Salvation Botanicals Requested to Provide Evidence of Compliance to Health Canada
Nanaimo, British Columbia--(Newsfile Corp. - May 13, 2019) - Salvation Botanicals Ltd. ("Salvation" or the "Company"), a science-based cannabis technology company, announced today that Health Canada has completed its preliminary high-level review of the Standard Processor License application, and is now requesting that evidence be submitted to demonstrate that the Company's site meets all the requirements of the Cannabis Regulations.
On May 8, 2019, Health Canada announced a significant change to the licensing process for Cannabis. According to the release: "Effective immediately, Health Canada will require new applicants for licenses to cultivate cannabis, process cannabis, or sell cannabis for medical purposes to have a fully built site that meets all the requirements of the Cannabis Regulations at the time of their application, as well as satisfying other application criteria."
Health Canada advised that the change was initiated as a result of the many applicants in the process (70 percent) who had failed to submit evidence packages after the review of their paper-based applications had been completed. This change validates Salvation's model of focusing on delivering tangible milestones and investing capital directly on building capacity.
"The application process has effectively been turned upside down, putting the proof of readiness ahead of the detailed review," said Salvation Botanicals CEO Rob McIntyre. "This allows Health Canada to focus resources on the applicants who have demonstrated the ability to execute on their plans. Having completed major construction and fixturing many months ago, Salvation is looking forward to an accelerated approval with these changes to the process in place."
Salvation has a constructed processing facility with the capacity to produce over 4.5 billion Mg annually, with a processing capacity of up to 300,000 capsules and up to 96,000 units of cannabis oil per day for distribution into the regulated cannabis markets across Canada. Salvation's proprietary extraction process, refinement, formulation and product manufacture processes are all in place, awaiting processor license approval.
"Our processing facility is built, supply lines are in place, and distribution channels have been identified. This change to the licensing process, together with the notification from Health Canada that a high-level review of Salvation's application has been completed with 'no critical concerns' noted, is extremely favourable," McIntyre continued. "We have completed a pre-submission review with our external consultants, and will now be focusing on completing minor upgrades identified, and submitting the final evidence package. We look forward to being in a position to supply significant volumes of high-quality cannabis products to regulated markets across the country in the near future."
To learn more about Salvation Botanicals, please visit their website at www.salvationbotanicals.ca
About Salvation Botanicals, Ltd.
Salvation Botanicals is a private company based on Vancouver Island, British Columbia, that is dedicated to the testing and production of high-quality standardized cannabinoid products for the international cannabis market. Salvation operates one of the first analytics laboratories in Canada licensed by Health Canada to test cannabis and derivatives.
Salvation Botanicals holds an Analytical Testing License under the Cannabis Act. In 2016 Health Canada granted Salvation a Hemp Processing License (HPL) permitting the production, sale and export of seed & grain and its derivatives. The Company is a late stage applicant for a Standard Processor License under the Cannabis Act and a Dealers License under the Office of Controlled Substances for certain non-cannabis substances.
For more information about Salvation Botanicals Ltd, please go to www.salvationbotanicals.ca
Cautionary Statements Regarding Forward-Looking Information
Certain statements within this press release relating to the Company constitute "forward-looking statements", within the meaning of applicable securities laws, including without limitation, statements regarding future estimates, business plans and/or objectives, sales programs, forecasts and projections, assumptions, expectations, and/or beliefs of future performance, are "forward-looking statements."
Such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements. These risks and uncertainties relate to, among other things, to the Company's historical experience with medical marijuana operations, regulatory changes, timeliness of government approvals for the granting of permits and licenses, changes in medical marijuana prices, actual operating performance of facilities, risks associated with completion of the acquisition, including the availability of sufficient financing to complete the acquisition and fund the business of the combined company, other risks relating to the roll-out and intended expansion of a clinical wellness business, business integration risks, competitive risks, and other risks relevant to the medical marijuana and clinical wellness industries in general and to the Company in particular.
The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. There can be no assurance that Salvation Botanicals' license applications will be approved by Health Canada.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44745