Alliance Growers Corp. (CSE: ACG; FWB: 1LA; WKN: A2DFYX) (“Alliance Growers” or the “Company”) is pleased to report that the Company is diligently moving forward with its application to become a Licensed Producer of medical marijuana under Health Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”). The application is in process through subsidiary BC … Continued
Alliance Growers Corp. (CSE: ACG; FWB: 1LA; WKN: A2DFYX) (“Alliance Growers” or the “Company”) is pleased to report that the Company is diligently moving forward with its application to become a Licensed Producer of medical marijuana under Health Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”). The application is in process through subsidiary BC Maramed Production Ltd. (“BCMM”).
Health Canada has streamlined the application, effective May 26, 2017. The application process for becoming a licensed producer of cannabis for medical purposes is now as follows:
- Intake and Initial Screening
- Detailed Review and Initiation of Security Clearance Process
- Issuance of License to Produce
- Introductory Inspection (as cultivation begins)
- Pre-Sales Inspection
- Issuance of License to Sell
“We are thrilled by the streamlined application process that has been implemented by Health Canada and continue to be very optimistic on successfully completing the process. We believe that the new ACMPR procedures announced by Health Canada on May 26, 2017 will improve the Company’s prospect of obtaining a Cultivation License. We are committed to ensuring BCMM becomes a Licensed Producer and we are looking forward to getting positive, forward-moving updates from Health Canada,” said Dennis Petke, Alliance Growers’ President and CEO.
Alliance Growers currently holds a 50% interest in BCMM, which owns a leasehold interest and equipment for an 11,000-square foot production facility in Kelowna, British Columbia. One significant advantage of the BCMM site is that it already has a secured perimeter in place. Pictures of the facility will be posted on the Alliance website in the next few days.
Alliance Growers is working with other shareholders of BCMM to ensure the site is secured and the ACMPR Application moves forward. Part of the process will include engaging an external specialist to assist in successfully completing the application process. The Company is confident that once it controls the application process, utilizing specialists with the required industry expertise combined with the high commercial standards of the production facility, the application will be in full compliance with Department of Health requirements for a full commercial ACMPR license.
Since filing its application to become a licensed producer in August 2014, BCMM has been diligently responding to numerous additional information requests by Health Canada.
As at October 9, 2015, Health Canada informed BCMM that its application was at Security Clearance Stage. During 2016, BCMM sought updates from Health Canada, as late as December 2016, and again in 2017. BCMM will continue to seek updates from Health Canada regarding the status of its application and will update shareholders accordingly. We expect that with the assistance of a specialist and the new streamlined rules, BCMM will be in a better position than ever before to be granted a license.
About Alliance Growers Corp.
Alliance Growers Corp is a diversified cannabis company driven by the Company’s ‘Four Pillars’ Organization Plan – Cannabis Botany Centre, Strategic MMPR Investments, CBD Oil Supply and Distribution, and Research and Development.
Alliance Growers has executed an agreement with Botanical Research In Motion International Inc., for a Canada Exclusive License to jointly develop and operate a 40,000 square foot facility to be the first of its kind in Western Canada to house a DNA Botany lab, extraction facility and Tissue Culture Plantlet Production facility to service the Cannabis market and agriculture market in general. The proposed Cannabis Botany Centre will grow Cannabis plantlets using proprietary tissue culture propagation, specifically the “Chibafreen Invitro Plant Production System”, which assures consistent composition and purity of each plantlet for the growers.
Further, Alliance Growers has been negotiating to obtain other exclusive Canadian distribution agreements for certain proprietary products for support of the Cannabis growing industry in addition to possible partnerships with Licensed Producer Applicants at various stages in the Health Canada License process.
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On behalf of the board of directors of
ALLIANCE GROWERS CORP.
President and CEO
For more information contact:
Corporate Communications Consultant
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
FORWARD LOOKING INFORMATION
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. More particularly and without limitation, the news release contains forward-looking statements and information relating to the use of proceeds of the Financing, as well as the Company’s corporate strategy. The forward-looking statements and information are based on certain key expectations and assumptions made by management of the Company, including, without limitation, the Company’s ability to carry out its business plan following the issuance of the required licenses by Health Canada. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the Company’s ability to identify and complete additional suitable acquisitions to further the Company’s growth as well as risks associated with the medical marijuana industry in general, such as operational risks in development and production delays or changes in plans with respect to development projects or capital expenditures; the uncertainty of the capital markets; the uncertainty of receiving the required licenses, production, costs and expenses; health, safety and environmental risks; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of the potential market; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and regulated regulations. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Canadian Securities Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.