Health Canada Also Approves 8 More Growing Rooms
Immediate Increase in Product Revenue
TORONTO , July 28, 2015 /CNW/ - Bedrocan Cannabis Corp. (BED.V) ("the
Company" or "Bedrocan") announced today that it has received a license
amendment from Health Canada allowing for the sale of the Company's
domestically produced medical cannabis. Bedrocan has been growing six
proprietary genetic strains of standardized cannabis at its new
production facility since February, and eight harvests have been
completed successfully to date. The Company can begin immediately
taking orders for sales of its existing inventory.
In addition, Health Canada has also approved eight more growing rooms at
Bedrocan's production facility in the Greater Toronto Area . A total of
26 of 34 production rooms are now licensed, providing for production
capacity of 3,000 kilograms per year.
"We are excited to be able to provide Canadian-grown, standardized
cannabis to our registered patients," said Marc Wayne , President and
CEO. "We have now transitioned our business successfully and on
schedule from our reliance on imported Bedrocan product to managing our
own domestic production to meet the specific needs of our growing
population of medical cannabis patients. We will now focus on expanding
our marketing, medical outreach and education initiatives, emphasizing
the value and advantages of our standardized, pharmaceutical grade
medical cannabis products."
With the new Health Canada approvals, sales of domestic inventory will
result in an immediate increase in product related revenue. The Company
was previously approved to import a maximum of 240 kilograms per year
of product from its licensor Bedrocan Beheer BV, via the Dutch Ministry
of Health. Bedrocan is now approved to produce and sell its
Canadian-grown, genetically identical strains of medicinal cannabis,
with production capacity equating to 3,000 kilograms per year.
About Bedrocan
Bedrocan Cannabis Corp. is focused on clinical research,
technologically-advanced, automated production processes, and
innovative product development. Bedrocan Canada and its licensor
Bedrocan Beheer BV ( Netherlands ) are the only companies in the world
currently capable of producing standardized full-bud,
pharmaceutical-grade medicinal cannabis.
On June 24, 2015 , Tweed Marijuana Inc. ("TMI") (TWD.V), operator of
licensed cannabis producers Tweed Inc. and Tweed Farms Inc., and
Bedrocan Cannabis Corp. announced that the two companies have entered
into a definitive arrangement agreement, pursuant to which TMI will
acquire all of the issued and outstanding securities of Bedrocan Canada
(the "Acquisition"). The transaction is currently expected to close by
the end of August 2015 , subject to Bedrocan Canada shareholder
approval, court approval, and the approval of the TSX Venture Exchange,
among other conditions precedent. Upon closing of the acquisition,
Bedrocan Canada will become a subsidiary of TMI. For further
information, please refer to the press release of the Company dated
June 24, 2015 available on SEDAR at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable Canadian
securities legislation. Forward-looking information includes, but is
not limited to, statements regarding the proposed Acquisition,
anticipated timing for the closing of the Acquisition, operations of
the combined entity, the ability of the combined entity to expand and
capture market share. Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable by management, are inherently subject to significant
business, economic and competitive uncertainties and contingencies.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual financial
results, performance or achievements to be materially different from
the estimated future results, performance or achievements expressed or
implied by those forward-looking statements and the forward-looking
statements are not guarantees of future performance. All
forward-looking information contained in this news release is given as
of the date hereof and is based upon the opinions and estimates of
management and information available to management as at the date
hereof. The closing of the proposed Acquisition is subject to a number
of conditions, some of which are outside the control of the parties
involved. If those closing conditions are not satisfied the transaction
may not occur. The combined entity may not be able to achieve the
market growth and success anticipated by the parties. For a description
of the risks associated with the business conducted by TMI, please
refer to TMI's final short-form prospectus dated March 10, 2015 . The
information circular delivered to shareholders of Bedrocan Canada will
contain additional disclosure about TMI and the proposed Acquisition
including the risk factors associated therewith. Except as required by
law, the Company disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
events or otherwise. Readers are cautioned not to put undue reliance on
these forward looking statements. This news release contains
information obtained by the Company from third parties, including but
not limited to market data. The Company believes such information to be
accurate but has not independently verified such information. To the
extent such information was obtained from third party sources, there is
a risk that the assumptions made and conclusions drawn by the Company
based on such representations are not accurate.
SOURCE Bedrocan Cannabis Corp.