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Peace Naturals Project Inc.
With PharmaCan’s assistance Peace Naturals has obtained a $4 million mortgage financing to further the expansion of its production capacity. Peace is licensed to produce and sell 2,500 kg / year and is currently operating 15,000 sq. ft of production space. By the end of 2015 Peace anticipates bringing an additional 30,000 sq. ft. of purpose built space online. Peace was the first non-incumbent to be granted an MMPR license and their license was renewed for one year in March 2015. To date Peace has shipped over 11,500 orders to more than 1,600 patients across Canada, and has over 500 doctor’s in its physician network. PharmaCan has agreed to provide a guarantee as additional security for the mortgage. PharmaCan has a 27.3% ownership of Peace Naturals.
In The Zone
The renovation of the licensed facility at In The Zone is well underway. Significant improvements to the property to date include a comprehensive redesign and rebuild of the current production facility, and the construction of a new access road to the property necessary for the further future expansion of the business. In The Zone is currently a wholly owned subsidiary of PharmaCan Capital.
Regarding the partnership that In the Zone entered into on April 23rd, new partner NWC Inc. has paid PharmaCan a $250,000 deposit towards the transaction and the parties have agreed to extend the closing date to June 30, 2015. PharmaCan’s CEO Paul Rosen stated “ We anticipate the partnership with our colleagues at NWC Inc. to be long and prosperous and are we are very encouraged by the strong working relationships that have been developed. The significant capital and expertise flowing into In The Zone from this partnership will fortify it for the long term growth of this industry”.
Annual and Special Meeting of shareholders
PharmaCan Capital Corp.’s (the “Corporation”) annual and special shareholder meeting will be held at the registered office of the Corporation located at 25 Adelaide Street East, Suite 1900, Toronto, Ontario M5C 3A1 at 10:00 a.m. (Toronto time) on Tuesday, June 30, 2015 . At the meeting shareholders will be asked amongst other things:
- To elect directors;
- To confirm Corporation’s general by-law;
- To confirm the Corporation’s advance notice by-law and to re-approve the amended restated Stock Option Plan of the Corporation.
Adoption of advance notice by-law
Additionally, the Corporation’s Board of Directors adopted an advance notice by-law requiring, among other things, a set deadline by which shareholders must notify the Corporation in writing of an intention to nominate directors prior to any meeting of shareholders at which directors are to be elected, and, which further sets forth the information that the shareholder must include in the notice for it to be valid. The advance notice by-law is effective as of May 26, 2015 and will be subject to shareholder approval at the annual and special meeting of shareholders to be held on June 30, 2015.
The full text of the notice of the annual and special meeting of shareholders and the advance notice by-law is available under the PharmaCan Capital Corp. profile on SEDAR at www.sedar.com
About PharmaCan Capital Corp.
PharmaCan is a company in the business of investing in companies either licensed, or actively seeking a license, to produce medical marihuana pursuant to Canada’s MMPR. PharmaCan has a diversified portfolio of investments including investments in 5 of the 25 companies licensed by Heath Canada to produce medical marihuana.
Investor & Media Relations
Paul Rosen, PharmaCan Capital Corp. Phone: (416) 504-0004
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.