TORONTO, Aug. 24, 2015 /CNW/ - Bedrocan Cannabis Corp. (TSXV: BED) ("the Company" or "Bedrocan") announced today that it has received a license amendment from Health Canada, whereby the Company's domestic production facility is now fully-licensed. This includes all 34 vegetative and growing rooms, three dispensing rooms, the building's two-floor, Level 9 security vault, and the ability to dispose of cannabis refuse via composting. Bedrocan's application for an increase in maximum production and sale capacity is to be processed separately by Health Canada.
Bedrocan Cannabis Corp. is focused on clinical research, technologically-advanced, automated production processes, and innovative product development. Bedrocan Canada and its licensor Bedrocan Beheer BV (Netherlands) are the only companies in the world currently capable of producing standardized full-bud, pharmaceutical-grade medicinal cannabis.
On June 24, 2015, Tweed Marijuana Inc. ("TMI") (TSXV: TWD), operator of licensed cannabis producers Tweed Inc. and Tweed Farms Inc., and Bedrocan announced that the two companies have entered into a definitive arrangement agreement, pursuant to which TMI will acquire all of the issued and outstanding securities of Bedrocan Canada (the "Acquisition"). The transaction is currently expected to close by the end of August, 2015, subject to Bedrocan shareholder approval, court approval, and the approval of the TSX Venture Exchange, among other conditions precedent. Upon closing of the acquisition, Bedrocan will become a subsidiary of TMI. For further information, please refer to the press release of the Company dated June 24, 2015 available on SEDAR at www.sedar.com.
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.
Forward Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the anticipated timing of Health Canada's response to Bedrocan's application to increase maximum production and sale capacity, the maximum product and sale capacity permitted by Health Canada, statements regarding the proposed Acquisition, anticipated timing for the closing of the Acquisition, operations of the combined entity, the ability of the combined entity to expand and capture market share. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The maximum production and sale capacity permitted by Health Canada, and the closing of the proposed Acquisition are subject to a number of conditions, some of which are outside the control of Bedrocan. If those closing conditions are not satisfied the transaction may not occur. The combined entity may not be able to achieve the market growth and success anticipated by the parties. For a description of the risks associated with the business conducted by TMI, please refer to TMI's final short-form prospectus dated March 10, 2015. The information circular delivered to shareholders of Bedrocan contains additional disclosure about TMI and the proposed Acquisition including the risk factors associated therewith. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Readers are cautioned not to put undue reliance on these forward looking statements. This news release contains information obtained by the Company from third parties, including but not limited to market data. The Company believes such information to be accurate but has not independently verified such information. To the extent such information was obtained from third party sources, there is a risk that the assumptions made and conclusions drawn by the Company based on such representations are not accurate.
SOURCE Bedrocan Cannabis Corp
For further information: Cam Battley, VP Communications and Corporate Development, Bedrocan Cannabis Corp., [email protected], +1.905.864.5525, www.bedrocan.ca