True Leaf Brands Inc (CSE:MJ) (OTCMKTS:TRLFF) revealed Monday that its subsidiary True Leaf Cannabis Inc has secured licenses from Health Canada to cultivate, process and sell cannabis for medical purposes from its 18,000-square-foot True Leaf Campus facility in Lumby, British Columbia.
The Canadian company said in a statement that the license allows True Leaf to begin cultivating, processing and selling medical cannabis from its facility immediately and to produce alternative cannabis products such as edibles, topicals, and capsules.
Owned by the firm’s subsidiary True Leaf Cannabis Inc, the True Leaf Campus sits on a 40-acre site zoned for the cultivation, processing, and sale of cannabis in Lumby, British Columbia.
“Today marks an important milestone for True Leaf as becoming a licensed producer helps support the continued development of our therapeutic pet care products,” said True Leaf CEO Darcy Bomford.
“Our facility is now licensed and meets EU good manufacturing practice and HACCP standards. This is required for the ‘Cannabis 2.0’ market in Canada and also opens the door to export cannabis to the booming European market,” he added.
During the licensing process, the company entered the pet industry with True Leaf Pet, a natural pet care brand with a suite of hemp and CBD-based pet products now sold in 3,500 stores across North America, Europe, and Asia.
Seeking a joint venture
“With these three licenses now in place, we intend to pursue a joint venture partner for the True Leaf Cannabis Inc division. We believe securing a strategic partner for True Leaf Campus will create new opportunities to maximize this facility’s value for our shareholders,” said Bomford.
“At the same time, we can focus on building our global pet care business while securing a supply of CBD for future products,” he added.
The company says both the cannabis and pet sectors represent high-growth industries as it continues to expand its footprint.
The Vernon, British Columbia-based company was founded in 2013 and has two main operating divisions: True Leaf Medicine Inc and True Leaf Pet Inc.
True Leaf Pet is focused on developing and selling supplements and treats for pets, while True Leaf Medicine is a producer of cannabis, through the development of cannabinoid-related products for medicinal use.
Meanwhile, True Leaf Cannabis Inc, a subsidiary of True Leaf Brands, owns the large True Leaf Campus.
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