Heritage Cannabis Holdings Corp (CSE:CANN) (OTCQX:HERTF) announced Thursday that its subsidiary Voyage Cannabis Corp has been granted an industrial hemp license by Health Canada.
Similar to the license recently granted to its other subsidiary Cannacure Corp, Heritage said the new industrial hemp license will allow Voyage to bulk store, as well as buy and sell industrial hemp, flowering heads, leaves or branches to other license holders, and to import and export grain.
The subsidiary's new license became effective April 17 and is good for 36 months.
Heritage has been producing full-spectrum CBD from high-quality hemp biomass as part of its medical and recreational product initiatives. The company said it expects that these products will be available to the public within the next few months.
"Receiving our second industrial hemp license this month benefits our operations and allows us to participate in the rapidly growing hemp and CBD markets in a more meaningful way," said Heritage CEO Clint Sharples in a statement.
"We are now able to purchase and store greater quantities of hemp on both sides of the country and can further support hemp farmers by augmenting their storage capacity in a controlled environment."
Working under these two licenses, Heritage has two additional subsidiaries, Purefarma Solutions, which provides extraction services, and a Medical Services Division, which is focused on cannabis-based medical solutions.
Heritage, as the parent company based in Toronto, provides the resources for its subsidiaries to advance their products or services to compete both domestically and internationally.
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