October 25, 2018 MJ Shareholders
October 25th, 2018
News, Top News
TORONTO, Oct. 25, 2018 (GLOBE NEWSWIRE) — Biome Grow Inc. (“Biome” or the “Company”) (CSE:BIO) (Frankfurt:6OTA) is pleased to introduce its Ontario-based subsidiary and brand, Great Lakes Cannabis Co. (“Great Lakes Cannabis”). Located in Norwich, Ontario, Great Lakes Cannabis will serve Biome’s national and international markets with Canadian-grown cannabis.
Great Lakes Cannabis derives its name from the Great Lakes that edge the province of Ontario. Like the Great Lakes that lie in separate basins, but form a single, naturally interconnected body of fresh water, Great Lakes Cannabis is a separate production facility that is interconnected with Biome’s other regional brands, creating a unified Canadian cannabis biome.
Great Lakes Cannabis (formerly known as P-209 Inc.) is a late stage applicant to the Access to Cannabis for Medical Purposes Regulations (ACMPR). Great Lakes Cannabis expects to be in a position to receive a cultivation licence shortly after work on its Norwich production facility is finished. The Great Lakes Cannabis facility will be 87,000 square feet upon completion of a two-phased construction process, including retrofitting of an existing 12,000 square foot building followed by a new 75,000 square foot expansion.
“Our Great Lakes Cannabis brand and facility will primarily supply cannabis products to the other provinces that Biome operates in until domestic production capacity in those other provinces is sufficiently brought online,” said Chief Executive Officer, Khurram Malik. “Longer term and subject to applicable legal requirements we see Great Lakes Cannabis supporting the international markets that we’ve been cultivating for future growth.”
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Biome Grow wholly owns Great Lakes Cannabis, a company incorporated under the laws of the Province of Ontario and in the late stages of applying for a license under the ACMPR. Biome also owns four other wholly-owned subsidiaries: Highland Grow Inc., a licensed producer in Nova Scotia under Canada’s 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; Red Sands Craft Cannabis Co., a company incorporated under the laws of the Province of Prince Edward Island 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 intention that Great Lakes Cannabis Co. will position itself to supply cannabis products for Canadian and international markets, its expectation that it will receive a cultivation license and the timing associated therewith, the specifics associated with the Great Lakes Cannabis production facility and when such facility will be complete, production capacity in the other provinces in which Biome operates in and the timing of when such facilities will have sufficient local production, its plans to build a local and sustainable ecosystem in Ontario, its plans to operate a diversified mix of low cost licensed cannabis production facilities across Canada and other jurisdictions including internal jurisdictions and the long term business plans of Biome. 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 both Canada and internationally, that labour, construction, and other costs will remain low for its licensed cannabis production facilities, and sufficient financial resources will be available.
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.
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About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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