Mettrum Receives License Amendment for the Sale of Medical Cannabis and Extracts at its 60,000 Square Foot Facility in Bowmanville
TORONTO, ONTARIO–(Marketwired – May 9, 2016) – Mettrum Health Corp. (“Mettrum” or the “Company”) (TSX VENTURE:MT), a fully integrated provider of cannabis products, is pleased to announce that the Company has received an amendment to its license to include both the production and sale of medical cannabis and extracts from Health Canada under the Marihuana for Medical Purposes Regulations (Canada) (“MMPR”) at its 60,000 square foot production and distribution facility located in Bowmanville, Ontario (“Bowmanville South”).
Under the MMPR, the license was upgraded from production only and provides Mettrum with the ability to produce and sell dried medical cannabis as well as cannabis extracts from the Bowmanville South facility. This provides the company with total licensed production capacity of 3,500 kg and licensed sales capacity of 3,550 kg of dried cannabis and production and sales capacity of 1,906 kg of cannabis extracts. The Bowmanville South facility has total production capacity on a fully built out basis of 8,000 kg of cannabis representing $60 million in sales plus potential extracts.
This latest milestone is significant as we can now transition our distribution hub from our original facility at Bennett Road North, to our largest facility down the road. We continue to advance our business plan.
These latest amendments will contribute to our continually improving operational efficiency and margins.
Mettrum has three fully licensed facilities to produce and sell dried cannabis and cannabis extracts, with a production capacity on a fully built out basis of 12,000 kg per year. As one of Canada’s largest producers and sellers of medical cannabis, Mettrum is exceptionally well-positioned to serve the needs of a growing and regulated market.
About Mettrum Health Corp
Mettrum Health Corp. is a Tier 1 Industry Issuer listed on TSX Venture Exchange. Mettrum Ltd., a wholly owned subsidiary of the Company, is a Toronto-based company and a licensed producer of medical cannabis under the MMPR, which came into effect on October 1, 2013. Mettrum received its first license from Health Canada under the MMPR on November 1, 2013 and began production of medical cannabis at its first production facility in Bowmanville, Ontario. Mettrum received its second license from Health Canada under the MMPR on December 11, 2014 for its Mettrum Creemore facility in Clearview, Ontario. Mettrum received its third license from Health Canada under the MMPR on December 17, 2015 for its new 60,000 square foot production and distribution facility in Bowmanville, Ontario. With the Company’s three licenses, Mettrum is a leading producer and vendor of medical cannabis under the MMPR system. In addition, through its wholly owned subsidiary Mettrum Hempworks, Mettrum also is a licensed producer and distribution of industrial cannabis (hemp) products, including Mettrum’s functional food line, Mettrum Originals, under the Industrial Hemp Regulations (Canada) issued pursuant to the Controlled Drugs and Substances Act (Canada). For more information, visit: www.mettrumoriginals.com and www.mettrum.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation, including, without limitation, the anticipated legalization of marijuana, the nature of the legalized and regulatory regime, the scope and functioning of the recreational and retail markets, as well as the Company’s capacity, strategy and participation in any such market. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors, which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the results of operations. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company 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 law
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
CONTACT INFORMATION
Mettrum Health Corp.
Ali Mahdavi
Director, Investor Relations
416.962.3300
amahdavi@mettrum.com
Original press release: http://www.marketwired.com/press-release/mettrum-receives-license-amendment-sale-medical-cannabis-extracts-its-60000-square-foot-tsx-venture-mt-2122623.htm
