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Mettrum Health secures second marijuana producer's license

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Shares of Mettrum Health (CVE:MT) were surging today after the company announced its second production license under Health Canada's new marijuana regulations.

In a statement released earlier this afternoon, Mettrum Health, which is also the parent company of licensed medical cannabis producer Mettrum Ltd, said its subsidiary Agripharm has received a license from Health Canada to produce marijuana under the Marihuana for Medical Purposed Regulations (MMPR). 

The document authorizes Agripharm to grow 9,000 marijuana plants at its 80-acre facility in Clearview, Ontario, prior to its scheduled renewal date of June 11, 2015.

Mature plants will then be transferred to Mettrum Ltd, where they will be processed into dried marijuana and sold. The first crop is expected in early 2015, the company said.

"The licensing of our Agripharm facility ensures our ability to continue providing high quality medical cannabis to our existing customers and new customers," said chief executive officer of Mettrum, Michael Haines.

 "We're looking forward to taking on new customers beyond our current registered customer base of approximately 2,100 patients." 

Agripharm is also working to expand its growing area and other permitted activities as granted under its MMPR license, Mettrum said.

Mettrum bought the subsidiary in June of this year, with the Agripharm facility able to expand capacity rapidly as required, it added.

The Toronto-based company received its first license to produce marijuana under MMPR on November 1, 2013, and began producing medical cannabis on the same date at its other production facility in Bowmanville, Ontario. 

Shares of Mettrum Health soared 23.5 percent to C$2.10 as of 12:35pm ET on Friday.

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