Experion Receives License to Sell Starter Material
October 15, 2018 — Viridium Pacific Group Ltd. (“Viridium” or the “Company”) (TSXV: VIR) (OTCPink: VIRFF) is pleased to announce that its wholly owned subsidiary, Experion Biotechnologies Inc. (“Experion”), has received an amended license from Health Canada allowing for the sale of cannabis starter material, including cannabis seeds and live plants. This license permits Experion to distribute starter material to other Licensed Producers and medical patients with personal cultivation licenses under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”).
Experion currently propagates all starter material at its indoor facility in Mission, British Columbia, which will serve as the initial source of commercially available product for Experion. British Columbia currently has a large industry of “personal use” or “designated use” licensed cultivators for medical reasons under the ACMPR. With Experion’s cultivation facility located centrally in the Fraser Valley, it is uniquely positioned to become a major supplier of starter material for the region. As well, with the Cannabis Act becoming law on October 17, 2018, personal cultivation will be allowed and the license amendment opens the door for Experion to become a potential supplier for this market segment.
Mr. Jarrett Malnarich, Viridium’s COO, commented, “The market potential for quality starter material will continue after the Cannabis Act becomes law. From commercial micro-cultivators, to LPs needing specific genetics, to personal home growers, the demand for starter material should be well supported for growth. We aim to make Experion a leader in bringing high quality genetics to the broadening group of cultivators in Canada.”
In addition, the Company issued stock options to its officer that will be exercisable to acquire 561,797 common shares at $0.89 per share until October 11, 2021, vesting immediately.
Viridium Pacific Group Ltd. is the parent company of operating subsidiaries involved in horticultural production, (Experion Biotechologies Inc.) property development (Fish Trap Ventures Ltd.), and human resource management (Stave Lake Services Ltd.) Experion Biotechnologies Inc., is a Health Canada licensed producer of cannabis, which operates in an 8,300 square-foot indoor facility outside of Mission, BC.
More information about Viridium can be found under the Company’s profile on SEDAR at www.sedar.com.
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This press release contains forward-looking information within the meaning of Canadian securities laws. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, forecast, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Company’s equity securities; recent market volatility; the Company’s ability to raise the necessary capital or to be fully able to implement its business strategies; the risks identified in the Filing Statement, and other risks and factors that the Company is unaware of at this time. The reader is referred to the Filing Statement dated September 25, 2017 and/or the most recent annual and interim Management’s Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through the Company page on SEDAR at www.sedar.com.