Matica Enterprises has closed the RoyalMax Biotechnology Canada acquisition and formally taken its 70 per cent earned interest in RoyalMax. "On April 6th, 2017 the Company signed a definitive agreement allowing for Matica to become a majority owner (70%) of RoyalMax, at the time a late stage applicant under the then Access to Cannabis for Medical Purposes Regulation (“ACMPR”)," the team with the company explains. "As per the agreement, Matica could earn a 70% interest in RoyalMax by supplying funding and resources to build out the production facility in Dorval, Quebec."
To earn a 70% interest in RoyalMax, Matica has issued 6,000,000 common shares in Company stock and has paid $735,000 with a further $250,000 due in the second quarter of this year, and has financed the retro-fitting and licensing of the Dorval facility. Since the signing of the agreement, Matica’s interest in RoyalMax has been held In Trust and was released by mutual agreement of all parties.
"Matica reported RoyalMax receiving the Standard Cultivation Licence for the Dorval facility on October 15th, 2018," they further explain. "On January 23rd, 2019 it was reported that RoyalMax received its Cannabis Licence under the Excise Act, 2001 from the Canada Revenue Agency and the starting materials to began cultivation. On November 6th 2019, after several successful crops, RoyalMax applied for the Standard Processing Licence and simultaneously for the Sale For Medical Purposes Licence. We continue to work with Health Canada to expedite receipt of these licences. Upon receipt, RoyalMax will able to sell certain cannabis products to medical patients and to participate in the recreational cannabis market."
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