Newstrike Resources (TSXV:HIP) announced Health Canada approved requested amendments to the terms of the production license held by its wholly-owned subsidiary, Up Cannabis.
As quoted in the press release:
“This removal of production restrictions is an important milestone that we plan to replicate as we build-out our growing platform to accelerate our commercialization strategy,” said Jay Wilgar, CEO of Newstrike, Up’s parent company. “These amendments expedite the execution of our business plan to provide the greatest range of benefits to the greatest number of authorized cannabis users.”
Summary of the Amendments
(i) Unrestricted production
In accordance with the Access to Cannabis for Medical Purposes Regulations (“ACMPR”), Up is now authorized to produce an unrestricted amount of cannabis at its Brantford facility.
(ii) Enhanced Manufacturing – Production of Cannabis Oils
Up has also been authorized to upgrade its Brantford facility to incorporate the specialized extraction equipment required for the production of cannabis oils and, once completed, to produce unrestricted quantities of cannabis oils.