PharmaCan Capital Corp. (TSX VENTURE:MJN) ("PharmaCan" or "the Company") is pleased to announce that it has become the first Canadian company to own and operate licensed producers of marijuana ("LPs") under the Access to Cannabis for Medical Purposes Regulations (the "ACMPR") in both Ontario and British Columbia. This was accomplished by PharmaCan closing its previously announced acquisition, through the Company's wholly owned subsidiary Hortican Inc. ("Hortican"), of all of the outstanding shares of Peace Naturals Project Inc. ("Peace") that Hortican did not previously own. See the material change report filed by PharmaCan on July 22, 2016 and its Q3 MD&A for details of the acquisition.
"The acquisition of Peace - the first non-incumbent medical marijuana producer to be granted a license under the MMPR (the predecessor to the ACMPR) - immediately positions the Company as a dominant force in the Canadian cannabis market. Canadians deserve legal access to premium quality medicine and by combining Peace's superior product quality and operational scalability with the Company's resources; we are uniquely situated to solidify Peace's place as the nation's preferred supplier of top quality cannabis." said PharmaCan CEO Mike Gorenstein. With this transaction, Peace will join In The Zone Produce Ltd. ("ITZ") as the Company's second wholly owned LP.
Peace was granted its license to operate in 2013 and has grown its patient count, product line and production facilities considerably since then. Its 38,000 sq. ft. state-of-the-art production facility is located on 95 acres of flat, buildable land in Ontario and is uniquely positioned to become the market leader with access to free water and a skilled agricultural labour force. Furthermore, the Company has established close and productive relationships with the municipal and Federal governments and members of the surrounding community. "Peace is well-known and respected throughout the industry for providing patients with high quality products and exceptional customer service and our focus will be on enhancing these core competencies," said PharmaCan director Jason Adler. "There is so much potential at Peace and we aren't wasting anytime," said Adler. "Even before closing, capital assets have already been installed that will allow us to significantly ramp up production."
"While our immediate focus at Peace is on providing patients with premium quality medicine, the Company is well positioned for the establishment of the Canadian recreational market," said Gorenstein. "We also have big plans for ITZ, which recently completed its first harvest in the newly completed production facility at its 14 acre BC property." The Company's LP portfolio also includes a 21.5% stake in Whistler Medical Marijuana Company, as well as interests in ABcann, Hydropothecary and other license applicants.
PharmaCan was represented by SkyLaw Professional Corporation in connection with the acquisition, Peace was represented by Goodmans LLP and The Barnes Family Trust was represented by Dentons Canada LLP.
About PharmaCan Capital
PharmaCan Capital Corp. owns interests in five companies licensed, and three companies seeking a license, to produce medical marijuana pursuant to Canada's ACMPR. PharmaCan is focused on building iconic brands with a culture focused on providing patients with compassionate, personalized care.
For more information, please visit https://pharmacancapital.com/
About Peace Naturals Project Inc.
The Peace Naturals Project is a socially responsible company based on principles of integrity, transparency, security, compliance and environmental sustainability. It is the first non-incumbent applicant to be granted a license under the ACMPR and the first company licensed to retail medicinal Cannabis oils.
Peace's therapeutic Cannabis strains are grown using natural production methods and our premium extracts contain no harmful solvents or by-products. Peace strongly believes in the notion of Whole Health living as a method of improving its clients' overall well-being. Peace's dedication to its clients' health includes providing them with informed, compassionate and reliable care.
For more information, please visit https://peacenaturals.com/.
Forward-Looking Statements
This news release may contain "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 about the potential production capacity of Peace and the growth of Peace. 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. Except as required by law, PharmaCan 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.
Neither the 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.