TORONTO, ONTARIO--(Marketwired - May 23, 2014) -
NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES OF AMERICA
PharmaCan Capital is pleased to announce that it has made an investment in Evergreen Medicinal Supply Inc., a company located in Victoria, B.C. that has made application to Health Canada under the MMPR to be a licensed commercial producer of medical marihuana.
"Evergreen's fully built state of the art facility is very impressive and ideally suited to meet the needs of patients under Health Canada's MMPR program", said PharmaCan's CEO Paul Rosen. "The management team led by Shawn Galbraith is passionately committed to helping patients with illnesses improve the quality of their lives. We are thrilled to be associated with Evergreen, and are hopeful that they will soon be granted a license by Health Canada for the commercial production and distribution of medical marijuana. We believe that Evergreen will emerge to be of one of the country's most respected suppliers of this medicine in the near future", added Mr. Rosen.
Evergreen Medicinal Supply is the fourth investment that PharmaCan has made in individual applicants under Health Canada's MMPR program. PharmaCan's first investment was in the Peace Naturals Project based in Ontario. Peace Naturals received an MMPR license on October 29th, 2013 and Peace is currently shipping medicine daily to patients across Canada. PharmaCan's second investment was in the Whistler Medical Marijuana Company (WMMC) located in Whistler, British Columbia. WMMC was granted an MMPR license on March 3rd, 2014 and is shipping medicine daily to patients across Canada. PharmaCan's third investment was in Vert Medical-Green Medical (VMGM) located in Saint- Lucien, Quebec. VMGM has completed the construction of its facility and is currently awaiting an inspection from Health Canada, which is the final step before licensing.
"PharmaCan continues to successfully execute on its strategy of assembling a national network of industry leading companies that are helping to create the future of medical cannabis in Canada", commented Mr. Rosen. "With the addition of Evergreen Medicinal Supply to our growing portfolio of investments we are delighted to have a presence now in four distinct locations across this great country. Our management team continues to work diligently to identify the most promising young companies set to prosper in the new and emerging medical and legal Cannabis industries and help them on their path towards achieving sustainable success."
ABOUT EVERGREEN MEDICINALS
Evergreen Medicinal is a family owned company located in Victoria, British Columbia that will specialize in the production, analysis and distribution of medical marijuana. Evergreen's goal is to have a diverse selection of best in class strains that will be made available to eligible patients. Evergreen has made application to Health Canada for a commercial production license under the MMPR. Construction of its Phase One facility measuring 6,000 sq. feet on two levels is complete and the company is awaiting final inspection of its facility by Health Canada. Evergreen owns the land where its facility is located and has the intention, as well as the approved zoning, for the construction of a Phase II 40,000 sq. foot facility. It intends to commence construction of the Phase II facility immediately after achieving licensing on its Phase One facility.
ABOUT PHARMACAN CAPITAL
PharmaCan Capital is a Canadian company actively pursuing investment opportunities in the medical and legal cannabis industries. PharmaCan's CEO, Paul Rosen, has held a leadership role in the development of numerous successful start-up companies. Paul is also a member of the Law Society of Upper Canada and previously practiced criminal and constitutional law.