• Daily Marijuana Observer Facebook
  • Daily Marijuana Observer Twitter
  • Daily Marijuana Observer StockTwits
  • Daily Marijuana Observer SA
  • Daily Marijuana Observer Instagram
  • Daily Marijuana Observer Youtube
  • Pinterest Social Icon
  • Daily Marijuana Observer Talk Market

Newstrike's Up Cannabis Obtains Oil Production License

July 17, 2017

 (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. 

 

Management Commentary

 

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."

 

Market Reaction

 

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

 

Conclusion
 
The Daily Marijuana Observer is working on a marijuana stock profile for Newstrike Resources. In the meantime, be sure to subscribe to one or more of their free email newsletters and check out their marijuana stock database
 
Also, connect with The Daily Marijuana Observer on social media via Facebook, Twitter and Instagram

 

D/M/O

 

Disclaimer
 

Investing in nanocap, microcap, and small cap stocks is highly speculative. The publishers of DailyMarijuanaObserver.com are not registered as Investment Advisors or Broker-Dealers in any jurisdiction whatsoever. The information contained on DailyMarijuanaObserver.com (“this site”) has been prepared solely for informational purposes. Nothing on the site is an offer or solicitation to buy or sell securities. Investors should seek financial advice regarding the appropriateness of investing in any securities mentioned from their financial advisor.

Please reload

LATEST NEWS
Please reload

Please reload

DMO

© Copyright 2016-2020 Smoke Show Ventures, Inc.

RSS Feed

Disclaimer: Except for the historical information and data presented herein, matters discussed in articles on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future performance or achievements expressed or implied by such coverage. Smoke Show Ventures, Inc., which owns The Daily Marijuana Observer, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Smoke Show Ventures, Inc., which owns The Daily Marijuana Observer, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. Before making specific investment decisions, readers should seek their own professional advice and that of their own professional financial adviser. Smoke Show Ventures, Inc. or its affiliates, which owns The Daily Marijuana Observer, may be compensated for its services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.dailymarijuanaobserver.com/legal-disclaimer/.