TORONTO, ONTARIO–(Marketwired – Nov. 7, 2014) –
NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES.
PharmaCan Capital Corporation (“PharmaCan”) is pleased to announce that it has completed its transaction to purchase all the shares of In The Zone Produce Ltd. (“In The Zone”), the property on which In The Zone operates, and additionally, the buildings and structures on the property. In The Zone is incorporated under the laws of British Columbia and is a licensed producer and seller of medical marihuana under Canada’s Marihuana for Medical Purposes Regulation (“MMPR”).
PharmaCan is a company in the business of investing in companies either licensed, or actively seeking a license, to produce medical marihuana pursuant to the MMPR. The MMPR came into force in June 2013. As of November 6, 2014, thirteen companies are listed on the Heath Canada website as fully licensed to produce and sell medical marihuana. PharmaCan has made investments in several companies that are either licensed, or in the process of seeking a license (collectively, the “PharmaCan Investees”). In the case of PharmaCan Investees that have not yet acquired a license, additional investment is conditional upon receipt of an MMPR license being obtained.
About In The Zone
In The Zone is a producer of medical marijuana acting under the authority of a license issued by Health Canada pursuant to the MMPR. Their licensed facility is located on 14 acres of land in the Okanagan Valley in British Columbia.