The company behind a proposal to build a multi-million-dollar medicinal cannabis production facility in Sundre is a step closer to becoming licensed by the federal government.
Candre Cannabis issued a statement last week stating the company’s application to become a licensed producer under Health Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR) had advanced to active review.
“This progress places Candre in the final stage of the ACMPR application process, preceding the issuance of a licence to produce,” reads the release.
Following the successful completion of both the review as well as the security clearance process, the company expects to receive a confirmation of readiness letter outlining compliance with all of the federal government’s provisions.
“We are very excited to move forward with Health Canada and work with our partners to advance our state-of-the-art medical cannabis production facility,” said Jesse Beaudry, Candre president and CEO.
The full amount of the project’s funding has been secured, and the company’s strategic partner has also increased its equity share to 50 per cent of the voting equity in Candre, reads the release.
The Canadian Private Equity Firm has provided Candre access to full funding for its development plans and will continue to provide strategic advice and facilitate other business development efforts related to the production, distribution and sales of cannabis, the statement adds.
“This is a significant vote of confidence for our company and ensures we are well positioned to execute on our business plan,” said Beaudry.
The company, which previously held a well-attended open house for the public that seemed supportive of the development, has already officially sanctioned the project’s first phase for a 43,500-square-foot vertical growing facility for medicinal cannabis in Sundre’s southwest light industrial district.
The company estimates the first phase will produce approximately 9,000 kilograms of cannabis annually. Future plans for the second phase include expanding the facility to roughly 100,000 square feet, the release states.
The proposed facility, which is a Calyptra project that will represent the cornerstone of the Candre brand, features state-of-the-art technology combined with growing techniques that significantly increases the potential cannabis yield within the operation’s footprint, the statement adds.
Visit www.candrecannabis.com for more information about the company.
