(TheNewswire)
Vancouver, B.C. / TheNewswire / November 30, 2016 – UMBRAL ENERGY CORP. (CSE: UMB) (the
“Company” or “Umbral”) is pleased to announce that
PhyeinMed Inc. (“PhyeinMed”) is in communication with Health Canada and its ACMPR (Access to
Cannabis for Medical Purposes Regulations) application has been assured that the application is progressing through the application
process.
PhyeinMed’s President & CEO Debra Senger states “We have been satisfied with the progress of the application
these last few months. Health Canada is finalizing the final vetting process from the information they receive from various
government departments responsible for security clearances with respect to PhyeinMed’s corporate personnel and persons in charge of
the application. Although the time restraints involved with the application have been lengthy, we have been able to continue with
the process and maintain confidence with our partners and key persons involved in the application. We look forward to progressing
to the final review stage and await the approvals necessary to receive a prepare for inspection notification from Health Canada.
Once received, PhyeinMed plans to proceed with the acquisition of its facility and prepare for inspection.”
The Liberal government has emphasized their desire to legalize, regulate, and restrict access to cannabis and the move towards legalization in 2017 is
likely to start with government-vetted Licensed Producers as suppliers. Estimates in the
Canadian cannabis space could reach $3.0B in annual sales in 2024
with an even larger recreational market of $3.0B - $5.0B that same year, for a combined total of $6.0B - $8.0B, with further upside coming from increased tourism and international expansion or trade. Based on a
recent published report 1,749,790 square meters of indoor grow space will be required to supply the Canadian recreational market or
over 290 CFL football fields. PhyeinMed’s total potential new grow area with expansion could be 420,000 square feet of grow
space using an additional seven acres of the land included in the current proposed property acquisition.
The management of PhyeinMed has been nurturing potential partnerships,
international export and import partners, strategic alliances, accessory and
ancillary relationships, revenue generating opportunities during the course of the application
process. Short term and long term goals for creating revenue have been identified and the company plans to investigate and pursue
these opportunities moving forward with Umbral as an investment partner.
About Umbral Energy Corp.
The Company is currently listed as a junior resource issuer having mineral exploration projects. The Company is
considering other activities to increase shareholder value, including non-resource projects.
The Company has mineral exploration projects in Utah, Nevada and Quebec. In addition the Company has an
interest in PhyeinMed, who has applied for a license from Health Canada to legally grow and sell medical marijuana.
ON BEHALF OF THE BOARD OF DIRECTORS OF UMBRAL ENERGY CORP.
“Jag Bal”
Jagdip BAL
President and CEO
Neither Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accepts responsibility for
the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks,
uncertainties and other factors that may cause actual events to differ materially from current expectation. Important
factors - including the availability of funds, the results of financing efforts, the results of exploration activities
-- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's
documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned
not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The
company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
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