Mettrum Receives Third Health Canada License for Its 60,000 Square Foot State-of-the-Art Production and Distribution Facility
– Total licensed production capacity increases to 3,500 kilograms per annum
– Health Canada has completed inspections for the sale of extracts
– Registered patients at approximately 5,000
TORONTO, ONTARIO–(Marketwired – Dec. 17, 2015) – Mettrum Health Corp. (“Mettrum” or the “Company“) (TSX VENTURE:MT), a fully integrated provider of premium cannabis products, is pleased to announce that the Company has received a license from Health Canada for the production of cannabis under the Marihuana for Medical Purposes Regulations (Canada) (“MMPR”) at its new 60,000 square foot production and distribution facility located in Bowmanville, Ontario.
Under the MMPR, the license provides Mettrum with additional production capacity of 1,150 kilograms per year for a total of 3,500 kilograms of licensed capacity. The Company anticipates its licensed capacity to increase over time as production and sales continue to grow. Based on current operating metrics, the Company estimates that the new facility can generate up to 8,000 kilograms of cannabis representing $60 million in sales, plus potential for extracts.
Meanwhile, Mettrum Creemore is producing medical cannabis at full capacity for the first time, with 44 grow rooms in operation and generating record yields.
“The approval of this license represents a major milestone for Mettrum. For the first time we are now in a position to accelerate our client acquisition and sales strategies”, said Michael Haines, Chief Executive Officer of Mettrum. “As we dramatically increase our production, we expect our sales, operational efficiencies and profit margins to follow suit. Based on the size and scale we have now achieved, Mettrum is well positioned to produce a wide variety of highly standardized, quality cannabis products for the recreational market in the future.”
Mettrum is also pleased to announce that Health Canada has inspected its extracts production line and anticipates its license to sell extracts in the very near future. On August 28, 2015, Mettrum was awarded a license to produce cannabis extracts for medical purposes.
As at December 17, 2015, Mettrum has approximately 5,000 active registered patients. The Company now has three licensed production facilities with over 80,000 square feet of capacity located on a total of over 80 acres of land. Currently the Company has built out capacity to produce approximately 6,000 kilograms of cannabis per annum and on a fully built out basis 12,000 kilograms per annum.
About Mettrum Health Corp.
Mettrum Health Corp. is a Tier 1 Industry Issuer listed on TSX Venture Exchange. Mettrum Ltd., a wholly owned subsidiary of the Company, is a Toronto-based company and a licensed producer of medical cannabis under the Marihuana for Medical Purposes Regulations (Canada) issued pursuant to the Controlled Drugs and Substances Act (Canada) (the “MMPR”), which came into effect on October 1, 2013. Mettrum received its first license from Health Canada under the MMPR on November 1, 2013 and began production of medical cannabis at its first production facility in Bowmanville, Ontario. Mettrum received its second license from Health Canada under the MMPR on December 11, 2014 for its other wholly-owned subsidiary, Agripharm Corp., at Mettrum Creemore facility in Clearview, Ontario. With the Company’s three licenses, Mettrum is a leading producer and vendor of medical cannabis under the MMPR system.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the results of operations. There can be no assurance that such statements will prove to be 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 and Mettrum disclaim any intention or 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.
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Mettrum Health Corp.