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Bedrocan Cannabis Corp
Symbol BED
Shares Issued 69,170,500
Close 2015-07-27 C$ 0.80
Market Cap C$ 55,336,400
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Bedrocan receives OK to sell domestically produced pot

2015-07-28 12:57 ET - News Release

Mr. Cam Battley reports

BEDROCAN RECEIVES HEALTH CANADA APPROVAL TO SELL DOMESTICALLY PRODUCED MEDICAL CANNABIS

Bedrocan Cannabis Corp. has received a licence amendment from Health Canada allowing for the sale of the company's domestically produced medical cannabis. Bedrocan has been growing six proprietary genetic strains of standardized cannabis at its new production facility since February, and eight harvests have been completed successfully to date. The company can begin immediately taking orders for sales of its existing inventory.

In addition, Health Canada has also approved eight more growing rooms at Bedrocan's production facility in the Greater Toronto Area. A total of 26 of 34 production rooms are now licensed, providing for production capacity of 3,000 kilograms per year.

"We are excited to be able to provide Canadian-grown, standardized cannabis to our registered patients," said Marc Wayne, president and chief executive officer. "We have now transitioned our business successfully and on schedule from our reliance on imported Bedrocan product to managing our own domestic production to meet the specific needs of our growing population of medical cannabis patients. We will now focus on expanding our marketing, medical outreach and education initiatives, emphasizing the value and advantages of our standardized, pharmaceutical-grade medical cannabis products."

With the new Health Canada approvals, sales of domestic inventory will result in an immediate increase in product-related revenue. The company was previously approved to import a maximum of 240 kilograms per year of product from its licensor, Bedrocan Beheer BV, via the Dutch Ministry of Health. Bedrocan is now approved to produce and sell its Canadian-grown, genetically identical strains of medicinal cannabis, with production capacity equating to 3,000 kilograms per year.

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