Surpasses 1,400 Registered Patients in First 9 Months of Operation
TORONTO, Nov. 13, 2014 /CNW/ - Bedrocan Cannabis Corp. (TSXV: BED) ("Bedrocan" or the "Company") announced today that in its first nine months of operations, the Company reached an aggregate of $1 million in revenues, with more than 1,400 registered medicinal cannabis patients. The revenue and patient figures were achieved from first product shipment in late February, 2014 through completion of the Company's nine-month period ended October 31st, 2014, the interim financial statements in respect of which are expected to be released on SEDAR in December, 2014.
"We are delighted to have reached the $1 million milestone for revenues from product imported from our partner Bedrocan BV in the Netherlands, and it demonstrates that our Phase I business strategy, as presented, remains on track," said Marc Wayne, President and CEO. "Patients are responding positively, customer retention is excellent, our customer care and fulfillment process is operating smoothly, and product quality control has been flawless."
Phase II of Bedrocan's business strategy has been initiated, as planned, with construction nearing completion on the Company's new 52,000 square foot production facility in the Greater Toronto Area. The new site is scheduled to be functionally complete in December, 2014, at which time the Company will prepare for the required inspection by Health Canada. Upon receipt of a license to produce from Health Canada, anticipated in early 2015, Bedrocan intends to immediately begin domestic production of up to 4,000 kilograms of medicinal cannabis annually.
"The shift to domestic production in Phase II of our business plan will give us much greater capacity to meet increasing customer demand, and will build on the product quality and patient trust we have established throughout 2014," said Mr. Wayne. "The medicinal cannabis cultivated at our domestic site will be identical to the product we are now importing – in terms of plant genetics, production techniques, quality control and product standardization."
Bedrocan and Bedrocan BV are leaders in medicinal cannabis research and product innovation and have been producing and supplying government-regulated medicinal cannabis for 13 years. Bedrocan's strains of pharmaceutical-grade cannabis have been used by more than 20,000 patients in seven countries, including Canada. The Company is committed to clinical research with ISO 9001-rated production processes and product development, on an international scale. Bedrocan is one of only two companies currently supplying pharmaceutical-grade medicinal cannabis in Canada. Bedrocan Cannabis Corp. trades on the TSX Venture Exchange under the symbol "BED". www.bedrocan.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Bedrocan Cannabis Corp.
For further information: Cam Battley, Bedrocan Cannabis Corp., [email protected], +1.905.864.5525, www.bedrocan.ca; Investor Relations: Jennifer Wood, TMX Equicom, [email protected], +1.416.815.0700, ext. 226