TORONTO, May 16, 2018 (GLOBE NEWSWIRE) — Biome Grow (“Biome” or the “Company”) is pleased to announce that its 100 per cent owned licensed producer under Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”) has changed its name from THC Dispensaries Canada Inc. (“THCD”) to Highland Grow Inc. (“Highland Grow”). The new name has been recognized by Health Canada and reflected in relevant documentation filed with or submitted to Health Canada.
This announcement is a key milestone for Highland Grow as it positions itself to supply locally-produced cannabis products starting later this summer, subject to receipt of a sales license from Health Canada. Biome acquired THCD in May 2017. At the time of the acquisition, THCD was in the late stages of applying for a license under the ACMPR. A cultivation license was subsequently granted by Health Canada to THCD, now Highland Grow, on December 1, 2017.
The new branding of the Highland Grow licensed production facility leverages the strong Highland heritage embraced by Nova Scotians and the large number of visitors to the province each year. Moreover, the very popular Highland Games take place each year within just a few miles of the production facility. The approach to the new name is aligned with Highland Grow’s broader mandate to build a local cannabis business that is designed to primarily cater to Nova Scotians. To that end, the new brand reflects the following elements:
- Founded by Nova Scotians
- Run and almost exclusively staffed by Nova Scotians
- The initial production facility is significantly funded by Nova Scotian investors
- It will produce and sell products that have been specifically designed for Nova Scotians
Biome Grow is also building a local and sustainable ecosystem that goes well beyond a production facility. St. Xavier University has announced a multi-disciplinary development agreement with Biome Grow and Highland Grow. Additional elements of this ecosystem will be disclosed in the coming months, which will create sustainable employment in Nova Scotia beyond the people employed at Highland Grow’s local production facility.
About Biome Grow
Biome Grow (whose corporate legal entity name is Cultivator Catalyst Corp.) wholly owns Highland Grow, an Authorized Licensed Producer in Nova Scotia under the ACMPR, P-209 Inc., 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 Grow also wholly owns 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. Biome Grow plans on operating a diversified mix of low cost licensed cannabis production facilities across Canada and other jurisdictions in the coming years. Additional growth will be achieved through a mixture of acquisitions and organic growth. Moreover, Biome Grow will integrate a complimentary platform of technologies and services targeted at both the Canadian and international cannabis markets.
Certain statements or projections contained in this document are forward-looking statements, including those that discuss the Company’s intention that Highland Grow Inc. will position itself to supply locally-produced cannabis later this summer, its expectations to receive a sales license from Health Canada, its expectation that it will produce and sell products specifically designed for Nova Scotians, its plans to build a local and sustainable ecosystem in Nova Scotia, its plans to operate a diversified mix of low cost licensed cannabis production facilities across Canada and other jurisdictions, and to integrate a complimentary platform of technologies and services targeted at both the Canadian and international cannabis markets. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company, including the assumption that Highland Grow will be able to obtain a cultivation license from Health Canada, 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.