Penticton, BC, June 18, 2019 (GLOBE NEWSWIRE) --
Green Mountain Health Alliance Ltd. (the “Company” or “Green Mountain”), is pleased to announce a major landmark upon receiving Confirmation of Readiness for a License under the Cannabis Act. The Company has applied for a cannabis Cultivation and Processing license for its 16-acre Agricultural Land Reserve (ALR) property located in Kaleden, BC.
This news comes just weeks after Green Mountain was assigned a Health Canada Reviewer, and on the heels of recent regulatory changes to the cannabis licensing process announced by Health Canada May 8, 2019, which require all new applicants for cultivation, processing or sale for medical purposes licenses to have a fully built site that meets all the requirements of the Cannabis Regulations at the time of their application, as well as satisfying other application criteria. Through the Company’s Indigenous associated status, Green Mountain was unaffected by the new regulations and the Company’s application continued to be reviewed under the former licensing process.
Now that Green Mountain has received a Confirmation of Readiness letter, next steps will include obtaining security clearance for team members (already in progress) and completing phase 1 of construction on the cultivation and processing facility. The Regional District of Okanagan-Similkameen (RDOS) granted a greenhouse building permit for the site in February of 2019 and greenhouse construction has begun, with completion estimated for late October/early November.
Upon completion of the first facility, Green Mountain will then be eligible to submit an Evidence Package which demonstrates that the facility matches the plans in the application. Once the Evidence Package is approved, the Company will receive an initial cultivation license and can apply for a graduated cultivation license after verifying that cannabis products intended for sale meet all of the quality standards set out under Health Canada’s Cannabis Regulations. Upon graduated licensing, the Company can proceed fully with plans to grow large-scale, low-cost cannabis; sell nursery stock; harvest and sell dried cannabis; and process and sell cannabis derivatives.
“Receiving our Confirmation of Readiness letter is an exhilarating achievement,” said Green Mountain President, Wade Attwood. “It has been an arduous process and the entire Green Mountain team has worked tirelessly to reach this point, overcoming numerous obstacles and landscape changes. Confirmation of Readiness essentially means that the most complicated parts of the licensing process are behind us; I’m confident that with the depth of expertise on our team we will proceed smoothly through the next steps of submitting an Evidence Package and receiving our initial license. We’re all very much looking forward to proceeding with our plans and achieving the next milestone.”
In addition to growing cannabis, Green Mountain also intends to cultivate hemp for the extraction of cannabidiol (CBD) and conduct research on high CBD hemp varietals, and Health Canada has granted the Company an industrial hemp license.
Green Mountain has secured three properties in the Okanagan Valley in BC – an owned 16-acre ALR parcel in Kaleden on which the Company is constructing its cannabis greenhouse and processing facility, a leased commercial greenhouse in the White Lake area of Kaleden, and a 98-acre parcel of Indigenous agricultural land in Marron Valley (with a Binding Intent to Lease). Green Mountain intends to grow outdoor cannabis or hemp on the Marron Valley property and utilize the White Lake greenhouse as a nursery for cultivation and research and development on specific cannabis or hemp strains.
Green Mountain is committed to sustainable outdoor and greenhouse growing practices which it believes will reduce environmental impacts and utilize natural elements to ensure the highest quality product.
About Green Mountain
Located in the Okanagan Valley, believed to be BC’s best cannabis growing area, Green Mountain aspires to become one of Canada’s leading, socially responsible, low-cost, large-scale wholesale cannabis and hemp producers. Our team of employees, industry experts, and Indigenous partners are working towards providing safe, sun-grown, high-quality cannabis and hemp using environmentally sustainable cultivation methods and greenhouse technology.
As a wholesale, high-volume, low-cost producer, we believe Green Mountain will be ideally positioned to fill a market gap; providing the expanding Canadian medical and recreational cannabis industry with consistently high-quality product utilizing select genetics. The company has secured over 100 acres with the potential for over 1,000,000 square feet of greenhouse growing space. For more information, visit www.gmtn.ca.
The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof, and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company’s expectations or projections.
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