CHATHAM, ON, Dec. 6, 2018 /CNW/ - AgMedica Bioscience Inc. ("AGMEDICA" or the "Company"), a licensed producer of medicinal cannabis, is pleased to announce that the Company has closed the acquisition of two indoor processing facilities, designed to bolster the Company's future production and cultivation capabilities and supplement its existing infrastructure.
The first facility is located in London, Ontario and features 100,000 square feet ("sq. ft") for fully automated processing, packaging and bottling. With this additional capacity, AGMEDICA is positioned to further expand its oil extraction capabilities and leverage the recently announced strategic investment in, and licencing agreement with, Herbolea S.r.l.
The second facility is located in Chatham, Ontario and provides 300,000 sq. ft that is ideally suited for future cannabis-plant cultivation.
In addition to these new facilities, AGMEDICA continues to enhance its existing properties. The Company's Phase I Riverview cultivation site is 200,000 sq. ft and has indoor capacity of 6,000 kg of cannabis annually. The Phase II expansion of the Riverview facility is underway which will bring total capacity to 26,500 kg annually, with completion of the expansion anticipated in Q1 2019. The Company's existing Richmond cultivation facility features 130,000 sq. ft of cultivation, while a second Richmond site provides nearly 40,000 sq. ft established strictly for tissue cultures. This state-of-the-art facility has capacity to produce for both AGMEDICA and other third-party licensed producers ("LPs").
Including the two recent acquisitions, the Company now has five facilities, providing a combined total of over 760,000 sq. ft of cultivation and pharma-grade, multi-tier production capacity for AGMEDICA. With this footprint, the Company can cost-effectively increase output per sq. ft of floor space with leading energy efficiencies and boasts one of the largest initial capacities of any first-time cannabis producer in Canada.
The addition of these important facilities meaningfully enhances the Company's production and sales capabilities and is perfectly aligned with AGMEDICA's growth strategy to be a leader in the research, manufacture and commercialization of innovative cannabis-derived products that support the health and wellness journey of its human and veterinary clients.
About AgMedica Bioscience Inc.
As a licensed producer of medicinal cannabis, AGMEDICA is dedicated to becoming a global leader in the development and commercialization of cannabis and cannabis-derived products to support the health and wellness of our clients. We aspire to drive the evolution of the cannabis industry by focussing investment on the development and commercialization of differentiated products in the medicinal, health & wellness and pharmaceutical sectors. The Company's established Riverview Cultivation Facility is located in Chatham, Ontario, and Phase I of our first innovative multi-tier cultivation facility is currently in production with a total annual capacity of 6,000 kg of medical-grade cannabis. Construction on Phase II of the Riverview Cultivation Facility is well under way, with completion and start-up expected in Q1 2019 which will bring total annual capacity up to 26,500 kg. www.agmedica.ca.
SOURCE AgMedica Bioscience Inc.
For further information: Sengkee Ahn, MBA, FEA, Vice President, Investor Relations and International Business Development, firstname.lastname@example.org, Mobile: 1-647-868-6928, www.agmedica.ca