Cannara Biotech to operate the largest indoor medical cannabis production facility in the province
FARNHAM, QC, April 25, 2018 /CNW/ -Cannara Biotech ("Cannara" or the "Company") announced a signed partnership with Ontario-based FV Pharma Inc ("FV Pharma") to create the largest indoor medical cannabis growing operation in Canada. Together, the companies have a combined floor space of over 1.245 million square feet of indoor growing capacity.
Cannara Biotech's newly purchased 625,000 square foot property will be the largest indoor medical cannabis production facility in Quebec. Ideally located 45 minutes from downtown Montreal, the site will leverage the province's low electricity cost to produce superior indoor quality medical cannabis at a significantly lower cost per gram.
"We are excited to be partnering with FV Pharma," said Cannara Biotech President and CEO Zohar Krivorot. Quebec is Canada's second largest province by population and second largest consumer of cannabis; currently only 6 licenses have been awarded within the province. In comparison, Ontario and British Columbia combined have 71 licensed producers. "Quebec also boasts the lowest electricity cost in North America compared to other provinces," continued Mr. Krivorot. "With the benefits of growing indoors in Quebec, we will produce the highest quality products at the lowest price."
"We are extremely excited to be partnering with a new and ambitious company like Cannara Biotech" CEO of FV Pharma, Thomas Fairfull, said. "Farnham is a great place for this facility and we are thrilled to now have a footprint in Quebec. With its affordable electricity, Québec is an ideal place to set up a growing operation and we are proud to be a part of the local economy and bring job opportunities to the people there.
With this newly formed partnership, FV Pharma intends to operate a second production site inside Cannara's new Farnham, Quebec facility and the two companies plan to strategically collaborate on numerous upcoming projects and innovations. Cannara is currently in the process of getting its own ACMPR license. The Canadian cannabis market is estimated to be worth more than $7 billion / year.
About Cannara Biotech Cannara Biotech plans to operate the largest indoor medical cannabis cultivation facility in Quebec. The company will cultivate inside a modern and secure 625,000 square foot facility located in Farnham, Less than 45 minutes from downtown Montreal. Leveraging Quebec's low electricity costs, Cannara will produce high-grade indoor medical cannabis for Canadian and international markets. For more information, visit our website: www.cannara.ca
About FV Pharma FV Pharma is a licensed producer under the Access to Cannabis for Medical Purposes Regulations (ACMPR), Having received its cultivation license on October 13, 2017. Headquartered at the former Kraft plant in Cobourg, Ontario, approximately an hour's drive from Toronto, FV Pharma management's mission is to transform the facility into the largest hydroponic indoor cannabis facility in the world. FV Pharma intends to target all legal aspects of the cannabis industry, including cultivation, processing, manufacturing, extracts and research and development.
SOURCE Cannara Biotech
For further information: Alex Wolfe, VP, Business Development, [email protected], 514 222-4237