CHATHAM, ON, June 6, 2019 /CNW/ - AgMedica Bioscience Inc. ("AgMedica" or the "Company"), a licensed producer of cannabis for medicinal and adult-use consumers, is pleased to announce that it has received approval from Health Canada for a license amendment allowing for the sale of cannabis oil products, effective May 31, 2019. The cannabis oil sales license enables AgMedica to provide medicinal patients and adult-use consumers with greater choice through a portfolio of bottled oils that includes CBD, THC and Balanced varieties, all of which are considered higher-demand products.
AgMedica is currently generating full-spectrum extracts via supercritical CO2 extraction and as previously announced on March 5, 2019, will supplement this method with its exclusive Canadian license for the unique Herbolea Biotech extraction method, Bio-Herbolysis™, subject to receiving all required regulatory approvals. Bio-HerbolysisTM is a patent-pending, disruptive extraction technology that offers a significant cost advantage over CO2 or ethanol. Bio-Herbolysis™ delivers a high-quality, solvent-less extraction with a simple one-step process that is industrially proven and offers significant operational and investment savings. The process utilizes low temperatures and supports the direct input of wet material which results in a true full-spectrum extract within four hours, maintaining the presence of volatile terpenes which give cannabis its characteristic flavour and aroma, as well as the potential to provide cannabinoids in their original acidic form.
The Bio-Herbolysis™ process equipment, capable of processing up to 20 kg/hour on a continuous basis, has been received and is in the process of being commissioned for use following Health Canada approval. Later in 2019, AgMedica plans to implement larger-scale continuous processing equipment for the Company's own products and potentially to meet the extraction needs of other licenced cannabis producers. All of these factors help open channels for AgMedica's access to global markets.
"With our oil sales license now in hand and the potential to leverage the innovative Bio-Herbolysis™ extraction technology, AgMedica is ideally positioned to gain access to international markets for our products," said Dr. Trevor Henry, AgMedica's CEO. "I am proud of the continued success realized by AgMedica as we develop further differentiated products that positively contribute to the ongoing evolution of the cannabis sector."
Receiving the oil sales license represents another key milestone in AgMedica's path toward becoming a global leader in the development and commercialization of cannabis and cannabis-derived products designed to support client health and wellness. Since late 2017, the Company has secured all regulatory approvals required to harvest and sell cannabis, which has contributed to the ongoing growth and enhancement of the business.
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. For further information, please visit our website at www.agmedica.ca.
This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. These risks and uncertainties include, but are not limited to, the availability of further financing, consumer interest in its products, competition, regulation, operational and technological risks, and anticipated and unanticipated costs and delays. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
SOURCE AgMedica Bioscience Inc.
For further information: For media or other inquiries, please contact: AgMedica Bioscience Inc., Sengkee Ahn, MBA, FEA, Vice President, Investor Relations and International Business Development, P: 1-844-247-4633, E: info@AgMedica.ca