Minority ownership stake provides exposure to
the Australian medical cannabis market
MARKHAM, ON, Nov. 14, 2017 /CNW/ - MedReleaf Corp.
(TSX:LEAF) ("MedReleaf" or the "Company"), Canada's first and only ISO 9001 and ICH-GMP
certified producer of medical cannabis, today announced that its
Australian joint venture partner, Indica Industries Pty Ltd. (t/a
"MedReleaf Australia"), has been granted a licence from the
Australian Government Office of Drug Control ("ODC") for the
cultivation and production of medical cannabis. The licence to
undertake authorized cannabis activities commences on November 10, 2018 in order to allow time to
complete infrastructure development of the facility.
"We're focused on international expansion in countries with a
federal legal framework for cannabis, and Australia is an attractive market with a
population about two thirds the size of Canada and a focus on medicinal applications,"
said Neil Closner, CEO of
MedReleaf. "Providing our expertise to local partners allows
us to participate in a greater number of international markets in a
capital efficient way."
MedReleaf, through its wholly-owned subsidiary, MedReleaf
Holdings (Australia) Ltd., has a
10% equity interest in MedReleaf Australia and, subject to the
execution of additional documentation, it is contemplated that the
Company would become entitled to receive certain royalties on the
gross revenues of MedReleaf Australia, as well as additional equity
in the future.
Legislation to enable the cultivation of cannabis for medicinal
and related research purposes was passed by the Australian
Parliament on February 29, 2016, with
amendments related to licensed domestic cultivation coming into
effect on October 30, 2016. Inclusive
of the licence issued to MedReleaf Australia, the ODC has issued
eleven medical cannabis licences for cultivation and production
since November 2016.
"We're excited about being among the early producers to be
granted a medical cannabis licence," said Russell Harding, CEO of MedReleaf
Australia. "We look forward to working with MedReleaf to
bring its level of scientific and operational rigor to the medical
cannabis industry in Australia."
About MedReleaf Corp.
MedReleaf sets The Medical Grade
Standard™ for cannabis in Canada and around the world. The first
and only ICH-GMP and ISO 9001 certified cannabis producer in
North America, MedReleaf is a
R&D-driven company dedicated to patient care, scientific
innovation, research and advancing the understanding of the
therapeutic benefits of cannabis. Sourced from around the
world and carefully cultivated in one of two state of the art
facilities in Ontario, MedReleaf
delivers a variety of premium products to patients seeking safe,
consistent and effective medical cannabis.
For more information on MedReleaf, its products, research and
how the company is helping patients #livefree, please visit
MedReleaf.com or follow @medreleaf
Forward Looking Statements
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation, which
can be identified by the use of forward-looking terminology such as
"expect", "likely", "may", "will", "should", "intend",
"anticipate", "potential", "proposed", "estimate" and other similar
words, including negative and grammatical variations thereof, or
statements that certain events or conditions "may", "would" or
"will" happen, or by discussions of strategy. Forward-looking
information include estimates, plans, expectations, opinions,
forecasts, projections, targets, guidance or other statements that
are not statements of fact, including statements with respect to
the build-out of a production facility by MedReleaf Australia, the
Company's focus on international expansion in countries with a
legal framework for cannabis, and the Company's relationship with
MedReleaf Australia. The forward-looking information
contained in this press release are based upon MedReleaf's current
internal expectations, estimates, projections, assumptions and
beliefs and views of future events which management believes to be
reasonable in the circumstances, including expectations and
assumptions regarding the Company's ability to expand
internationally through MedReleaf Australia, and expectations and
assumptions regarding the regulatory environment in
Australia. Forward-looking information are subject to known
and unknown risks and uncertainties, including risks and
uncertainties which could cause actual events or results to differ
materially from those described in any forward‑looking information,
including risks and uncertainties relating to general economic
conditions, changes in the regulatory and legal environments
relating to cannabis, competition, counterparty risk, as well as
those risks and uncertainties and other cautionary statements
contained in MedReleaf's Annual Information Form dated June 27, 2017, which is available electronically
at www.sedar.com. Any forward-looking information contained herein
speaks only as of the date on which it is given and, except as
required by law, MedReleaf does not undertake any obligation to
update or revise any forward‑looking information, whether as a
result of new information, future events or otherwise.
SOURCE MedReleaf Corp.