New Health Canada Licence Allows Maricann Group (CSE:MARI) (CSE:MARI.CN) (CNSX:MARI) (OTCQB:MRRCF) to Increase #Cannabis Production by Over 480% to 6,250,000 grams
TORONTO, ONTARIO - November 8, 2017 (Investorideas.com Newswire) Maricann Group Inc. (CSE:MARI)(CSE:MARI.CN)(CNSX:MARI) (OTCQB:MRRCF)(FRANKFURT:75M) ("Maricann" or the "Company"), is pleased to announce that Health Canada has granted Maricann Inc. a new licence that removes annual production limits on approved medical cannabis products in its current Langton, Ontario facility. This new licence increases capacity to 6,250,000 grams on site at any one time. This is an increase from its previous annual licence that limited production to a total of 1,282,000 grams (930kg of dried marihuana and 352 kg of cannabis oil) per year. This new license represents an increase of over 480% of production capacity and is valid until October 9, 2020. Maricann's new facility will house an additional two vaults with 30,000,000 grams of potential licensed storage capacity (15,000,000 grams each).
"This new license gives us more flexibility as we are able to increase production volume and provide more bulk storage for cannabis products, including processed resin to meet future demand," said Ben Ward, CEO of Maricann. "With the Phase 1 expansion of our state of the art Langton cultivation and production facility nearing completion and with both new vaults now poured and in place, we expect to be able to take full advantage of the scale we are creating. We maintain a highly secure growing environment that meets or exceeds requirements of the Access to Cannabis for Medical Purposes Regulations (ACMPR)."
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On April 20th, 2017, Maricann Inc. became a wholly-owned subsidiary of publicly-traded company, Maricann Group Inc., as part of a reverse take-over transaction. Maricann Inc.'s licence under the Access to Cannabis for Medical Purposes Regulations (ACMPR) was re-issued by Health Canada to reflect this change in corporate status. This re-issued licence removes annual production limits for approved medical cannabis products. Maricann Inc. is now licensed to hold up to 6,250,000 grams of cannabis on site, with 3,125,000 grams of storage in each vault. Maricann currently has two vaults in operation.
This re-issued licence is one of two that Maricann has been granted by Health Canada. On September 5, 2017, Maricann announced that it had secured a second-site sales licence for its location in Burlington, Ontario through its wholly-owned subsidiary, Maricann Inc. The Burlington, Ontario sales licence is the second granted to Maricann Inc. by Health Canada, with the first applying to the Company's cultivation and production facility in Langton, Ontario.
About Maricann Group Inc.
Maricann is a vertically integrated producer and distributor of marijuana for medical purposes. The company was founded in 2013 and is based in Toronto, Canada and Munich, Germany, with production facilities in Langton, Ontario, Canada where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the Government of Canada. Maricann is currently undertaking an expansion of its cultivation and support facilities in Canada in a 217,000 sq. ft. (20,159 sq. m) build out that will produce 22,245,000 grams of cannabis per year to support existing and future patient growth.
For more information about Maricann, please visit our website at www.maricann.ca.
Forward Looking Information
Certain statements in this document, including, without limitation, statements with respect to expected increased production, expected storage capacity and expansion of cultivation and growth, are or contain forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "believes", "expects", "may", "desires", "will", "should", "projects", "estimates", "contemplates", "anticipates", "intends", or any negative such as "does not believe" or other variations thereof or comparable terminology. No assurance can be given that potential future results or circumstances described in the forward-looking statements will be achieved or will occur. By their nature, these forward-looking statements, necessarily involve risks and uncertainties, including those discussed herein, that could cause actual results to significantly differ from those contemplated by these forward-looking statements. Such statements reflect the view of the Company with respect to future events, and are based on information currently available to the Company and on assumptions, which it considers reasonable. Management cautions readers that the assumptions relative to the future events, several of which are beyond Management's control, could prove to be incorrect, given that they are subject to certain risk and uncertainties, and that actual results may differ materially from those projected. Factors which could cause results or events to differ from current expectations include, among other things: uncertainties inherent to the cultivation of plants, risks with respect to adverse regulations, fluctuations in operating results; the impact of general economic, industry and market conditions; the ability to recruit and retain qualified employees; fluctuations in cash flow; increased levels of outstanding debt and obligations under a capital lease; expectations regarding market demand for particular products and the dependence on new product development; the impact of market change; and the impact of price and product competition. Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Corporate Headquarters (Canada)
Maricann Group Inc. (Toronto)
845 Harrington Court, Unit 3
Burlington Ontario L7N 3P3
European Headquarters (Germany)
Thierschstrasse 3, 80538 Munchen, Deutschland
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