Heritage Cannabis Holdings Corp. (CSE:CANN; OTC:HERTF) (“Heritage” or “Company”) is pleased to announce that its subsidiary CannaCure Corporation (“CannaCure”) has received both its Standard Processing Licence and Medical Sales Licence from Health Canada.
With the award of these licences, CannaCure is positioned to fulfill its role in the downstream extraction methodology, distillation and purification, led by the experienced team at Purefarma Solutions. As planned CannaCure will soon begin its Phase 2 expansion of up to 30,000 sq ft for additional extraction and other related processing capacity within its facility, The Company will announce once completed.
This processing licence is the first step to allow CannaCure the ability to form partnerships for the anticipated proposed regulations for derivative products and the Phase 3 expansion to house contract manufacturing of these products. The Company is currently evaluating various criteria for these partnerships and will target those who contribute to the development of products for cannabis derivatives.
“This licence is a large milestone for CannaCure and one that we are thrilled to have reached in such a short period of time.” says Clint Sharples, CEO of Heritage. “CannaCure is on the path of being one of the largest cannabis concentrate manufacturing facilities in Canada. This is key to us as a company to solidify future revenue streams, especially in light of recent regulatory developments allowing edibles, topicals and infusions, which we feel are likely to have a significant impact on the cannabis industry.”
CannaCure will shortly begin receiving a portion of Purefarma’s hemp feedstock stockpiled in Saskatchewan, and will begin extracting immediately upon the product arriving. Once the oil is produced, it will be sent to independent labs for testing, and the Company will need to receive a final inspection from Health Canada, before it can be sold.
About Heritage Cannabis Holdings Corp.
The Company is focused on becoming a vertically integrated cannabis provider that currently has two Health Canada approved licenced producers, through its subsidiaries PhyeinMed Inc. and CannaCure Corp. both regulated under the Cannabis Act Regulations. Working under these two licences, Heritage has two additional subsidiaries, Purefarma Solutions, which provides extraction services, and BriteLife Sciences which is focused on cannabis based medical solutions. Heritage as the parent company, is focused on providing the resources for its subsidiaries to advance their products or services to compete both domestically and internationally.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.
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This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds, the results of financing efforts, the results of exploration activities — that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.