04:01:26 EDT Fri 26 Apr 2024
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or Name
USA
CA



Umbral Energy Corp
Symbol UMB
Shares Issued 70,898,146
Close 2017-03-27 C$ 0.06
Market Cap C$ 4,253,889
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Umbral Energy cheers recreational pot legalization plan

2017-03-27 13:58 ET - News Release

Mr. Jagdip Bal reports

UMBRAL APPLAUDS UPCOMING CANNABIS LEGALIZATION ANNOUNCEMENT

Umbral Energy Corp. and the management of PhyeinMed Inc., a Health Canada stage 5 (review stage) applicant under the access to cannabis for medical purposes regulations (ACMPR), are pleased with the continued progress of their application due to the recent CBC News report released on March 26, 2017, relating to the legalization of cannabis for non-medical use. Umbral recently acquired an additional 25-per-cent interest in PhyeinMed and now holds a total of 75 per cent of the total equity.

Quoting from the article: "CBC News has learned that the legislation will be announced during the week of April 10 and will broadly follow the recommendation of a federally appointed task force that was chaired by former liberal Justice Minister Anne McLellan.

"Bill Blair, the former Toronto police chief who has been stickhandling the marijuana file for the government, briefed the Liberal caucus on the rollout plan and the legislation during caucus meetings this weekend.

"The federal government will be in charge of making sure the country's marijuana supply is safe and secure, and Ottawa will license producers. While Ottawa will set a minimum age of 18 to buy marijuana, the provinces will have the option of setting a higher age limit if they wish.

"The Liberals had promised to introduce legislation by the spring of 2017. Announcing the legislation the week of April 10 will allow the party to hit that deadline."

PhyeinMed's chief executive officer, Debra Senger, said, "I am pleasantly surprised with the recent news report published by the CBC; we had prepared ourselves for spring 2019 legalization; this is good news for our project as we will be ready for a robust recreational market next spring."

The company will continue to build shareholder value conducting due diligence on potential partnerships, international export opportunities, strategic alliances, accessory and ancillary, and both medical and non-medical markets and services that will be in demand upon cannabis legalization.

About Umbral Energy Corp.

The company is currently listed as a junior resource issuer having mineral exploration projects. The company is considering other activities to increase shareholder value, including non-resource projects.

The company has mineral exploration projects in Utah, Nevada and Quebec. In addition, the company has an interest in PhyeinMed, which has applied for a licence from Health Canada to legally grow and sell medical marijuana.

We seek Safe Harbor.

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