OTTAWA, ONTARIO--(Marketwired - June 16, 2015) - GrowPros Cannabis Ventures Inc. ("GrowPros" or the "Company") (CSE:GCI) is pleased to provide shareholders with the following corporate update in regard to several of the Company's initiatives.
Status of MMPR Application
GrowPros MMP Inc. (the Company's wholly-owned subsidiary) had submitted an application under the Marihuana for Medical Purposes Regulations ("MMPR") for a proposed production facility north of Ottawa, Ontario. The application was submitted in November 2014 and the Company continues to work through the application process. The process is a long and thorough one, with application milestones that change as the MMPR program matures. These factors are out of the Company's control, however management is doing its best to respond promptly whenever there is a request from the regulators regarding the application. The Company believes that it has a solid production plan based on years of hands-on medical cannabis cultivation that will provide high quality and low cost medicinal cannabis to qualified Canadian patients. GrowPros in encouraged by the recent granting of licenses and the increased transparency of the application process.
Export Hydro Release Update
The Letter of Intent has been extended to June 30th, 2015 as the Company negotiates with a financial partner to secure the acquisition.
Results of Annual General Meeting
At the shareholders' annual general meeting held on May 27th, 2015, Ryan Brown, Andre Audet, Valerie Lasher, and Koby Smutylo were elected as Directors. Ms. Lasher is a former manager of the Health Canada MMAR (Medical Marijuana Access Regulations) program. She will bring over 30 years of experience and expertise in government regulations and policy management to the Corporation and its partners. Mr. Smutylo is external general counsel to many small and mid-size businesses. He has practiced in Toronto for many years, acting as counsel to small and mid-sized businesses, TSX and TSX-V listed public companies, and several investment dealers.
McGovern, Hurley, Cunningham, chartered accountants, were also reappointed as auditors of the Company.
Status of Herbaceous Inc. Equity Interest (Advanced MMPR Application)
Due to irregularities concerning the approved uses of agricultural land within the selected jurisdiction, GrowPros' financial partner has decided not moving forward with the transaction with Herbaceous (see press release February 12, 2015).
GrowPros continues to source opportunities in Canada and the U.S. legal medicinal cannabis industries in an attempt to bring value to our shareholders.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company, through its wholly-owned subsidiary, GrowPros MMP Inc., to obtain a licence for the production of medical marijuana; failure to obtain sufficient financing to execute the Company's business plan; competition; regulation and anticipated and unanticipated costs and delays, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
GrowPros Cannabis Ventures Inc.
Chief Executive Officer