(CSE: MJ) April 20, 2017 – True Leaf Medicine Inc., a division of True Leaf Medicine International Ltd., is two steps away from completing the process to acquire a licence to produce and grow marijuana in Canada. True Leaf is now proceeding to stage five of the process, the Review, two years after submitting its application to Health Canada.
True Leaf is one of more than 100 companies that currently have applications in the review stage for a licence to produce marijuana out of 1,630 applications received by Health Canada under the Access to Cannabis for Medical Purposes Regulations. Today there are just 43 licensed producers in Canada.
True Leaf will be working with industry experts to ensure the company meets or exceeds the operating, facility, security, and reporting procedures during this next step in the ACMPR application process. This will allow True Leaf to proceed to a pre-license inspection stage in the coming months.
This development comes as the Federal Government tabled the Cannabis Act last week, which will lead to the regulation and control of marijuana used for recreational purposes. True Leaf is now working to ensure the company will comply with regulations directed by Health Canada under this new legislation, to allow True Leaf to participate in all aspects of marijuana production granted to licensed producers.
“The Cannabis Act regulations appear to closely follow the recommendations of the Task Force on Cannabis Legalization and Regulation, and also align with our own recommendations that we released last year,” said True Leaf chair Mike Harcourt. “We feel the regulations will ultimately provide a foundation for the safe and secure production of cannabis within a legal framework that focuses on responsible use.”
As True Leaf goes through the ACMPR licensing process, the company has increased value for shareholders by creating its pet division, True Leaf Pet. The company has been marketing hemp-based supplements for pets since 2015, which are now distributed throughout North America and Europe. True Leaf’s work in the pet industry is a valuable experience that can be leveraged to build-out the company’s future health and wellness line of high-CBD cannabis products for humans when it becomes a licensed producer.
“It has been a long journey, but our mission remains the same. We intend to supply customers interested in the healing power of cannabis, to improve the quality of life of Canadians,” said True Leaf CEO Darcy Bomford.
True Leaf Medicine International Ltd., through its wholly-owned subsidiary True Leaf Pet, has entered the $104.9-billion global pet care industry with a line of hemp-focused pet chews and supplements marketed through natural pet health and veterinary channels in Canada, the United States and Europe. The company has also filed an application under Health Canada’s ACMPR to become a Canadian licensed producer through its True Leaf Medicine subsidiary.