Cansortium Awarded Cannabis Cultivation, Processing and Medical Sales License by Health Canada
Miami, Florida–(Newsfile Corp. – May 6, 2019) – Cansortium Inc. (CSE: TIUM) (the “Company” or “Cansortium”), a leading Florida-based multi-state operator (“MSO”) medical cannabis company with a mission to deliver the highest standards of cannabis care from nursery to lab to shelf, announced that Health Canada, pursuant to the Cannabis Act, has granted to Cansortium Canada, an indirect wholly-owned subsidiary of the Company, a cannabis cultivation, processing and medical sales license.
After more than a year and a half of dedicated and diligent work on the process, securing our Canadian license is a significant milestone on our path toward becoming a truly global cannabis company.
Cansortium Founder & CEO Jose Hidalgo
We are excited to begin operations immediately at our cultivation and processing facility in Grimsby, Ontario and to introduce our premium-grade Fluent™ Cannabis Care products to the progressive Canadian medical market.
The Company used a portion of its recent initial public offering to complete preparation of its Grimsby, Ontario facility. The Company will commence use of the campus consisting of 21,780 sq. ft. of greenhouse cultivation capacity, 3,468 sq. ft. for processing and 8,500 sq. ft. of physical plant. The campus is approximately 85% complete for phase 2, which is planned to be completed in Q3, 2019. Once complete, this will increase the total cultivation space to 100,200 sq. ft and an expected annual production of up to 3,320 kgs of dried cannabis and derivitives.
The style of operation in Grimsby will be similar to facilities the Company currently operates in Florida and Texas in the United States and Colombia in South America. The Canadian license authorizes the Company to cultivate and process cannabis containing THC and CBD. The license also allows Cansortium Canada to distribute seeds and plant materials to authorized provincial/territorial distributors and retailers. In addition, the Company can sell cannabis in fresh, dried or oil formulations directly to registered patients within Canada.
The Company’s Canadian operations also include industrial hemp cultivation and production operating under its majority-owned subsidiary, Arcadia EcoEnergies Ltd. (“Arcadia”), in New Brunswick, Canada. This consisted of nearly 1,000 acres of hemp cultivation in 2018, where Arcadia produces seed for the processing of hemp oil, hemp meal and hemp protein powder.
Cansortium is a global medical cannabis company operating in highly populous medical cannabis markets with a mission to deliver the highest standards of cannabis care from nursery to lab to shelf. Headquartered in Miami, FL and operating under the brand Fluent Cannabis Care (formerly Knox Medical), the Company through its subsidiaries operates cultivation, processing and dispensary facilities across Florida, Texas, Puerto Rico and a dispensary license in Pennsylvania. The Company also has licensed cultivation facilities in Colombia and Canada, with licensing pending in Michigan.
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