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CHATHAM, ONTARIO – December 11, 2017 – AgMedica Bioscience Inc. (“AGMEDICA” or the “Company”) is pleased to announce that it has received a cannabis production licence from Health Canada under the Access to Cannabis for Medical Purposes Regulation (“ACMPR”). In the coming weeks, the Company is planning to begin cultivation in the first phase of its energy efficient indoor Riverview Cultivation Facility with a current annual production capacity of 6,000 kg (“Phase I Facility”).
This is another major accomplishment in the growth of AGMEDICA. The management team is pleased to have achieved this critical milestone and would like to thank all of our employees, partners, and shareholders for their efforts and continued support. We believe that AGMEDICA has one of the largest, if not the largest, initial capacity of any newly licensed producer of cannabis in Canada.
While we are celebrating this accomplishment, we realize this is just one more milestone on our journey to become a global leader in cannabis production as well as the development and commercialization of cannabis-derived products that positively impacts the health and well-being of our customers.
AGMEDICA has assembled a management team with decades of experience in large-scale commercial agriculture and in the development and commercialization of pharmaceutical products. The team is now focused on operationalizing the Phase I Facility and the development of innovative products.
AGMEDICA is a licensed producer under the ACMPR and is focused on the cultivation of high-quality and consistent medical-grade cannabis. The Company’s Riverview Cultivation Facility is located in Chatham, Ontario. The Phase I Facility has an annual capacity of 6,000 kg of pharmaceutical-grade indoor cannabis. Plans are in place to expand this capacity within the existing building to 26,500 kg. The Company is planning to begin cultivation in the coming weeks. The Company’s second indoor facility is in the detailed review stage at Health Canada to become an ACMPR licensed producer and is forecast to add an additional 40,000 kg in annual capacity once fully built, providing AGMEDICA with a total projected indoor production capacity of 66,500 kg per year.
AGMEDICA’s vision is to be a global leader in the production of cannabis and cannabis-derived products that improve the health and well-being of its customers. The Company is working to understand and serve the needs of its customers and partners, ensuring that its products, their quality and the ongoing commitment the Company brings to health and well-being remain its fundamental priorities.
The AGMEDICA team is dedicated to the development of cannabis derived products for medical, adult-use (recreational once approved) and ultimately pharmaceutical purposes. This will be accomplished through plant and product research and development, innovative production practices, comprehensive clinical and health benefit assessments and a commitment to customer value. AGMEDICA is committed to developing and commercializing innovative, high quality products, processes and services.
Name Change to AGMEDICA
AgMedica Bioscience Inc. (formerly AgriMed Botanicals Inc. or AMBI) changed its name on December 6, 2017. “Our name change to AgMedica Bioscience reflects our evolution and strategic vision to become a dominant vertically integrated player in the medical cannabis market and to invest in world-class research and development to develop and commercialize clinically-proven cannabis-derived pharmaceutical products for human and veterinary use.” said CEO, Art Vander Pol.
For further information:
Peter Van Mol
Chief Financial Officer
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