CALGARY, May 14, 2018 /CNW/ - Candre Cannabis Inc. ("Candre" or the "Company") provides a corporate update.
Late Stage ACMPR Applicant, Candre, Enters 'Active Review' with Health Canada
Candre is pleased to announce that its application to become a licensed producer ( "LP" ) under Health Canada's Access to Cannabis for Medical Purposes Regulations ( "ACMPR" ) has progressed to 'active review'. This progress places Candre
Upon completion of both the review and the security clearance process, the Company anticipates receiving a confirmation of readiness letter to demonstrate compliance with all the provisions of the ACMPR and the security directive. "We are very excited to move forward with Health Canada and work with our partners to advance our state of the art medical Cannabis production facility" says Mr. Jesse Beaudry, Candre's President and CEO. "The team has worked very hard to accomplish this goal and continues to deliver fantastic results".
Candre Secures Full Project Funding
Candre is pleased to announce that its strategic partner has increased its equity share to 50% of the voting equity in Candre. The Canadian Private Equity Firm ("CPEF") continues to collaborate with Candre towards advancing a strategy positioning the Company to become a producer and distributor of medical Cannabis and Cannabis derivatives under the ACMPR.
The CPEF has provided Candre access to full funding for its development plans and will continue to provide strategic advice and facilitate other business development efforts related to the production, distribution and sales of Cannabis. "This is a significant vote of confidence for our company and ensures we are well positioned to execute on our business plan" says Mr. Jesse Beaudry, Candre's President and CEO. "Adding the financial capability and experience of the partner to our handpicked technical team continues to enable Candre to stand out in this very dynamic market".
Candre Officially Sanctions the Calyptra Project
Candre has officially sanctioned the 43,500 sq. ft. medical Cannabis vertical growth facility ( "Phase I" ) in the town of Sundre, Alberta. Calyptra will act as the cornerstone of the Candre family of brands; the ideal showcase of our above-average commitment to safety, proactive communication and positive economic contribution. The second phase ("Phase II") is planned to produce Cannabis from a facility of more than 100,000 sq. ft., as an extension of the Phase I development.
The Calyptra project is a new build and uses state of the art technology with 3-tier vertical growing techniques significantly increasing Cannabis yield within the facility footprint. Management notes that Phase I production capacity projects at >9,000 kg per year.
About Candre Cannabis Inc.
Candre Cannabis exists to provide high-quality, in-demand Cannabis products to those who share our commitment to excellence.
Our ability to leverage our advantageous positioning and relevant business experience allows us to explore a wide range of opportunities, but it's our agile way of evolving to proactively address the needs of the local and national communities we serve, that allows us to turn those opportunities into something both exciting and sustainable.
SOURCE Candre Cannabis Inc.
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