Cansortium announced that Health Canada, pursuant to the Cannabis Act, has granted to Cansortium Canada, an indirect wholly-owned subsidiary of the Company, a cannabis cultivation, processing and medical sales license.
Cansortium Founder & CEO Jose Hidalgo commented, "After more than a year and a half of work on the process, securing our Canadian license is a significant milestone on our path toward becoming a truly global cannabis company. We are excited to begin operations immediately at our cultivation and processing facility in Grimsby, Ontario."
The Company used a portion of its recent initial public offering to complete preparation of its Grimsby, Ontario facility. "We will commence use of the campus consisting of 21,780 sq. ft. of greenhouse cultivation capacity, 3,468 sq. ft. for processing and 8,500 sq. ft. of physical plant. The campus is approximately 85% complete for phase 2, which is planned to be completed in Q3, 2019. Once complete, this will increase the total cultivation space to 100,200 sq. ft and an expected annual production of up to 3,320 kgs of dried cannabis and derivatives," the team with the company explains.
According to the company, the style of operation in Grimsby will be similar to facilities they currently operate in Florida and Texas in the United States and Colombia in South America. The Canadian license authorizes the Company to cultivate and process cannabis containing THC and CBD. The license also allows Cansortium Canada to distribute seeds and plant materials to authorized provincial/territorial distributors and retailers. In addition, the Company can sell cannabis in fresh, dried or oil formulations directly to registered patients within Canada.
The Company's Canadian operations also include industrial hemp cultivation and production operating under its majority-owned subsidiary, Arcadia EcoEnergies, in New Brunswick, Canada. This consisted of nearly 1,000 acres of hemp cultivation in 2018, where Arcadia produces seed for the processing of hemp oil, hemp meal and hemp protein powder.
For more information:
Cansortium
82 NE 26th Street, Miami, Florida 33137
+1 (305) 902-2720
investors@cansortium.com
cansortium.com