(TSX-V: MGW, OTCQB: MGWFF)
CALGARY, Aug. 8, 2017 /CNW/ - Maple Leaf Green World
Inc. ("Maple Leaf" or the "Company") announces the
Company has submitted an abridgement application (the
"Abridgment Application") to Health Canada under the
Access to Cannabis for Medical Purposes Regulations
("ACMPR") for a license to produce and sell cannabis (the
"License"). The Abridgement Application is an update and
revision of the Company's original application for the License
pursuant to the Marihuana for Medical Purposes Regulation
("MMPR") (the MMPR were succeeded by the ACMPR on
August 24, 2016). The Abridgement
Application provides an updated general description of the
Company's cannabis cultivation facility to be constructed in
Telkwa, British Columbia (the
"BC Site"), and outlines certain revisions to the Company's
original License application. The Abridgement Application includes
the following main components:
- The floor plan of the 30,000 sq, ft. facility to be built at
the BC Site with detailed layout of the security system and growing
operation.
- Growing capacity of up to 5,500 KG a year based on projections
of 50% for dry marijuana and 49% for Cannabis oil and 1% for other
Cannabis product.
- Expected marketing of 84% of all products to patients and 16%
to other licensed producers.
Health Canada is expected to
review the Abridgement Application and may advise the Company of
additional questions or comments. Upon Health Canadas satisfactory
review of the Abridgement Application, it is expected that the
Company will then be required to submit pictures, videos, and
relevant documentation to Health Canada to demonstrate that the BC
Site is built and operational, after which a License is then
expected to be issued to the Company provided Health Canada finds
the Company's submissions compliant with ACMPR licensing
requirements.
For further information regarding Maple Leaf Green World Inc.,
please visit www.mlgreenworld.com.
About Maple Leaf Green World Inc.
Maple Leaf is a public Canadian company that focuses on the
cannabis industry in North
America. The Company currently operates 3 cannabis projects
in British Columbia, California,
and Nevada. With over 10 years of
extensive greenhouse management experience, it applies its
eco-agriculture knowledge and cultivation technology to produce
contaminant-free organic cannabis products. Maple Leafs long-term
objective is to produce cannabis oil and export its products to
approved countries.
Cautionary Statement
This press release includes certain statements that may be
deemed "forward-looking statements" within the meaning of
applicable Canadian securities legislation. Specifically, this
press release includes, but is not limited to, forward-looking
statements with respect to the review of the Abridgement
Application by Health Canada and the timing thereof, Health
Canada's review process for the License and anticipated approval
timings, and the construction of the BC Site and the timelines
thereof. Generally, forward-looking statements can be identified by
the forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"projects", "intends", "anticipates", or "does not anticipate", or
"believes", or "variations of such words and phrases or state that
certain actions, events or results "may", "can", "could", "would",
"might", or "will" be taken", "occur" or "be achieved".
Forward-looking statements are subject to known and unknown risks,
uncertainties, and other factors that may cause the actual results,
level of activity, performance, or achievements of the Company to
be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: risks
related to the development and operation of the Companys projects,
risks associated with general economic conditions, adverse industry
events, marketing costs, loss of markets, future legislative and
regulatory developments involving medical cannabis, inability to
access sufficient capital from internal and external sources and/or
inability to access sufficient capital on favourable terms, the
medical cannabis industry in Canada and the jurisdictions where the Company
operates generally, income tax and regulatory matters, competition,
crop failure, currency and interest rate fluctuations, regulatory
approvals including approvals from Health Canada of the Abridgement
Application for the License, and those factors discussed in the
sections relating to risk factors of our business filed in the
Companys required securities filings on SEDAR. Although the Company
has attempted to identify important factors that could cause
results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results to be materially different from those anticipated,
described, estimated, assessed or intended. There can be no
assurance that any forward-looking statements will prove accurate,
as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements. The Company
does not undertake to update any forward-looking statements that
are incorporated by reference herein, except in accordance with
applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Maple Leaf Green World Inc.