22:47:00 EDT Mon 06 Jul 2020
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Orion Nutraceuticals Inc
Symbol ORI
Shares Issued 44,681,400
Close 2018-12-05 C$ 0.44
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Orion has Dorval construction permits for pot facility

2018-12-06 01:45 ET - News Release

Mr. Jonathan Fiteni reports


Orion Nutraceuticals Inc.'s subsidiary, Medic Oasis, has received construction permits from the City of Dorval to begin building its 31,000-square-foot cannabis production facility in Quebec.

Orion, based in British Columbia, is a company that aims to become an ACMPR-(Access to Cannabis for Medical Purposes Regulations)-licensed producer through its 99-per-cent-owned subsidiary Medic Oasis. Medic Oasis has submitted an application to become a licensed producer and sell medical marijuana under Health Canada's Access to Cannabis for Medical Purposes Regulations.

In July, 2018, Orion entered into an 11-year commercial lease agreement for 31,688 square feet of space in the city of Dorval, Que., for growing, manufacturing and distributing legal cannabis. Under the lease for the Dorval property, Orion has a right of first offer on any adjacent space which becomes available for lease. If Orion does not obtain the necessary permits to cultivate legal cannabis, it has an option to terminate the lease after the first year.

"We are extremely excited to begin renovations on our future cannabis growing facility in Dorval, Que.," said Jonathan Fiteni, chief executive officer of Orion Nutraceuticals. "The province of Quebec is home to over 20 per cent of Canada's population, yet has less than 10 per cent of Canada's total LPs. Orion views this as a tremendous advantage as the government of Quebec has stated it will endeavour to fulfill its cannabis needs with product grown within the borders of Quebec."

Once approved, Orion anticipates that the Medic Oasis project will be operational by the third quarter of 2020.

About Orion Nutraceuticals Inc.

Orion Nutraceuticals is partners with Colombian-based medical cannabis corporation FCM Global. FCM supplies pharmaceutical, nutritional, wellness and cosmetic companies in legal markets worldwide with customized medical cannabis extracts, oils and isolates at commercial scale. Medic Oasis, Orion's subsidiary, has submitted its application for an ACMPR licence and is currently under review with Health Canada. Orion Nutraceuticals aims to set a new standard in cannabis life science by producing and developing innovative products with key strategic partners in the industry.

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