SASKATOON, Saskatchewan--(BUSINESS WIRE)--CanniMed Therapeutics Inc., (TSX: CMED) (“CanniMed”) through its wholly owned subsidiary SubTerra LLC (“The Company”), has received municipal approval from Carp Lake Township, Michigan, to apply for State of Michigan licenses for both the production and processing of medical cannabis.
The Company intends to submit an application for a Class C Grower License as well as a Processor License to the State of Michigan on or about the opening of the application period, December 15, 2017. Upon receipt of the State Licenses, it is the Company’s intention to apply for Federal approval to conduct medical cannabis research through the US Food and Drug Administration (FDA) and the Drug Enforcement Administration (DEA).
“Municipal approval is the first milestone to further our pursuit of producing medical cannabis in the United States,” said Brent Zettl, President and CEO, CanniMed. “Our biosecure SubTerra underground facility can scale extremely quickly as a result of its unique, patented infrastructure in the subterranean environment. We have been working diligently towards this goal for the last number of years and are confident that we will bring our 17 years of quality medical cannabis cultivation experience to SubTerra's Michigan facility."
SubTerra LLC is a plant-based pharmaceutical manufacturer located in White Pine, Michigan committed to the production of Active Pharmaceutical Ingredients (API), such as high value proteins and phytochemicals. SubTerra is unique in that all crops are grown in a patented, biosecure underground environment, resulting in a number of key benefits:
- Controlled environment: conditions within the growth chambers are completely controlled through automation of lights, cooling, and water. SubTerra crops are afforded uninterrupted growing cycles, resulting in maximal product yields on a continuous basis
- Rapid growth potential: As a result of the controlled environment, plants grow better in biosecure underground facilities than in fields or greenhouses
- Growing excellence: SubTerra is committed to quality assurance and is compliant with Good Agricultural Practices (GAP)
- Pesticide and herbicide free: with no threat of insects, pests or the plant diseases they can carry, there is no need for pesticides or herbicides
- Biosecure: the growth chambers not only keep the plants safe from external threats, the facility also safeguards the intellectual property of high-value crops and protects against unintended genetic release and criminal interference
CanniMed has and will continue to abide by all Federal policies and laws regarding the production of cannabis in the United States and does not currently plan to begin medical cannabis production until a federal research license has been received. As a result, this announcement does not require additional disclosure to the Canadian Securities Administrators (CSA) and the Toronto Stock Exchange (TSX).
About CanniMed Therapeutics Inc.
CanniMed is a Canadian-based, international plant biopharmaceutical company and a leader in the Canadian medical cannabis industry, with 17 years of pharmaceutical cannabis cultivation experience, state-of-the-art, GMP-compliant production process and world class research and development platforms with a wide range of pharmaceutical-grade cannabis products. In addition, the Company has an active plant biotechnology research and product development program focused on the production of plant-based materials for pharmaceutical, agricultural and environmental applications.
The Company, through its subsidiaries, was the first producer to be licensed under the Marihuana for Medical Purposes Regulations, the predecessor to the current Access to Cannabis for Medical Purposes Regulations. It was the sole supplier to Health Canada under the former medical marijuana system for 13 years, and has been producing safe and consistent medical marijuana for thousands of Canadian patients, with no incident of product diversion or recalls.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements with respect to the proposed application to the State of Michigan, the FDA and the DEA are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of CanniMed Therapeutics Inc. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including the risk that the regulatory approvals will not be issued within the timeframe anticipated or at all, the risks inherent in cannabis plant cultivation, and the risks described in CanniMed Therapeutics Inc.’s Annual Information Form for the year ended October 31, 2017 and other documents filed with applicable Canadian securities regulatory authorities which may be viewed at www.sedar.com . The forward-looking statements included in this news release are made as of the date of this news release. CanniMed Therapeutics Inc. does not undertake to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, unless required by applicable securities legislation.