Vida Cannabis Corp.

Vida Cannabis Corp.

May 12, 2014 08:57 ET

Vida Cannabis (Canada) Files Licensed Commercial Producer Application With Health Canada

TORONTO, ONTARIO--(Marketwired - May 12, 2014) - Vida Cannabis Corp. ("Vida Cannabis") is pleased to announce that its wholly owned subsidiary Vida Cannabis (Canada) Ltd. ("Vida Canada") submitted its application to become a licensed commercial producer for its 300,000-plus-square-foot medical marijuana production facility in Stellarton, Nova Scotia under the Marihuana for Medical Purposes Regulations ("MMPR"). The 600-plus-page treatise was sent to Health Canada on May 5, 2014.

The conditions that must be met before the issuance of a licence are understandably extensive due to the potential public health, safety and security risks involved in the production and distribution of medical marijuana. Health Canada requires potential producers to provide detailed measures related to security, good production practices, packaging, labelling and shipping, record keeping and reporting and distribution. In addition, all key personnel, directors and officers must hold a valid enhanced security clearance.

Vida Canada's management, legal and consulting teams contributed an overwhelming amount of knowledge, expertise, time and effort in preparing the application package and reviewing the MMPR, other applicable legislation and policy guidelines to ensure the strictest compliance. In line with Vida's guiding principles, all plans were prepared to ensure that Vida Canada not only fulfills all the mandatory requirements, but surpasses the required standards whenever possible, as it aspires to have the best cultivation facility, security and operational systems in place.

Greg Wilson, Vida's Chairman and CEO, stated: "The submission of our application package is a critical milestone in Vida Canada's journey towards licensure. Moreover, I feel incredibly fortunate to have worked with the people I consider to be the best in the business in preparing our application."

In the application, Vida Canada enumerated the activities it wishes to conduct with marijuana and the purpose for conducting those activities. As mandated, in order to allow Health Canada to assess whether Vida Canada has the key measures in place, it prepared and provided the following:

  1. Security

Vida Canada's Responsible Person in Charge and Chief Operating Officer, Mr. Derek Ogden, prepared a thorough security plan that covered the physical security requirements for the entire Stellarton site and facility, as well as for the storage of dried marijuana. Vida Canada's goal is to design a facility guided by the stricter rules imposed upon pharmaceutical manufacturers. Vida Canada plans to implement level 10 security and in some instances even level 11 measures, whereas the mandatory level is a level 7 and 8. The quality and level of detail of the security plan section of the application was achievable only through the experience and knowledge Mr. Ogden amassed during his tenure with the RCMP that spanned nearly 27 years, serving in capacities that included Chief Superintendent, Officer in Charge of Drug Enforcement and Director General of the Drugs and Organized Crime branch.

  1. Quality Assurance

This section was written by Mr. Pritesh Kumar, Vida Canada's Quality Assurance Manager and Chief Cannabinoid Research Scientist, who possesses in-depth training and experience in the area of Quality Assurance/Control, Good Manufacturing Practices and Good Production Practices. He provided a comprehensive quality assurance report that demonstrates that the facility, equipment and proposed sanitation program to be used meet the criteria of the MMPR.

  1. Record Keeping

Vida Canada provided a comprehensive record keeping manual, which includes a description of the multi-layered, full-service record keeping software application designed by Quantum 9, Inc. to be implemented by Vida Canada. Quantum 9, Inc. is North America's pre-eminent authority on cannabis cultivation consulting and technology services. The software application is the product of countless hours of research and development. Furthermore, the proposed methods are specifically designed to comply with all MMPR requirements. Although not obligatory, Vida Canada was also able to present sample forms of its record keeping documentation to support the record keeping plan submitted.

Overall, the package Vida Canada prepared was designed to be a comprehensive working model for the operations of the business. There were a number of inclusions of very detailed Good Production Practices and Standard Operating Procedures to demonstrate Vida Canada's intent to exceed all statutory requirements. The site plan designs were exhaustive, providing visuals of the measures described. Vida Canada was able to demonstrate strong local support evidenced by letters from the local municipal government, business community and local residents. Vida intends on becoming the international standard bearer for the commercial production of medical marijuana.

About Vida Cannabis Corp.

Vida Cannabis Corp. ("Vida Cannabis") is focused on developing a dominant production footprint in the rapidly developing global marketplace for the legal use of medicinal and recreational marijuana.

Initial operations are focused on the Canadian market where Health Canada has established national guidelines enabling best-in-class producers to acquire commercial production licenses under the Marihuana for Medical Purposes Regulations.

Via its wholly owned subsidiary, Vida Cannabis (Canada) Ltd., Vida Cannabis purchased a 300,000-plus-square-foot production facility in the town of Stellarton, Nova Scotia and secured a 50-year irrevocable approval unanimously from the local municipality to operate a medical marijuana production plant at the facility.

The highly secure facility boasts a fully engineered concrete floor, 18-foot-high concrete walls and a steel roof making it an ideal location for the construction of a customized, state-of-the-art modern medical marijuana production plant.

Vida Cannabis is working with one of the most experienced cannabis consulting teams in the world, Chicago-based Quantum 9 Inc., which has extensive resources in the United States, Canada and Europe, to establish an optimized end-to-end production plan to help position Vida Cannabis with the largest, most advanced medical marijuana facility in Canada.

Vida Cannabis continues to evaluate additional potential markets as regulatory bodies around the world pass legislation enabling the production and distribution of medicinal or recreational marijuana.

On behalf of the board,

Greg Wilson - Chairman & CEO

Vida Cannabis Corp.

Disclaimer

This announcement does not constitute or form part of, and shall under no circumstances be considered as, an offer to sell, a solicitation to purchase, or advice on investments in any securities of Vida Cannabis Corp. ("Vida Cannabis"). Offers and solicitations shall be expressly identified as such and made in compliance with applicable securities laws. This announcement is for information purposes only. It should not be relied upon as a basis for investment decisions. You should consult with your own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of any investments you are considering. Whilst the information provided here is believed to be reliable, it cannot be guaranteed. It may contain forward-looking statements made by or on behalf of Vida Cannabis about its business or financial objectives, position, strategies or expectations. Such forward-looking statements may be identified by words such as, or similar to, "intends," "anticipates," "believes," "expects" and "hopes" and includes, without limitation, the development of production facilities, approval from regulatory authorities and the ability for Vida Cannabis to obtain adequate financing to meet its business objectives. These statements involve inherent risks and uncertainties that could cause actual results to differ materially from those indicated. The statements in this announcement do not guarantee future performance. Vida Cannabis does not undertake any obligation to update any information provided in this announcement. In Canada, Vida Cannabis (Canada) Ltd., a wholly owned subsidiary of Vida Cannabis, must obtain approval from Health Canada in order to operate as a licensed commercial producer under the Marihuana for Medical Purposes Regulations. Vida Cannabis makes no representations or warranties that it will receive Health Canada approval.

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