True Leaf (CSE: $MJ.C) (FSE: TLA) (OTC Pink: $TRLFF), Reaches Final Stage to Acquire License to Produce #Marijuana in Canada
Fulfills Health Canada Request for Revised Documents for Final Review; True Leaf Chair Michael Harcourt Reports
Vancouver, British Columbia - July 19, 2017 (Investorideas.com Newswire) True Leaf Medicine Inc. (True Leaf), a division of True Leaf Medicine International Ltd. (CSE: MJ) (FSE: TLA) (OTC Pink: TRLFF), is in the final stage of the process to acquire a license to produce marijuana in Canada.
Today, the company responded to a detailed request for information about its planned operation in Lumby, B.C. from Health Canada.
The request came as part of the Detailed Review and Security Clearance stage of Health Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR). Once True Leaf successfully completes this final stage, the company can expect to be granted a license to cultivate cannabis and produce marijuana in Canada. Health Canada will then schedule an inspection to verify that True Leaf is meeting the requirements of the ACMPR, and if the company successfully completes that step, Health Canada will issue a license for True Leaf to sell cannabis products in Canada.
The ACMPR process is preparing Canada for the passage into law of the Cannabis Act, governing the legalization, regulation and control of marijuana, which is expected in 2018. True Leaf is working to ensure the company will comply with the regulations directed by Health Canada under this new legislation, to allow the company to participate in all aspects of marijuana production granted to licensed producers.
True Leaf CEO Darcy Bomford has shepherded the True Leaf application from the first day it was submitted to Health Canada on July 19, 2013. "It's been a long process," he said. "But True Leaf's team fully understands the importance of getting it right and ensuring that security and quality are paramount. We're believers in the healing potential of cannabis and we're committed to improving the quality of our customers' lives. So we fully support Health Canada's efforts to ensure a secure, quality supply."
True Leaf's latest submission responds to detailed questions from Health Canada about the size, capacity, and security measures on site and future expansion plans. True Leaf is working with industry experts to ensure the company meets or exceeds the operating, facility, security and reporting procedures during this step in the ACMPR application process.
Currently, the plan for the first phase calls for a 48,000-square-foot facility that will meet ACMPR requirements. As demand for inventory grows, True Leaf will expand its operation to meet the market demand based on its license-to-produce allocation.
The facility's initial production is anticipated to begin in April 2018 with a target of 5,200 kilograms of cannabis per annum.
True Leaf is one of 428 companies that have applications in the Detailed Review stage for a license to produce marijuana, out of a total of 1,665 applications received by Health Canada under the Access to Cannabis for Medical Purposes Regulations (ACMPR). Today, there are just 52 licensed producers in Canada.
As True Leaf goes through the ACMPR licensing process, the company has increased value for shareholders by creating its pet division, True Leaf Pet. The company has been marketing hemp-based supplements for pets since 2015, which are now distributed throughout North America and Europe. True Leaf's work in the pet industry is valuable experience that can be leveraged to build out the company's future health and wellness line of high-CBD cannabis products for humans when it becomes a licensed producer.
About True Leaf:
True Leaf Medicine International Ltd., through its wholly-owned subsidiary 'True Leaf Pet', has entered the $104.9 billion global pet care industry with a line of hemp-focused pet chews and supplements marketed through natural pet health and veterinary channels in Canada, the United States and Europe. The company has also filed an application under Health Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR) to become a Canadian licensed producer through its 'True Leaf Medicine' subsidiary. It has passed through the preliminary and enhanced screening process of Health Canada's review and is currently awaiting security clearance and 'pre-licensing inspection' approval. www.trueleaf.com
Director and Corporate Relations
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks discussed in the Company's continuous disclosure filings available under the Company's profile on www.sedar.com. While the Company may elect to, it does not undertake to update this information at any particular time.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Like Marijuana Stocks? View our Marijuana / Hemp Stocks Directory
Join our Group on Linkedin - Marijuana / Hemp Stocks - News and Trends in Green Investing
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp
Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.