UMBRAL'S SUBSIDIARY PHYEINMED JOINS THE CANOPY GROW FAMILY
August 08 2017 - 9:00AM
InvestorsHub NewsWire
Vancouver, B.C. -- August 08, 2017 --
InvestorsHub NewsWire -- UMBRAL ENERGY CORP. (CSE: UMB) (“Umbral or
Company”) is
pleased to announce that its 75% owned subsidiary, PhyeinMed Inc.
(“PhyeinMed”) a Health Canada late stage applicant under the ACMPR
(Access to Cannabis for Medical Purposes Regulations) has signed an
agreement with Canopy Growth Corporation (TSX:WEED) (“Canopy Growth”) to
supply cannabis products via the
CraftGrow line on Tweed Main Street’s online
store.
Pending receiving a licence to cultivate and
sell cannabis products from Health Canada, PhyeinMed stands to
substantially accelerate its speed to market through joining the
CraftGrow program and leveraging their marketing and distribution
network. Canopy is widely recognized as leading the way in
the Canadian cannabis market, and has a global reputation for
providing top quality products and partnering with other top
producers. This partnership also allows PhyeinMed to
significantly reduce market acquisition costs for infrastructure,
while driving early revenue through Tweed Main Street’s online
store.
Mark Zekulin,
President of Canopy Growth, has previously commented regarding the
CraftGrow opportunity, “Our approach with CraftGrow and
Tweed Main Street is to establish a diverse online marketplace for
legal medical cannabis products. People can seamlessly
access Canada's leading cannabis brands with one
medical document rather than being tied to a single producer. For
new producers, having access to the largest group of registered
patients in the country can go a long way towards building brand
awareness. And for us, it's an opportunity to position ourselves
as the online source of cannabis in Canada,
while bringing more product variety and reliability to our
customers."
PhyeinMed is pleased by recent developments and
conversations confirming that Health Canada has streamlined
licensing in order to move applicants through the process more
effectively. These efforts have created a more open
discussion between PhyeinMed and the Offices of Medical Cannabis
reducing the uncertainty as to the administrative steps required to
obtain a production license.
“Our collaborative agreement with Canopy Growth
is a major milestone for us.” states PhyeinMed CEO, Debra
Senger, “As a late stage applicant we recognize the
need to optimize our exposure and brand awareness, and by utilizing
Canopy Growth's Tweed Main Street it gives us access to a large
consumer base in an expanding medical cannabis market. We intend to
offer high quality products which we believe will be popular with
the substantial customer base Canopy has established. This
agreement gives us a true partner in the industry and will expose
us to industry leading expertise, knowledge and best practices.
These learnings will be very valuable to PhyeinMed as we progress
through the final steps of licensing. We are very pleased to
be working with such a global leader in the cannabis
space.”
About Umbral Energy Corp.
The Company is currently listed as
a junior resource issuer having mineral
exploration projects in Quebec. Additionally, in efforts to
increase shareholder value, the Company is involved in other
activities, including a non-resource project. This includes the
Company owning a 75% interest in PhyeinMed Inc, a
Health Canada late stage applicant under the
ACMPR (Access to Cannabis for Medical Purposes
Regulations).
ON BEHALF OF THE BOARD OF DIRECTORS OF UMBRAL
ENERGY CORP.
“Jag Bal”
Jagdip Bal
President and CEO
The
Canadian Stock Exchange does not accept responsibility for the
adequacy or accuracy of this
release.
This news release contains forward-looking
information, which involves known and unknown risks, uncertainties
and other
factors that may cause actual events to differ
materially from current expectation. Important factors - including
the availability
of funds, the results of financing efforts, the
results of exploration activities -- that could cause actual
results to differ materially
from the Company's expectations are disclosed in
the Company's documents filed from time to time on SEDAR (see
www.sedar.com).
Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only
as
of the date of this press release. The company
disclaims any intention or obligation, except to the extent
required by law, to
update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.