BevCanna Addresses Progress on Health Canada Standard Proces
01/26/2021 3:00:00 AM Imminent receipt of licence will allow the Company to begin production and distribution of cannabis-infused beverages in Canada VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 26, 2021-- Emerging leader in infused cannabis beverages, BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) (BevCanna or the Company) confirmed today that its application for a Standard Processing Licence (SPL) is in the final stages of the in-depth review with Health Canada. BevCanna is pleased to offer the following commentary to provide additional clarity and certainty with regard to the timing of the expected receipt of its Health Canada-issued Standard Processing License. BevCanna confirmed that Health Canada is in the final stages of the in-depth review and the Company expects receipt shortly. The Company submitted its formal responses to Health Canadas Request for More Information (RMI) on January 12, 2021, and received confirmation of receipt from the Health Canada Assigned Reviewer on January 13, 2021. Health Canada confirmed that although BevCanna has experienced a short delay in Licence processing, final discussions in relation to the issuance of the Standard Processing Licence are now approaching completion. The application is expected to advance to Health Canadas Management Review Board for final sign-off and the Licence to be issued imminently. Once granted, BevCanna will be fully authorized to begin production of cannabis-infused products at its cutting-edge high-capacity beverage manufacturing facility in Osoyoos, B.C., and will begin production of its white-label products. Commercialization of its in-house brands through licensed Canadian retailers will begin in the first quarter. Weve very pleased that our Standard Processing Licence application is on track for imminent approval, said Marcello Leone, CEO of BevCanna. Receipt of our SPL is an important milestone for our Canadian production and distribution strategy. Producing and distributing high-quality cannabis-infused beverages in Canada, for both our in-house brands and our white-label clients, is a key pillar in our evolution into an all-encompassing health and wellness products company. Were excited to take this next step. BevCannas landmark acquisition of Naturo Group Investments Inc., including $37M+ in assets, which is expected to close in February 2021, the Companys Pure Therapy e-commerce platform and BevCannas strategic North American distribution partnership with U.S.-based Keef Brands form the other three pillars of the Companys transformative strategy. BevCanna will soon assume the unique position of being the only fully licensed, in-house and white-label beverage manufacturing company that distributes both conventional and cannabis-based beverage and wellness products through global, multi-channel distribution networks of traditional and cannabis sales channels. The Company is actively engaged in negotiations to finalize definitive agreements with a number of new white-label clients and formalize distribution relationships with provincial distributors, while also focusing on commercial readiness for the Q1 and Q2 Canadian launches of their in-house brands, white-label products and Keef-branded product lines.