Newstrike Resources (TSXV:HIP) announced Health Canada approved the application of their subsidiary Up Cannabis to amend its license and allow the sale of cannabis in dried marijuana form.
As quoted in the press release:
“We are delighted to have achieved this major strategic milestone in our growth strategy,” said Jay Wilgar, CEO of Newstrike and Up Cannabis. “We already have a significant inventory in place, a supply agreement with CanniMed, and a unique marketing strategy being developed with our creative partners, The Tragically Hip. Up Cannabis is extremely well-positioned to succeed and very excited to launch when the adult-use market opens in the coming months.”
“We have been confident throughout our process that we would receive the regulatory approvals we require to access the exciting opportunities that Canada’s adult-use cannabis market will present,” continued Mr. Wilgar. “Our team has worked diligently to obtain the necessary regulatory approvals and to position Up Cannabis for success well in advance of the retail market opening later this year. With this approval in hand, we have all of the key strategic elements in place to move forward successfully.”
The product will include polyphenols known to have significant health benefits.