(TheNewswire)
Vancouver, B.C. / TheNewswire / December 14, 2016 – UMBRAL ENERGY CORP. (CSE: UMB) (the
“Company” or “Umbral”) with its partner, PhyeinMed
Inc. (“PhyeinMed”) is encouraged by the recommendations
released by the Canadian government's task force
report on marijuana legalization and regulation.
The Liberal government has
emphasized their desire to legalize, regulate, and restrict access to cannabis
and the Task Force was engaged to complete the task of compiling recommendations which
included government-vetted Licensed Producers as suppliers.
PhyeinMed is an ACMPR (Access to Cannabis for Medical Purposes Regulations)
applicant to become a licensed producer and believes that the recommendations put forth by the task force have a direct and encouraging
impact on the direction of the company’s business plan moving forward.
Debra Senger, Chief executive officer of PhyeinMed, commented: “We are
encouraged by the recently released recommendations of the Canadian government's task force on marijuana legalization and
regulation. With the extent of information submitted and gathered, I believe that the Government will adopt a sizeable number of the 80 or so outlined in the report. The Government
would still need to draft legislation which is likely going to
be spring 2017 with the intent to publish the revised legislation in the fall of next year at
which time the new legislation will become law. While watching the press conference
televised yesterday morning it was very apparent that both the Chair and Co-Chair of the task force agreed that the supply and
demand under the new legalized recreational cannabis program would be significant. My belief, if a company
is currently in the queue to become a producer such as
ourselves of medical marijuana under the ACMPR, that we are preparing for the legal market and a license
for production. The system has been slow, which has
discouraged many applicants. However, with the new
legal market coming to Canada, the task force has absolutely acknowledged that supply will need to be ramped up and quickly.
In the report “Canada’s governments will need to move swiftly to increase or create
capacity in many areas relating to the production and sale of cannabis”. We are currently in the security clearance stage and I am
hopeful that we will move into the next stage of the application early in the new year.”
PhyeinMed with its investment partner Umbral, will continue
with short and long term initiatives to investigate and pursue ancillary opportunities in
the cannabis industry.
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
UMBRAL ENERGY CORP.
929 Mainland Street, Vancouver, BC V6B 1S3
Tel: (604) 628-1767 | Fax: (604) 628-0129
info@umbralenergy.com | www.umbralenergy.com
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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