Peace Naturals Project to Expand Production
PharmaCan Capital Corp. (TSXV:MJN) announced that the Peace Naturals Project, a licensed producer under Marihuana for Medical Purposes Regulations (MMPR), has received Health Canada’s approval to start producing medical cannabis from the first of two new manufacturing facilities.
As quoted in the press release:
Peace Naturals Project Inc. received Health Canada’s approval to begin producing medicinal Cannabis out of the first phase of the company’s 2015 expansion plans. The company has built its campus on a 95-acre agricultural site with expansion plans that include the construction of two new purpose built commercial medicinal Cannabis manufacturing facilities that total 34,000 square feet in additional cultivation space. The expansion project, which began during the 3rd Quarter of 2014, is near full completion with areas of the first building now approved for production. The company expects the second building to be completed and ready for Health Canada inspection within the next 3 months. The approval received yesterday enables the company to more than double its current production capacity. Peace is currently licensed to produce 2,500 kilograms of medical cannabis a year.
The Peace Naturals Project Inc. was the first new federally licensed commercial medical Cannabis producer to be granted a license by Health Canada to produce and distribute medical Cannabis in Canada under the new Marihuana for Medical Purposes Regulations (MMPR) in October 2014. PharmaCan has a 27.4% ownership interest in Peace.
Paul Rosen, president and CEO of PharmaCan, commented:
This is a tremendous milestone for Peace and a testament to the company’s regulatory compliance, operational excellence, and proven track record. PharmaCan is very pleased that Peace’s increased production capacity will enable it to expand upon its commitment to providing patients with medical marijuana.