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North Bud Farms Provides a Corporate Update
TORONTO, Oct. 16, 2018 (GLOBE NEWSWIRE) -- North Bud Farms Inc. (CSE: NBUD) ("NORTHBUD" or the "Company") is pleased to provide shareholders an update on our corporate activities.
Construction of Our Cannabis Production Facility in Low, Quebec:
NORTHBUD and its team have been hard at work finalizing some minor design changes to our proposed facility located on 95 acres of agricultural land in Low, Quebec. NORTHBUD has received a detailed timeline for construction from our builder, NGA Construction Inc., and is on schedule to have the facility completed and an evidence package submitted to Health Canada in Q1 2019. We are pleased to report the facility budget is on target.
All infrastructure implementation has been completed and physical facility construction will begin, October 17, 2018.
As previously disclosed in our prospectus, NORTHBUD, through its wholly-owned subsidiary GrowPros MMP Inc. which was acquired from Tetra Bio-Pharma Inc. in February 2018, is pursuing a license under the Access to Cannabis for Medical Purposes Regulations (ACMPR). In this regard, NORTHBUD has engaged Cannabis Compliance Inc. to assist in the migration of the ACMPR application to the CLTS which goes into effect after the implementation of the Cannabis Act on October 17, 2018. NORTHBUD will be making amendments in order to take advantage of favourable changes that have been implemented under the Cannabis Act.
Key New Hires:
NORTHBUD is pleased to announce the hiring of Magda Farid who will serve as our head of Quality Assurance and Compliance. Ms. Farid previously served as head of quality assurance for HEXO Corp. (formerly known as The Hydropothecary Corporation), a licensed producer under the ACMPR, in addition to multiple roles as Quality Assurance Manager in the pharmaceutical industry with companies such as McKesson and Trillium Health Care Products Inc. Ms. Farid has a Bachelor of Science degree from the University of Ottawa with a double major in biochemistry and nutrition.
“NORTHBUD is very pleased to be able to bring on a quality assurance manager with experience in both the cannabis and pharmaceutical industries,” said Ryan Brown, CEO and Founder of North Bud Farms Inc. “This decision was made to bring in a new Quality Assurance Manager as we believe that a combination of experience in pharmaceutical and cannabis is critical for NORTHBUD to execute on its strategy to be a strategic supplier of Pharmaceutical and Food grade cannabis inputs. We are focused on strengthening our team to be prepared for Legalization 2.0 as well as exploring opportunities to accelerate our development and provide value to shareholders.”
About North Bud Farms Inc.
North Bud Farms Inc., through its wholly-owned subsidiary GrowPros MMP Inc. which was acquired in February 2018, is pursuing a license under the Access to Cannabis for Medical Purposes Regulations (ACMPR). North Bud Farms will be constructing a state-of-the-art purpose-built cannabis production facility located on 95 acres of Agricultural Land in Low, Quebec. North Bud Farms will be focused on Pharmaceutical and Food Grade cannabinoid production in preparation for the legalization of edibles and ingestible products scheduled for October 2019.
For more information visit: www.northbud.com
Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward- looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Such risks and uncertainties include, among others, the risk factors included in North Bud Farms’ final long form prospectus dated August 21, 2018 which is available under the issuer’s SEDAR profile at www.sedar.com.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
North Bud Farms Inc.
VP, IR & Communications
Office: (855) 628-3420 ext. 3