CHATHAM, ON, June 18, 2018 /CNW/ - AgMedica Bioscience Inc. ("AGMEDICA" or the "Company") is pleased to announce that Health Canada issued an amended licence to AGMEDICA to permit sales of dried medicinal cannabis products from its Riverview Cultivation Facility in Chatham Ontario.
This is another critical milestone in the growth of AGMEDICA. The expedited nature of the sales amendment comes 12 months after construction started and just 6 months after being granted their cultivation licence at the Riverview Facility. These significant achievements accelerate the timeline to revenue generation and are a direct result of the dedication and efforts of the entire team. The management team would like to thank all employees, partners, and shareholders for their efforts and continued support. AGMEDICA has received significant interest in its product offerings and will be launching its sales portal in the coming weeks.
AgMedica Bioscience Inc. is a leader in the research and development of innovative cannabis-derived products to support the health and wellness journey of our clients. As a licensed producer of medicinal cannabis, AGMEDICA is dedicated to becoming a global leader in the production of cannabis and cannabis-derived products that improve our clients' health and well-being. AGMEDICA's investment in research and development is focused on scientific innovation that will have a positive impact on the health and wellness journey of our clients. The Company's Riverview Cultivation Facility is located in Chatham, Ontario. Phase I of our first innovative multi-tier cultivation facility is currently in production with a total annual capacity of 6,000kg of medical-grade cannabis. Construction on Phase II of the Riverview Cultivation Facility is well under way and will bring total annual capacity up to 26,500 kg.
This press release contains forward-looking information based on current expectations. Statements about the anticipated facility capacity, among others, are forward-looking information. 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 Company's ability to satisfy the conditions associated with its cultivation and sales license, 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.