(TSX-V: MGW, OTCQB: MGWFF)
CALGARY, Aug. 8, 2017 /CNW/ - Maple Leaf Green World Inc. ("Maple Leaf" or the "Company") announces the Company has submitted an abridgement application (the "Abridgment Application") to Health Canada under the Access to Cannabis for Medical Purposes Regulations ("ACMPR") for a license to produce and sell cannabis (the "License"). The Abridgement Application is an update and revision of the Company's original application for the License pursuant to the Marihuana for Medical Purposes Regulation ("MMPR") (the MMPR were succeeded by the ACMPR on August 24, 2016). The Abridgement Application provides an updated general description of the Company's cannabis cultivation facility to be constructed in Telkwa, British Columbia (the "BC Site"), and outlines certain revisions to the Company's original License application. The Abridgement Application includes the following main components:
- The floor plan of the 30,000 sq, ft. facility to be built at the BC Site with detailed layout of the security system and growing operation.
- Growing capacity of up to 5,500 KG a year based on projections of 50% for dry marijuana and 49% for Cannabis oil and 1% for other Cannabis product.
- Expected marketing of 84% of all products to patients and 16% to other licensed producers.
Health Canada is expected to review the Abridgement Application and may advise the Company of additional questions or comments. Upon Health Canadas satisfactory review of the Abridgement Application, it is expected that the Company will then be required to submit pictures, videos, and relevant documentation to Health Canada to demonstrate that the BC Site is built and operational, after which a License is then expected to be issued to the Company provided Health Canada finds the Company's submissions compliant with ACMPR licensing requirements.
For further information regarding Maple Leaf Green World Inc., please visit www.mlgreenworld.com.
About Maple Leaf Green World Inc.
Maple Leaf is a public Canadian company that focuses on the cannabis industry in North America. The Company currently operates 3 cannabis projects in British Columbia, California, and Nevada. With over 10 years of extensive greenhouse management experience, it applies its eco-agriculture knowledge and cultivation technology to produce contaminant-free organic cannabis products. Maple Leafs long-term objective is to produce cannabis oil and export its products to approved countries.
This press release includes certain statements that may be deemed "forward-looking statements" within the meaning of applicable Canadian securities legislation. Specifically, this press release includes, but is not limited to, forward-looking statements with respect to the review of the Abridgement Application by Health Canada and the timing thereof, Health Canada's review process for the License and anticipated approval timings, and the construction of the BC Site and the timelines thereof. Generally, forward-looking statements can be identified by the forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "projects", "intends", "anticipates", or "does not anticipate", or "believes", or "variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might", or "will" be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the development and operation of the Companys projects, risks associated with general economic conditions, adverse industry events, marketing costs, loss of markets, future legislative and regulatory developments involving medical cannabis, inability to access sufficient capital from internal and external sources and/or inability to access sufficient capital on favourable terms, the medical cannabis industry in Canada and the jurisdictions where the Company operates generally, income tax and regulatory matters, competition, crop failure, currency and interest rate fluctuations, regulatory approvals including approvals from Health Canada of the Abridgement Application for the License, and those factors discussed in the sections relating to risk factors of our business filed in the Companys required securities filings on SEDAR. Although the Company has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements will prove accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Maple Leaf Green World Inc.