Second Licensed Site Allows for Transition to Domestic Production
Import Permit Issued for Transfer of Genetic Clones from the Netherlands
TORONTO, Feb. 19, 2015 /CNW/ - Bedrocan Cannabis Corp. (TSXV: BED) ("Bedrocan" or the "Company") announced today that its wholly-owned subsidiary, Bedrocan Canada Inc., has received a second license from Health Canada to allow for the production of medicinal cannabis under the Marihuana for Medicinal Purposes Regulations ("MMPR"). Under the terms of this license, which became effective on February 17, 2015 for a period of one year, Bedrocan can immediately begin domestic production in the first six grow rooms, out of a total of 34, at the Company's new 52,000 square foot production facility in the Greater Toronto Area. When fully licensed by Health Canada, the facility is capable of producing approximately 4,000 kg of medicinal cannabis per year.
Bedrocan now has two licensed facilities in operation in the Greater Toronto Area. As previously announced on December 3, 2014, Bedrocan also has an existing Health Canada license, which was renewed for an additional one year term expiring on December 2, 2015, to import up to 240 kg from the Dutch government's Office of Medicinal Cannabis. The Company will now begin the transition to full domestic production, constituting Phase II of the Company's growth strategy.
Furthermore, Health Canada has also issued Bedrocan an import permit to allow for immediate transfer of live genetic clones from Bedrocan BV in the Netherlands to the Company's domestic production facility. Bedrocan's import permit from Health Canada follows the issuance of an additional import permit from the Canadian Food Inspection Agency, allowing for the first ever legal import of live cannabis plants into Canada.
"We are delighted to have reached this critical milestone in our growth strategy, allowing us to significantly scale up the volume of product we can offer to Canadian patients," said Marc Wayne, President and CEO. "We remain on schedule to deliver our first production harvest and sale in Q2'2015. In addition, our import strategy will remain in place through transition to full domestic production to ensure a continued, consistent and uninterrupted supply of medicinal cannabis to our patients."
Bedrocan is the only company in the world capable of offering patients standardized full-bud dried cannabis, containing consistent levels of cannabinoids (the active ingredients) from batch to batch. Product standardization is the only way to provide physicians and patients with consistency and replicability of therapeutic effect, and thereby enhanced ability to track efficacy, safety and side effects over time. Production at the new domestic facility will be grown from clones that are genetically identical to those developed by Bedrocan BV.
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.
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