North Bud Farms' wholly-owned subsidiary, GrowPros MMP, has received its standard cultivation licence from Health Canada for 24,500 sq. ft. of indoor cannabis cultivation space at its purpose-built cannabis production facility located on 135 acres of agricultural land in Low, Quebec. The receipt of this licence allows the Company to proceed with phase one (indoor cultivation) at its Quebec Facility.
Highlights:
- Cultivation is expected to begin shortly with the first four months focused on establishing an inventory of mother plants and clones in preparation for the outdoor growing season that begins in late June;
- The Company will soon be filing an amendment application with Health Canada to licence an additional 1,000,000 sq. ft. of outdoor cultivation space, which it hopes will be approved in the second quarter of 2020. Operationalizing the outdoor cultivation space represents phase two of the Company’s strategy for its Quebec Facility;
- The Company expects the operation of the Quebec Facility to create approximately 25 local jobs in the Gatineau Valley region of Quebec; and
- Upon full operation of both the indoor and expected outdoor cultivation space at the Quebec Facility, the annual production is estimated to be up to 20,000,000 grams per year.
“We are extremely excited about this announcement as it represents another significant step forward in North Bud’s strategy to assemble a portfolio of cost-efficient cultivation facilities located in strategic jurisdictions,” said Sean Homuth, CEO of North Bud. “The receipt of our Canadian licence now gives us active licensed facilities in California, Nevada and Canada, three of the largest and most important recreational cannabis markets in the world. These facilities will be used for the production of NORTHBUD branded cannabis products to be sold in all three of those key jurisdictions.”
“I would like to thank our shareholders for their support over the past 18 months, as well as our team for their hard work and dedication, particularly the work of Magda Farid, our Vice President of Compliance and Quality Assurance, and Kyle Foley, our Head of Facilities Management, both of whom have been instrumental in achieving this milestone,” said Ryan Brown, Executive Chairman of NORTHBUD and CEO of GrowPros MMP Inc. “We are very proud to be the second licensed producer in the Outaouais region of Quebec. The culmination of this project is not only important for the Company but also for the economy of the local town of Venosta, Quebec, and we look forward to strengthening our relationship with our local community as we move into the operational phase with the Quebec Facility.”
For more information:
North Bud Farms
38 Scott Road, Chelsea, Québec
J9B 1R5, Canada
(855) 628-3420
investors@northbud.com
northbud.com