On August 18, 2017 pursuant to section 35 of Health Canada's Access to Cannabis for Medical Purposes Regulations, Experion Biotechnologies Inc. was granted a license to produce medical marijuana in Canada. Pursuant to the License to Produce, Experion is officially permitted to grow cannabis in its current facilities located near Mission, BC.
Related: Will the Canadian Govt. Choose Revenues or Ending Illegal Weed?
Morro Bay Resources Ltd. (TSXV:MRB) (OTC:MRRBF) previously made an offer to acquire the securities of Experion, and so far over 81% of the Experion shareholders have accepted the offer. According to the release, Morro Bay and Experion are proceeding with the completion of the transaction, which was subject to receipt of the License to Produce.
Related: Get to Know Canada's 52nd Licensed Producer
John Zang, the CEO of Morro Bay, commented “Experion’s success in obtaining the License to Produce is a large step forward. There still remain some conditions before closing can occur, but one of the key requirements has now been met.” Morro Bay is continuing to complete the required documentation to complete the acquisition and finalize the previously announced financing raising between $500,000 and $3,000,000 CAD.
Related: Umbral Acquiring Additional 25% of Late-Stage Applicant
The Experion facility consists of an 8,300 square foot building which includes 2,000 square feet of in-door cannabis canopy growing space. Other areas in the facility include a laboratory testing area, a secure vault for storage, a secure records-keeping area, and administrative and meeting rooms.
Related: Experion Biotech Prepares for Construction
For more publicly-traded licensed producers, check out our L.P. database. Be sure to subscribe to one or more of our free e-mail newsletters so you never miss an important marijuana stock update. Also, don't forget to connect with The Daily Marijuana Observer on social media via Facebook, Twitter, StockTwits, and Instagram.