Capacity Increases with 12 Additional Growing Rooms Approved at Domestic Production Facility
TORONTO, May 19, 2015 /CNW/ - Bedrocan Cannabis Corp. (TSXV: BED) ("Bedrocan" or the "Company") announced today that its wholly-owned subsidiary, Bedrocan Canada Inc., has received approval from Health Canada to activate 12 additional growing rooms at its domestic facility, for the production of medicinal cannabis under the Marihuana for Medicinal Purposes Regulations ("MMPR"). To date, 18 of a total of 34 production rooms, as well as the trimming and drying rooms, have now been inspected and licensed. When fully licensed by Health Canada, the facility is capable of producing approximately 4,000 kg of medicinal cannabis per year.
Under special import permits from Health Canada and the Canadian Food Inspection Agency, Bedrocan has imported approximately 2,000 live genetic clones from the Company's licensing partner Bedrocan BV in the Netherlands. The Company has successfully transferred this know-how and "mothered" its own domestic clones. Bedrocan also has an existing Health Canada license to import up to 240 kg from the Dutch government's Office of Medicinal Cannabis this year.
"We have transitioned, as planned, to Phase II of our growth strategy and will deliver our first harvest on May 25, 2015, with shipments of domestic product to Canadian patients beginning in Q2, immediately after testing and approval for sale by Health Canada," said Marc Wayne, President and CEO. "As we scale up our domestic operations to the currently-approved capacity of approximately 2,000 kg, we are well positioned to supply the growing patient demand for standardized, pharmaceutical-grade medicinal cannabis."
Bedrocan and Bedrocan BV are focused on 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
Certain information in this release are forward-looking statements with respect to the development plans and growth targets of the Company. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intensions for the future, and include, but not limited to, statements with respect to: (a) the commencement of domestic production of medicinal cannabis by the Company, and capacity for such production; (b) the Company's plan to scale up the volume of its product available to Canadian patients; and (c) the success of the Company's import and domestic production strategy. The basis for the assumptions underlying such statements include that: (i) Bedrocan's existing licenses will remain in full force and effect, and be renewed upon terms acceptable to Bedrocan in the future; (ii) actual results of the Company's planned domestic production and development activities will continue to be positive and proceed as planned; (iii) all requisite regulatory and governmental approvals will be received on a timely basis on terms acceptable to the Company, and (iv) economic, political and industry market conditions will be favourable. However, such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including, but not limited to: (1) the risk that domestic production may not be achieved as planned; (2) changes in project parameters as plans evolve; (3) dependence on regulatory approvals and changes in legislation, environmental compliance, community support and the political and economic climate; (4) availability of future financing; and (5) the timely completion of the Company's production facility and other factors beyond the control of the Company. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.
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