TORONTO, March 16, 2020 (GLOBE NEWSWIRE) -- North Bud Farms Inc. (CSE: NBUD) (OTCQB: NOBDF) ("NORTHBUD" or the "Company") is pleased to announce that its wholly-owned subsidiary, GrowPros MMP Inc., has received its standard cultivation licence from Health Canada for 24,500 sq. ft. of indoor cannabis cultivation space at its purpose-built cannabis production facility located on 135 acres of agricultural land in Low, Quebec (the “Quebec Facility”). The receipt of this licence allows the Company to proceed with phase one (indoor cultivation) at its Quebec Facility.
Highlights:
Cultivation is expected to begin shortly with the first four months focused on establishing an inventory of mother plants and clones in preparation for the outdoor growing season that begins in late June;
The Company will soon be filing an amendment application with Health Canada to licence an additional 1,000,000 sq. ft. of outdoor cultivation space, which it hopes will be approved in the second quarter of 2020. Operationalizing the outdoor cultivation space represents phase two of the Company’s strategy for its Quebec Facility;
The Company expects the operation of the Quebec Facility to create approximately 25 local jobs in the Gatineau Valley region of Quebec; and
Upon full operation of both the indoor and expected outdoor cultivation space at the Quebec Facility, the annual production is estimated to be up to 20,000,000 grams per year.
“We are extremely excited about this announcement as it represents another significant step forward in NORTHBUD’s strategy to assemble a portfolio of cost-efficient cultivation facilities located in strategic jurisdictions,” said Sean Homuth, CEO of NORTHBUD. “The receipt of our Canadian licence now gives us active licensed facilities in California, Nevada and Canada, three of the largest and most important recreational cannabis markets in the world. These facilities will be used for the production of NORTHBUD branded cannabis products to be sold in all three of those key jurisdictions.”
“I would like to thank our shareholders for their support over the past 18 months, as well as our team for their hard work and dedication, particularly the work of Magda Farid, our Vice President of Compliance and Quality Assurance, and Kyle Foley, our Head of Facilities Management, both of whom have been instrumental in achieving this milestone,” said Ryan Brown, Executive Chairman of NORTHBUD and CEO of GrowPros MMP Inc. “We are very proud to be the second licensed producer in the Outaouais region of Quebec. The culmination of this project is not only important for the Company but also for the economy of the local town of Venosta, Quebec, and we look forward to strengthening our relationship with our local community as we move into the operational phase with the Quebec Facility.”
Board of Director Change
Effective March 9, 2020, Michael Saxon has resigned from the Company’s Board of Directors due to requirements related to his new employment elsewhere.
“I want to sincerely thank Michael for his direction and guidance since the inception of the Company and wish him well with his new role and future endeavors,” said Ryan Brown, Executive Chairman.
About North Bud Farms Inc.
North Bud Farms Inc. owns and operates, through its subsidiaries, licensed cannabis facilities in Canada, California and Nevada. Bonfire Brands USA, the Company’s U.S. subsidiary, acquired cannabis production facilities in Salinas, California and Reno, Nevada in late 2019. The Salinas, California 11-acre farm is actively cultivating cannabis in its 60,000 sq. ft. of licensed greenhouse production space. The Reno, Nevada facility, located on 3.2 acres of land, was acquired through the acquisition of Nevada Botanical Science, Inc., and includes a world-class cannabis production, research and development facility with 5,000 sq. ft. of indoor cultivation space which holds medical and adult-use licenses for cultivation, extraction and distribution. Through its wholly-owned Canadian subsidiary, GrowPros MMP Inc., the Company built and owns a state-of-the-art purpose-built cannabis production facility located on 135 acres of agricultural land in Low, Quebec, Canada. The Low, Quebec facility currently has 24,500 sq. ft. of licensed indoor cultivation space; the Company expects to submit its licence application to Health Canada for an additional 1,000,000 sq. ft. of outdoor cultivation space in the near future.
For more information visit: www.northbud.com
