Ann: Canada Set to Legalise Recreational Cannabis By July 2018, page-6

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Siva108

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29/03/17

10:32

Post #: 23699280
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Originally posted by SmlFry ↑

29 March 2017
Canadian Government Announces Legalisation of
Recreational Cannabis by July 2018
• Canadian Federal Government set to release plans in early April 2017 outlining
framework for legalisation of recreational cannabis market by 1 July 2018
• Latest development is a significant catalyst for Canadian Licensed Producers as
it provides a clear timeline on opening up of estimated CAD$5 billion market
• Proposed timeline synergizes with current ramp-up of production at flagship
Duncan Facility – targeting 8,500kg of cannabis production capacity by the end
of 2017
MMJ PhytoTech Limited (ASX: MMJ) (“MMJ” or “the Company”) is pleased to advise that
the Canadian Federal Government has confirmed it will move to legalise the recreational
cannabis market by 1 July 2018. The Federal Government’s initial plans and proposed
legislative framework are expected to be publically released on 10 April 2017.
The latest development follows the release of the Federal Government’s Final Report into
Cannabis Legalisation and Regulation (the “Report”) in December 2016. The Report
incorporated the findings and recommendations submitted by the Health Canada instigated
Task Force, and outlined the need for a safe and responsible production system, with the
development of regulatory framework to support commercial production by the private sector
a key priority.
The proposed timeline coincides strategically with the Company’s aggressive expansion
strategy at the world-class Duncan Facility, initially targeting a production capacity of approx.
8,500kg of dried cannabis buds p.a. by the end of calendar year 2017.
Following a recently signed agreement to secure a strategic land package located adjacent to
the existing Duncan Facility (see ASX release 9 March 2017), the Company is aiming to drive
production capacity to up to 50,000kg p.a. by 2020. This would potentially establish United
Greeneries as one of the largest cannabis producers in Canada.
MMJ PhytoTech’s Managing Director, Andreas Gedeon, commented:
“This is a very encouraging development for Licensed Producers in Canada, as it provides all
parties involved with a clear timeline and heightened clarity around the legalisation of the
recreational cannabis market next year.
Not only does the decision remove any doubts around the Canadian Federal Government’s
willingness to legalise recreational cannabis, it also confirms our previously held view that
provinces will be responsible for retail sales, if any, in their own jurisdictions much like alcohol.
We are entering an exciting phase in the Company’s development as a leading cannabis
producer and we look forward to providing our shareholders with further operational updates
in coming weeks.”
-ENDS

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Awesome! The timing couldn't be more perfect!

MMJ Price at posting: 79.0¢ Sentiment: Hold Disclosure: Held
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