Biome announces acquisition of land in Nova Scotia to dramatically increase the production footprint of its ACMPR Licensed Producer
TORONTO, May 28, 2018 (GLOBE NEWSWIRE) -- Biome Grow (“Biome”) announced today that it has acquired approximately 20 acres of land in Nova Scotia to expand its Highland Grow (“Highland”) cannabis production facilities that are licensed under the Access to Cannabis for Medical Purposes Regulations (Canada) (the “ACMPR”). Highland is a wholly-owned subsidiary of Biome’s.
“This acquisition is a key step in allowing Highland to start work on a dramatically larger, purpose-built production facility to supply a broad spectrum of innovative cannabis products to Nova Scotians,” said Frank MacMaster, President of Highland. “Biome also has the option to secure a considerably larger parcel of land in Nova Scotia should changes to growing methodologies currently being considered by regulators be enacted in the future.”
The expanded Highland facility will include extensive research and development facilities that will also be used by Biome’s external partnerships, including its multi-disciplinary collaboration with St. Francis Xavier University. This feature of the facility is a core component of a cannabis centre of excellence that Highland is planning to establish in Nova Scotia to create a broader cannabis ecosystem in its local community.
Moreover, through this facility, Highland is looking to introduce a new way to grow pharmaceutical grade cannabis on an industrial scale. This approach is designed to address many of the scale-up challenges that have plagued most licensed producers in Canada since the inception of the MMPR program (precursor to the ACMPR). In addition to allowing a production facility to achieve full production capacity sooner with a consistent and predictable level of quality, it will greatly reduce operating cost profiles while being fully compliant with the restrictions placed on producers under the ACMPR.
Highland looks forward to sharing additional details on its new production platform in the coming months.
About Biome Grow
Biome Grow (whose corporate legal entity name is Cultivator Catalyst Corp.) wholly owns Highland Grow, an Authorized Licensed Producer in Nova Scotia under the ACMPR, P-209 Inc., a company incorporated under the laws of the Province of Ontario and in the late stages of applying for a license under the ACMPR and The Back Home Medical Cannabis Corporation, a company incorporated under the laws of the Province of Newfoundland and Labrador and in the late stages of applying for a license under the ACMPR. Biome Grow plans on operating a diversified mix of low cost licensed cannabis production facilities across Canada and other jurisdictions in the coming years. Additional growth will be achieved through a mixture of acquisitions and organic growth. Moreover, Biome Grow will integrate a complimentary platform of technologies and services targeted at both the Canadian and international cannabis markets.
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. More particularly and without limitation, this news release contains forward‐looking statements and information concerning changes to growing methodologies being considered by regulators that may influence future decisions of Biome; Biome’s intention that its wholly-owned subsidiary Highland Grow, will build a larger, purpose-built production facility in Nova Scotia and a cannabis centre of excellence and the timing and costs associated therewith; that Highland Grow will supply a broad spectrum of innovative cannabis products to Nova Scotians and its timing in connection therewith; expectations that Biome will acquire additional land in Nova Scotia; Biome’s expectations that Highland Grow will receive a sales license from Health Canada and the timing associated therewith and any restrictions that may be placed thereon; Biome’s plans to operate a diversified mix of low cost licensed cannabis production facilities across Canada and other international jurisdictions; and Biome’s expectations to introduce a new way to grow pharmaceutical grade cannabis on an industrial scale. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Biome, including the assumptions that Highland Grow will be able to obtain a cultivation license from Health Canada on a timely and cost efficient basis; assumptions and expectations with respect to changing legislation and the timing associated with such changes; the ability to obtain all necessary regulatory licenses, permits and approvals on a timely and cost efficient basis to produce and sell cannabis and generally operate its business in both Canada and internationally; assumptions concerning labour, construction, and other costs and expectations that such costs will remain low for its licensed cannabis production facilities; its ability to generate sufficient cash flow to meet its working capital requirements and that sufficient financial resources will be available; and the ability of Biome to successfully market its products and services.
These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, among other things, a failure to obtain or delays in obtaining the required regulatory licenses, permits, or approvals, changes to legislation, changes in cannabis research or the general public’s perception of cannabis, competition in the medical cannabis market, crop failure, labour disputes, increases in labour and/or construction costs, rising energy costs, an inability to access financing as needed, and a general economic downturn. These forward-looking statements speak only as of the date on which they are made, and Biome, or any of its subsidiaries undertakes no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.