Avana Obtains License Amendment Approving Facility Expansion, Processing and Sales
Avana is now permitted to process and sell cannabis to medical patients along with approval to expand its flagship production facility.
St. Thomas, ON, March 14, 2019
Health Canada has granted Avana Canada Inc. (“Avana”) a license amendment under the Cannabis Act (the “Act”) for its facility in St. Thomas, Ontario (the “Facility”). The amendment permits Avana to utilize an additional 16 rooms at the Facility and provides Avana with both a cannabis sales license (the “Sales License”) and a standard processing license (the “Processing License”).
The Sales License allows Avana to, among other things, sell cannabis products directly to eligible medical patients and is an important milestone in Avana’s commitment to the medical community. “For our business, obtaining this sales license is a significant step forward within our long-term plan. Through our network of medical clinics, we have determined what physicians and patients need most in a medical market that is generally lacking supply and consistency and we’re excited to contribute and help meet this demand.” says Zubin Jasavala, Chief Executive Officer of Avana.
The Processing License allows Avana to, among other things, produce cannabis products other than by cultivation and will enable Avana to extract and process its own cannabis oils and other cannabis derivatives in accordance with the Act.
About Avana Canada Inc.
Avana is a family of cannabis brands and businesses positioned for growth domestically and in the medical markets. As a licensed producer, Avana is focused on consumer-driven, high-value cannabis products developed at it’s flagship GMP-built cultivation, processing and manufacturing facility in St Thomas, Ontario. Avana, through a wholly-owned subsidiary, operates CannaWay Clinic, a network of clinics specializing in cannabis treatment programs, with 14 locations across the country. In addition, Avana is one of only two Health Canada licensed producers to be awarded the opportunity to open retail stores in both Manitoba and Saskatchewan, with stores in both provinces expected to open in 2019.
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, Avana’s future plans with respect to cannabis sales and processing, Avana’s intention to expand internationally and Avana’s retail cannabis stores in Saskatchewan and Manitoba. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political, contractual and social uncertainties; and the delay or failure to receive regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Avana assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.