Transition to Domestic Production Anticipated in Q2 2015
TORONTO, Dec. 3, 2014 /CNW/ - Bedrocan Cannabis Corp. (TSXV: BED) (the "Company") announced today that its wholly-owned subsidiary, Bedrocan Canada Inc. ("Bedrocan") has received notice from Health Canada effective December 2, 2014 confirming the renewal of its license allowing for the sale of up to an additional 240 kg of dried medicinal cannabis for one year from the effective date. This license renewal comfortably positions Bedrocan to continue providing its patients with an uninterrupted supply of medicinal cannabis imported from its partner Bedrocan BV via the Dutch Ministry of Health, through the anticipated transition to domestic production expected in Q2 2015.
The Company is nearing completion of its new 52,000 square foot production facility in the Greater Toronto Area with a capacity to produce up to 4,000 kg annually. The new site is expected to be ready for pre-license inspection by Health Canada by the end of 2014, at which time the Company will seek approval for a new license that would allow for the transition to domestic production.
"This is excellent news, as we remain on track for a smooth transition from our initial business strategy of importing medicinal cannabis produced by our partner in the Netherlands, to producing genetically identical, pharmaceutical-grade medicinal cannabis at our new state of the art domestic facility," said Marc Wayne, President and CEO of Bedrocan.
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
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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