Heritage Cannabis Holdings Corporation (CSE:CANN) (“Heritage” or “Company”) is pleased to announce that its subsidiary PhyeinMed Inc. (“PhyeinMed”) has received both its Standard Processing Licence and Medical Sales Licence from Health Canada.
Effective immediately, PhyeinMed will initiate the process of receiving over 50,000 kg of hemp feed stock utilizing the two Vitalis Q90 extraction systems which were recently installed in their Falkland, British Columbia facility. The extraction systems will be operated by the skilled and experienced professionals from Purefarma Solutions (“Purefarma”). The proprietary process methods are expected to produce top quality oils on a consistent basis.
This processing licence will give PhyeinMed the opportunity to engage with other Licensed Producers under toll processing agreements for both white label and branded extracted products.
In addition to the processing licence, PhyeinMed has been granted its Medical Sales Licence. The company is now able to provide medical education services and sell directly to patients who have a medical document to use cannabis for medical purposes. PhyeinMed is working with BriteLife Sciences (“BriteLife”) to create proprietary formulations utilizing industry research and the experience of Dr Chris Spooner, Chief Science Officer of the corporation.
“We are extremely pleased to see PhyeinMed awarded these two very important licences. This allows our company to stay on track with our plans for extraction, but also accelerates our plans for our medical cannabis sales.” said Clint Sharples, CEO of Heritage “I’m very pleased with how our team continues to execute our business plan. We are eager to move quickly to revenue, and look forward to proving ourselves as being among the leaders for extraction services in Canada.”
The initial portion of Purefarma’s hemp feedstock stockpiled in Saskatchewan has been shipped to PhyeinMed and the Purefarma technicians 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 receive a final inspection from Health Canada, before it is 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 CORPORATION
For more information contact:
Clint Sharples Tel: 416-705-8529
The Canadian Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
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