MedReleaf Corp. (OTC Pink: MEDFF) is engaged as a Canadian medical marijuana company. Shares of the diversified medical marijuana company climbed 16.43%, during trading on Monday, November 6, 2017. Over the past month, MedReleaf Corp. has seen average daily volume of 57,720 shares. However, volume of 227,878 shares or dollar volume of $2.85 million, exchanged hands during today’s session.
Shares of MedReleaf Corp. are gaining today, after the company announced that it has received approval from Health Canada to amend its licensing to include the sale of medical cannabis from its Bradford, Ontario facility. Management says harvests at the Bradford facility have been fantastic, around 300 grams per square foot. Here is the full press release detailing of the amended medical cannabis license:
MedReleaf Corp. Press Release:
MARKHAM, ON, Nov. 6, 2017 /CNW/ – MedReleaf Corp. (TSX:LEAF) (“MedReleaf” or the “Company”), Canada’s first and only ISO 9001 and ICH-GMP certified producer of medical cannabis, has been granted an amended license from Health Canada to permit sales of medical cannabis under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”) at its second facility in Bradford, ON (“Bradford Facility”). This increases the Company’s total current licensed production and sales capacity by 80% to approximately 12,600 kg per year.
“Just 6 months after receiving our cultivation licence at Bradford, we are among the fastest producers to receive a sales licence and have completed multiple harvests at best-in-class cultivation yields of 300 grams per square foot,” said Neil Closner, CEO of MedReleaf. “As our industry grows, our proven ability to execute large scale projects while maintaining the highest quality standards further solidifies MedReleaf as a trusted leader amongst licensed producers.”
This latest amended license from Health Canada follows several other recent milestones at the Bradford Facility. On October 11, 2017, MedReleaf received its amended licence for the use of its Mother Room and Clone Room which will support the growing capacity at the Bradford Facility. On October 20, 2017, the Company received an amended licence for the use of two additional cultivation rooms, effectively doubling annual production capacity to an estimated 5,600 kg at the Bradford Facility. Once construction of the Bradford Facility is fully completed in the summer of 2018, total licensed production and sales capacity from MedReleaf’s two facilities in Markham and Bradford will be 35,000 kg per year.
About MedReleaf Corp.
MedReleaf sets The Medical Grade Standard™ for cannabis in Canada and around the world. The first and only ICH-GMP and ISO 9001 certified cannabis producer in North America, MedReleaf is a R&D-driven company dedicated to patient care, scientific innovation, research and advancing the understanding of the therapeutic benefits of cannabis. Sourced from around the world and perfected in one of two state of the art facilities in Ontario, MedReleaf delivers a variety of premium products to patients seeking safe, consistent and effective medical cannabis.
For more information on MedReleaf, its products, research and how the company is helping patients #livefree, please visit MedReleaf.com or follow @medreleaf
Forward Looking Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation which are based upon MedReleaf’s current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as “expect”, “likely”, “may”, “will”, “should”, “intend”, “anticipate”, “potential”, “proposed”, “estimate” and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions “may”, “would” or “will” happen, or by discussions of strategy. Forward-looking information include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact.
Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, MedReleaf does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for MedReleaf to predict all such factors. When considering these forward-looking statements, readers should keep in mind the risk factors and other cautionary statements in MedReleaf’s Annual Information Form dated June 27, 2017 and filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in MedReleaf’s Annual Information Form could cause actual events or results to differ materially from those described in any forward-looking information.