Health Canada has introduced a series of “transitional measures” to fast track late-stage applicants through the licensing process.
On Thursday, the department sent a letter outlining a “two-phased” approach to security clearances for companies that had received a Confirmation of Readiness (COR) letter before Oct. 16, which could shorten their wait times for final approval by several months.
Applicants who applied under the previous ACMPR system have, in many cases, waited years for license approval. The concern was that increased security rules under the Cannabis Act meant the COR-approved applicants would have to wait an additional three-to-six months for new background checks to be processed.
The two-phased security approach, announced on Thursday, means that COR-approved companies may be able to receive conditional licenses following an “initial security clearance” for key employees, whose clearance is necessary for license approval.
An expedited licensing process comes at a time when the young legal industry is experiencing extreme shortages, while the queue of applicants continues to grow. “At this time, more than 600 applications are at various stages of review and Health Canada anticipates significant interest in new licenses under the Cannabis Act,” the letter notes.
According to the letter, Health Canada has significantly increased its ability to process new licenses over the past few months.
“By the end of October 2018, we will have tripled our capacity to review licenses and process security clearances from where we were in May 2017. The RCMP has also tripled its capacity to process security clearances, and will double it again over the next six to eight months,” the letter notes.
About MYM Nutraceuticals Inc.
MYM Nutraceuticals Inc. is an innovative company focused on acquiring Health Canada licenses to produce and sell high-end medicinal cannabis supplements and topical products. MYM is a shareholder in two production projects in Quebec that are anticipated to have over 1.5 million square feet of production space. MYM is also a shareholder in a cannabis production project in Australia. The “Northern Rivers Project” in New South Wales, Australia is expected to have 1.2 million square feet of cannabis production space. To ensure a strong presence and growth potential within the industry, MYM is actively looking to acquire complementary businesses and assets in the technology, nutraceuticals and CBD sectors. MYM shares trade in Canada, Germany and the USA under the following symbols: (CSE:MYM) (OTC:MYMMF) (FRA:0MY) (DEU:0MY) (MUN:0MY) (STU:0MY).
ON BEHALF OF THE BOARD
Rob Gietl, CEO
MYM Nutraceuticals Inc.
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