Biome Grow is Investing in Atlantic Canadian Cannabis Sector
Toronto, Ontario (October 16, 2018) – Biome Grow Inc. (“Biome” or the “Company”) is focusing on the Atlantic Canada region and investing in building strong Atlantic Canadian roots ahead of industry legalization on October 17, 2018. With approximately 390,000 square feet of production capacity in operation or under development primarily across Atlantic Canada, Biome is preparing to meet the high demand that is expected to exist in the region.
“Stats Canada released the results of its National Cannabis Survey for the third quarter of 2018 which focuses on cannabis consumption in Canada, with much of it reinforcing the reasons Biome has focused on Atlantic Canada,” said CEO Khurram Malik. “We spotted the lack of competition and high per capita consumption early on and set out to acquire subsidiaries and establish partnerships across the region.”
Statistics Canada released the results of its National Cannabis Survey, third quarter 2018* on October 11, 2018 offering the latest insights into cannabis consumption across the country. From the data obtained by the survey, Biome has identified that:
- Nova Scotians consume 51% more cannabis per capita than the national average.
- Nova Scotians have the highest cannabis consumption rate in Canada, with 23% of Nova Scotians reported consuming in the third quarter of 2018. British Columbia is the next highest with 20% of British Columbians reporting consuming cannabis in the third quarter of 2018.
- Atlantic Canada has one of the highest cannabis consumption rates of all regions in Canada with 19.4% of Atlantic Canadians reporting that they consumed cannabis in the last three months. This is 4.2% higher than the national average of 15.2% and only British Columbia reports higher cannabis consumption.
“These statistics are important for Biome’s business model, especially when you factor in that Atlantic Canada represents 7% of population and only 5% of the number of granted licenses. And, when factoring in licensed capacity, the percentage is even less,” added Malik. “Our investments in the region are driven by good business sense and are allowing us to build a strong Atlantic Canadian ecosystem, including creating full time employment, boosting economic growth, and establishing partnerships with organizations interested in enhancing their communities.”
*The Statistics Canada National Cannabis Survey, third quarter 2018 was released on October 11, 2018 and is available at https://www150.statcan.gc.ca/n1/daily-quotidien/181011/dq181011b-eng.htm.
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Biome owns four wholly-owned subsidiaries: Highland Grow Inc., a licensed producer in Nova Scotia under Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR); 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; 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; Weed Virtual Retail Inc., a company incorporated under the laws of the Province of Ontario in the business of operating a new virtual reality technology platform focused exclusively on the medical and recreational cannabis markets. Biome is a Canadian-based company with national and international business interests.
Certain statements or projections contained in this document are forward-looking statements, including those that discuss the Company’s expectation of cannabis legalization on October 17, 2018, the expected high demand in Atlantic Canada for cannabis, the development of a strong Atlantic Canadian ecosystem, its plans to operate a diversified mix of low cost licensed cannabis production facilities across Canada and other jurisdictions, and to integrate a complimentary platform of technologies and services targeted at both the Canadian and international cannabis markets. Such forward-looking statements reflect management’s current beliefs and expectations and are based on assumptions made by and information currently available to the Company, including the assumption it will be able to obtain all necessary regulatory licenses, permits and approvals to produce and sell cannabis and generally operate its business in Canada and internationally, that labour, construction, and other costs will remain low for its licensed cannabis production facilities, and that sufficient financial resources will be available on reasonable terms.
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, 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 the Company, 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.