Mr. Jagdip Bal reports
CANNABIS TASK FORCE REPORT IMPLICATIONS
Umbral Energy Corp., along with its partner PhyeinMed Inc.,
is
encouraged by the recommendations
released
by the
Canadian government's task force
report
on
marijuana legalization and regulation.
The Liberal
government
has
emphasized its desire to legalize, regulate and restrict access to
cannabis,
and the
task force was engaged to complete the task of compiling recommendations, which included
government-vetted licensed producers as suppliers.
PhyeinMed is an ACMPR (access to cannabis for medical purposes regulations)
applicant to become a licensed producer and
believes that the
recommendations
put forth by the task force
have a direct and encouraging impact on the direction of the company's business plan moving forward.
Debra Senger, chief executive officer of
PhyeinMed,
commented:
"We are encouraged by the recently released recommendations of the Canadian government's task force on marijuana legalization and regulation. With the extent of information submitted and
gathered, I believe that
the government will
adopt a sizable number of the 80 or so outlined in the report.
The government
would still need to
draft legislation,
which is likely going to be
spring 2017, with the intent to publish the revised legislation in the fall of next year, at
which time the new legislation will become law.
While watching the press conference televised yesterday morning, it was very apparent that both the chair and co-chair of the task force agreed that the supply and demand under the new legalized recreational cannabis program would be significant. My belief [is],
if a company is currently in
the
queue to become a producer
such as ourselves
of medical marijuana under the ACMPR, that
we are
preparing for the legal market
and a
licence
for
production.
The system has been slow, which has discouraged
many
applicants.
However, with the new legal market coming to Canada, the task force has absolutely acknowledged that supply will need to be ramped up and quickly.
In the report,
'Canada's governments will need to move swiftly to increase or create capacity in many areas relating to the production and sale of cannabis.'
We
are currently
in
the security clearance stage,
and I am hopeful that we will move into the next stage of the application early in the new year."
PhyeinMed, with its investment partner Umbral, will
continue
with
short- and long-term initiatives to investigate and pursue ancillary opportunities in the cannabis industry.
We seek Safe Harbor.
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