NORTHBUD Amends Licence Application to Add 500K SQ. FT. of Outdoor Cultivation Area and Provides a Corporate Update
TORONTO, Dec. 20, 2018 (GLOBE NEWSWIRE) — North Bud Farms Inc. (CSE: NBUD) (“NORTHBUD” or the “Company”) announced the amendment of its licence application to add 500K SQ. FT. of outdoor cultivation area and provides shareholders with a corporate update on the progress of the corporation and status on its various activities.
Construction of our Cannabis Production Facility in Low, Quebec:
The construction of NORTHBUD’s cultivation facility is progressing on schedule and on budget. The building is soon to be completely enclosed and ready for the next phase in construction. Please see our website www.northbud.com/blog for videos, photos and ongoing updates.
Request for Outdoor Cultivation License:
NORTHBUD is pursuing a standard cultivation licence under The Cannabis Act after acquiring a confirmation of readiness stage ACMPR licence application in early 2018.
The NORTHBUD production facility is located on a 95-acre parcel of farmland in rural Quebec. Under the new regulations, licenced producers can cultivate outdoors. In collaboration with Cannabis Compliance Inc. NORTHBUD will be amending its application to include a 1000 x 500ft outdoor cultivation area. We anticipate this outdoor production footprint to be operational in the spring of 2020 pending the required approvals by Health Canada. NORTHBUD expects to begin implementation of the required infrastructure in Q2 2019 after completion of our 25k sq. ft. indoor production facility that is currently under construction.
Implementation of this additional low-cost production footprint will provide NORTHBUD a unique platform to cultivate both premium quality dried flower as well as low cost commodity grade organic biomass to be transformed into food and pharma grade inputs. This will position NORTHBUD to capitalize on the highest margin market segments.
As the consumer market develops, we believe our diverse centralized infrastructure will provide NORTHBUD a solid, low cost, high quality cannabis supply, which will serve as the core of our products and brand moving forward.
The Gatineau valley has traditionally been a fertile area for outdoor cannabis cultivation with a growing season that typically occurs between mid June and early October. NORTHBUD will be engaging local legacy cultivators to acquire genetics with a track record of success in this particular climate. Our outdoor cultivation will follow international GAP (good agricultural practices) with the drying, trimming and packaging to be done in accordance with GMP standards inside our state-of-the-art custom designed cultivation facility.
About North Bud Farms Inc.
North Bud Farms Inc., through its wholly owned subsidiary GrowPros MMP Inc. which was acquired in February 2018, is pursuing a licence under The Cannabis Act. North Bud Farms Inc. is constructing a state-of-the-art purpose-built cannabis production facility located on 95 acres of Agricultural Land in Low, Quebec. North Bud Farms Inc. will be focused on Pharmaceutical and Food Grade cannabinoid production in preparation for the legalization of edibles and ingestible products scheduled for October 2019.
For more information visit: www.northbud.com
Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward- looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Such risks and uncertainties include, among others, the risk factors included in North Bud Farms Inc.’s final long form prospectus dated August 21, 2018 which is available under the issuer’s SEDAR profile at www.sedar.com.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
North Bud Farms Inc.
VP, IR & Communications
Office: (855) 628-3420 ext. 3