CHATHAM, ON, Jan. 22, 2019 /CNW/ - AgMedica Bioscience Inc. ("AgMedica" or the "Company"), a licensed producer of medicinal cannabis, is pleased to announce that its facility in Chatham, Ontario has received current Good Manufacturing Practice ("cGMP") certification.
Internationally-recognized firm SGS, the world's leading inspection, verification, testing and certification company with more than 130 years of experience, carried out an independent third-party inspection of the AgMedica processes and facilities against both EU and Health Canada regulations for cGMP requirements. SGS has certified that the cultivation, processing and sale of cannabis products by AgMedica met the stringent cGMP requirements of both the EU and Canada.
The Company successfully achieved this important certification only one year after Health Canada granted AgMedica its first licence to cultivate cannabis in December of 2017 and it became a licenced producer ("LP"). To date, no other LP has received EU-GMP or Canadian-GMP certification as quickly as AgMedica following receipt of the original Health Canada licence.
In order for an LP to ship cannabis for medical purposes to EU and other international countries, cGMP certification is required. Achieving this certification positions AgMedica one step closer to fulfilling its vision of being a global leader of innovation and commercialization of cannabis-derived health and wellness solutions.
Achieving cGMP certification is the Company's first key milestone of 2019 and represents AgMedica's commitment to innovation and continuous learning. With the recent release of draft regulations for edibles, extracts and topicals, AgMedica plans to expand its portfolio to meet the Canadian demand and to undertake new potential strategic partnerships with emerging markets.
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 indoor 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. The Company's second indoor facility is currently in the detailed review stage with Health Canada, with the goal of becoming a second LP with an additional 40,000 kg in annual capacity forecast once fully built, which will provide AgMedica with a total projected indoor production capacity of 66,500 kg per year.
This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance, results or offering of products. 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: please visit our website at www.agmedica.ca or contact: AgMedica Bioscience Inc., Sengkee Ahn, MBA, FEA, Vice President, Investor Relations and International Business Development, P: 1-844-247-4633, E: [email protected]