BEAUMONT, QC, July 22, 2019 /CNW Telbec/ - The Board of Directors of Borealys Biotech Inc. (hereinafter "Borealys"), the parent company of Les Herbes de Beaumont Inc., is pleased to report on the progress of its latest cannabis production project.
The project has now received all pre-approval documents from Health Canada. Cannabis production licensing has recently been the subject of changes that resulted in the tightening of requirements - a gesture that we welcome. The issuing of a cannabis production license is now conditional to the construction of its production site, which reduces the risk of speculation and improvisation in the market. We are therefore pleased to announce that we are moving forward with the construction of a first plant, leading to the achievement of all of Health Canada's licensing requirements and marking the start of our operations.
Private fundraising for the project has exceeded expectations. In addition to existing private investor commitments, Borealys continues its efforts with various partners that will insure its transition to a publicly traded company. After a due diligence, Borealys has decided to revoke the agreement it had concluded with 28 Red Capital. Several other avenues are already on the table that will enable Borealys to realize its public listing goals.
Discussions with the Municipality of Beaumont continue to create positive results. Borealys' team was recently in Beaumont to meet with the Mayor and the General Manager. The inauguration of the construction project and start of construction activities will be scheduled in the next few months.
About Les Herbes de Beaumont
Les Herbes de Beaumont Inc. has applied to Health Canada for a cannabis producer's license under the Cannabis Act. Our production methods will allow us to provide our customers with a product of the highest quality while ensuring a low cost of production.
We believe that the highest quality cannabis can only be produced through advanced procedures, environmental control and effective cultivation methods. Our perpetual small batch harvesting techniques will guarantee a homogeneous product of the highest quality and ensure a constant supply for our valued customers. We insist on developing relationships with our customers to inform our partners and investors about the many benefits of cannabis.
Our state-of-the-art, specially designed plant will comply with regulations, requirements and Good Manufacturing Practices (GMPs) for pharmaceutical products and will exceed the requirements of the cannabis law. Through the use of advanced and comprehensive technologies this new building will have the capacity to establish early detection and elimination of potential contaminants that are present in many existing facilities.
Our Quality Assurance program will incorporate not only the highest standards of GMPs, but also stringent Standard Operating Procedures (SOPs) and Good Agricultural Practices (GAPs).
SOURCE Borealys Biotech
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