Heritage Cannabis Holdings Corp. (CSE:CANN;OTCMKT:HERTF) (“Heritage” or “Company”) is pleased to announce that its subsidiary, PhyeinMed Inc. (“PhyeinMed”) has received its updated license in accordance with Health Canada’s Cannabis Act and Cannabis Regulations.
With a Standard Cultivation License, a company is permitted to sell wholesale to either a provincial distribution channel or dried flower/oil to a company with a Processor License – Micro or Standard.
In accordance with subsection 11(5) of the Cannabis Regulations, this new license authorizes PhyeinMed to sell cannabis to other qualified license holders under the Cannabis Act and Cannabis Regulations, as well it allows for:
- – The sale and distribution of dried cannabis, fresh cannabis, cannabis plants and cannabis plant seeds to any qualified license holders.
– The sale and distribution of cannabis plants and cannabis plant seeds to a holder of a license for a nursery;
– The sale and distribution of cannabis plants and cannabis plant seeds, that are cannabis products to: a holder of a license for sale, or a person authorized to sell cannabis
“We are very pleased to receive this updated license from Health Canada. This important step allows us to sell to our licensed strategic partners and generate revenues through our distribution agreements. In addition, it moves us further along the process to ultimately being able to sell product direct to the consumer” says Clint Sharples, Chairman and interim CEO of Heritage.
About Heritage Cannabis Holdings Corp.
The Company is focused on becoming a vertically integrated cannabis provider that currently has two Health Canada approved licensed producers, through its subsidiaries PhyeinMed Inc. and CannaCure Corp. both regulated under the Cannabis Act Regulations. Heritage is focused on advancing its scale and technology footprint to compete both domestically and internationally.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.
Chairman and interim CEO
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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.
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