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.
President and CEO
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