(Image Credit - Andres Rodriguez)
Today, Newstrike Resources Ltd. (TSXV:HIP) announced that its wholly-owned ACMPR licensed producer subsidiary, Up Cannabis Inc. has been granted a number of license amendments that it petitioned Health Canada for, including the approval to produce cannabis oils. Oils and related products continue to be one of the fastest growing segments of the cannabis space.
Up Cannabis also received authorization to 'produce what it can store' at its Brantford facility.
The company is also permitted to sell cannabis seeds and oils to Health Canada licensed dealers (note: this is different than receiving a "sales license", a sales license enables an LP to sell directly to patents, rather than to other licensed companies).
Additionally, the company was approved to increase its storage capacity to 625 kg of dried cannabis. This is the maximum amount permitted in the Level 8 vault that the company has installed.
These amendments take effect immediately and are slated to remain valid until December 19th, 2019 (when Up Cannabis will need to renew their license once more).
Last week, Up Cannabis announced that the company acquired a greenhouse facility that it plans on developing and applying for licensing in addition to their current facility.
Newstrike Resources' CEO, Jay Wilgar
"This removal of production restrictions is an important milestone that we plan to replicate as we build-out our growing platform to accelerate our commercialization strategy. These amendments expedite the execution of our business plan to provide the greatest range of benefits to the greatest number of authorized cannabis users."
In early trading Monday, shares of Newstrike Resources are rising by nearly 3% on the TSX Venture. Shares are down roughly 9% from their reverse merger in June.
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