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Cannabis License Applicant Submits Industrial Hemp License Application, Progresses Through Initial Stages
PENTICTON, BC – March 12, 2019 – Green Mountain Health Alliance Ltd., an upcoming socially responsible, low-cost, large-scale wholesale cannabis producer, has submitted an application to Health Canada for an industrial hemp license on two properties, and the request has progressed through the initial intake and screening phase and moved into the review queue. The Company has also announced the lease of a commercial greenhouse in the White Lake area of Kaleden, BC.
Green Mountain has secured three properties in the Okanagan Valley in BC – the newly leased commercial greenhouse in White Lake, an owned 16-acre ALR parcel in Kaleden, and the company holds an Intent to Lease a 98-acre parcel of Indigenous agricultural land in Marron Valley. Once the industrial hemp license application is approved, Green Mountain intends to grow outdoor hemp on the Marron Valley property, and to utilize the White Lake greenhouse for hemp cultivation and research and development on a high CBD hemp strain.
“Health Canada has a relatively fast approval period for industrial hemp licenses, so we are looking forward to the potential of entering the market faster by growing hemp for cannabidiol (CBD) than with cannabis alone,” said Green Mountain President, Wade Attwood. “CBD is in huge demand across the globe for its health benefits. The oil often retails for over $90/fl. oz. and it’s estimated that CBD consumer sales in the US will total around $1.15 billion by 2020, making this likely a highly profitable venture for Green Mountain.”
Hemp grows very quickly and can be selectively grown for CBD, and has almost no THC at less than 0.3%. CBD does not produce the psychoactive ‘high’ caused by THC. It is often used to relieve pain, reduce seizures, and alleviate anxiety, and preliminary research has shown it has potential to protect cells from degenerative diseases such as Alzheimer’s, and provide an anti-tumour effect. As further studies are piloted following legalization on October 17, 2018, more definitive information on CBD’s health benefits will become available.
Mr. Attwood also stated, “Currently, industrial hemp licenses only allow for cultivation of hemp strains located on the Industrial Hemp Approved Cultivars List, which are relatively low in CBD. Our company is working on researching and developing a high CBD hemp strain, far higher than what is on the market now. If we complete the process to have this strain approved, this means far higher yield of CBD and incrementally higher ROI per acre than the strains that are currently available, which is great for Green Mountain’s bottom line.”
Formed in the fall of 2017 to pursue an application to become a licensed cultivator and processor of cannabis under Health Canada’s ACMPR program, Green Mountain is also awaiting approval of a cannabis production license for its 16-acre property located in Kaleden following the successful progression to the review stage of Health Canada’s newly created Cannabis Tracking and Licensing System (CTLS) and identification as an Indigenous Associated Applicant. The Company was recently granted a greenhouse building permit for the Kaleden property.
The decision to cultivate hemp for CBD complements Green Mountain’s original business plans to grow large-scale, low-cost, wholesale cannabis; sell nursery stock; harvest and sell dried cannabis; and process and sell cannabis derivatives. The company has a strong commitment to social responsibility with Indigenous partnerships providing the foundation of its business.
About Green Mountain
Located in the Okanagan Valley, BC’s best cannabis growing area, Green Mountain is progressing towards becoming one of Canada’s leading, socially responsible, low-cost, large-scale wholesale cannabis and hemp producers. Our team of employees, proven industry experts, and Indigenous partners are working to ensure we will provide safe, sun-grown, high-quality cannabis and hemp using environmentally sustainable cultivation methods and greenhouse technology.
As a wholesale, high-volume, low-cost producer, Green Mountain is ideally positioned to fill a market gap; providing the expanding Canadian medical and recreational cannabis industry with consistently high-quality product utilizing superior genetics. The company has secured over 100 acres with the potential for over 1,000,000 square feet of greenhouse growing space. For more information, visit www.greenmountainhealthalliance.com.
The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof, and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company’s expectations or projections.
For more information, please contact:
Jessica Murdoch, Communications Manager, Green Mountain
Michele Lise, Investor Relations, Green Mountain
1-833-291-GMTN or 604-612-4443