:N), among many others. Health Canada predicts the burgeoning industry will be worth some $1.3 billion by 2024.
Earlier in April, Tweed Marijuana (CVE:TWD), one of the 12 producers licensed so far by Health Canada, listed on the Toronto Venture Exchange to become Canada’s first publicly traded medical marijuana company, and is already up more than 7,200% since listing on April 4. Its marijuana, which is expected to be ready for sale imminently, is produced out of a converted Hershey’s factory in Smiths Falls, Ontario.
Studio33
http://www.amazon.com/shops/studio33
Virgin Atlantic Airways
http://tinyurl.com/pjbm6r6
Luxury French Lingerie
http://tinyurl.com/o7qcz7m
From chocolate eggs to chocolate coins, give your sweet tooth a treat with our delicious products.
http://tinyurl.com/nragc9j
Astore
http://astore.amazon.com/nevinghomebas-20
No comments:
Post a Comment