Evergreen Medicinal Supply commences cultivation pursuant to ACMPR license, enters into wholesale supply agreement with Licen...
July 13 2017 - 12:54PM
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Evergreen Medicinal Supply Inc. (“Evergreen”) is pleased to
announce that it has commenced cultivation of medical cannabis at
its licensed facility, pursuant to its ACMPR (“Access to Cannabis
for Medical Purposes Regulations”) license from Health Canada,
granted on March 16th, 2017.
Evergreen’s founder and CEO Shawn Galbraith
commented, “The beginning of actual medical cannabis cultivation at
our facility, which features a diversified strain selection, is
another significant milestone for Evergreen Medicinal Supply. It is
the intent of Evergreen to imminently apply for additional
permitted activities to our ACMPR license at the earliest available
opportunity, including the selling of dried cannabis flower, and
the cultivation and sale of cannabis oil, as permitted under the
ACMPR.
Evergreen has recently entered into a wholesale
sales agreement with another Licensed Producer under the ACMPR
program. Pursuant to this agreement, Evergreen has agreed to sell
on a wholesale basis up to 30 kilograms of bulk-dried cannabis a
month. Galbraith commented, “The starting of cannabis cultivation
in concert with entering into a wholesale sales contract with a
high performing Licensed Producer accelerates Evergreen’s
development and provides a clear path to predictable revenue."
Together these activities fortify Evergreen as it begins to operate
under its license, and plans for its significant facility expansion
anticipated commencing in 2017.
Evergreen Medicinal Supply recently entered into
an interim agreement with Cannabis Wheaton Income Corp (“CW”)
(TSX VENTURE:CBW). Pursuant to this agreement, CW will
invest the sum of $25,000,000.00 Canadian into Evergreen. The
proceeds will be deployed to fund the construction of a 150,000
square foot purpose built cannabis cultivation facility providing
an additional 75,000 square feet of growing area (building 2) to be
operated by Evergreen. CW will receive shares in Evergreen
equivalent to 6.6% of the Corporation’s current outstanding shares.
CW will additionally receive a stream equal to the lesser of: i)
33% of the total cannabis production generated within Building 2,
or ii) 5,000,000 grams of cannabis per year from Building 2. This
stream will commence upon Evergreen providing CW with its first
allocation under this agreement, and then continues for a fixed
term of ten years. Galbraith commented, “The interim agreement
entered into with Cannabis Wheaton has secured for Evergreen the
capital necessary to begin construction of one of the largest
purpose built indoor cannabis production facilities in the
world. Building 2 will allow Evergreen to increase production
to 30,000 kilograms of dried cannabis per year. We anticipate that
Building 2 will be completed by the summer of 2018. This expansion
provides Evergreen with the production footprint to meet the
overwhelming demand anticipated for our products over the years to
come."
ABOUT EVERGREEN MEDICINAL SUPPLY INC.
Born and bred in historic Victoria, British
Columbia, Evergreen Medicinal Supply currently operates out of a
5,700 square foot licensed facility, located on a 2.9-acre parcel
of agricultural land. In compliance with current local zoning, the
site is permitted to house in excess of 150,000 square feet of
production space. Evergreen embraces advanced growing techniques,
and will incorporate many of the innovations that the industry has
developed over the last several years. The company has a very
clear mission to support the local community, and is owned and
operated by citizens of Victoria.
CONTACT INFORMATION
Evergreen Medicinal Supply Corporation
info@egmed.ca
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