Mr. Jag Bal reports
UMBRAL'S PARTNER PHYEINMED EXPANDS BUILD OUT TO 37,000 SQ FT AT FALKLAND, BC FACILITY
Umbral Energy Corp.'s 75-per-cent-owned subsidiary, PhyeinMed Inc., a Health Canada late stage applicant under the ACMPR (Access to Cannabis for Medical Purposes Regulations), has
begun the full buildout of its 15,500-square-foot facility in Falkland, B.C. It is anticipated that the buildout will be completed by January, 2018. With this first phase buildout, PhyeinMed will be positioned to meet all the requirements by Health Canada to receive a licence to cultivate.
In addition to this first phase of construction, PhyeinMed has chosen to accelerate the second phase of expansion on a brand-new 14,000-square-foot, two-storey facility which will be built simultaneously with the retrofitting of the company's current building. These two facilities represent over 37,000 square feet of the planned 420,000 square feet of cannabis production that PhyeinMed is targeting for this 13-acre location. The addition of the second phase increases the initial production of the company's facilities to 4,550 kilograms and could potentially have a positive material affect on its first year cash flow projections.
Jagdip Bal, president and chief executive officer of Umbral, states: "We are extremely confident in our construction plans and our ability to complete on budget. Once we looked at all the details, it became obvious that moving directly into phase two was a good decision and could be done without derailing any of our original timelines. We are excited about our progress, and the ability of PhyeinMed to meet the increasing market demands."
About Umbral Energy Corp.
The company is currently listed as
a junior resource issuer having a mineral exploration project in Quebec. Additionally, in efforts to increase shareholder value, the company is involved in other activities, including a non-resource project. This includes the company owning a 75-per-cent interest in PhyeinMed, a
Health Canada late stage applicant under the ACMPR (Access to Cannabis for Medical Purposes Regulations).
We seek Safe Harbor.
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