Proactive Investors - Run By Investors For Investors

Roto-Gro receives Health Canada approval for dealer licence conversion

The dealer licence which was previously under the narcotic control regulations of the controlled drugs and substances act, has now been changed to the recently enacted cannabis act and cannabis regulations.
Roto-Gro receives Health Canada approval for dealer licence conversion
The company holds worldwide exclusive licences for lawful medicinal and recreational markets

Roto-Gro International Ltd (ASX:RGI) has received approval by Health Canada for the conversion of the dealer’s licence held by Supra THC Services Inc.

Supra THC is a wholly-owned subsidiary of Valens located in Kalowna, British Columbia that specialises in the processing of cannabis into pure extracts and oils.

Roto-Gro aims to relocate the Supra THC operations from the province of British Columbia to the proposed 44,000-square-foot (or 4,087 metres) facility in Caledon, Ontario.

The conversion is part of the definitive share purchase agreement between Roto-Gro and Valens GoWorks Corp to acquire the issued shares in the capital stock of Supra THC Services Inc.

READ: Roto-Gro International subsidiary secures $180,000 purchase order from Polaris Wellness Centre

Roto-Gro managing director Michael Carli said: “The acquisition of Supra THC is an impressive step forward in the company’s strategic growth plan to establish itself as a global leader in the cultivation of lawful cannabis and perishable foods.”

With the conversion to the cannabis act and cannabis regulations complete, the company will continue working with Cannabis Compliance Inc (CCI) and Health Canada to progress the change of address and change of ownership required to complete closing with Valens.

The cannabis act and the corresponding cannabis regulations, which were enacted on October 17, 2018, legalise the recreational use of cannabis nationwide in Canada.

This new legalisation also controls and regulates the production, distribution and sale of lawful cannabis in Canada.

Procedures for completion in quarter-two and three of 2019

The company will ensure the key resources for the cultivation facility are cleared with Health Canada and the regulatory authorities as well as lodge the necessary security plans, floor plans and standard operating procedures.

Although a timeline is not confirmed, it is anticipated these steps will be completed during quarter-two and quarter-three of 2019 to allow for build-out of the facility during quarter-four.

First crops will be harvested in quarter-one 2020.

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full RGI profile View Profile

Roto-Gro International Ltd Timeline

Related Articles

cannabis facility
January 24 2019
The company is breaking into the large and lucrative market in the golden state
November 03 2018
Back Home Medical Cannabis Corp has agreed on a 24,000-kilogram three-year production and supply agreement
Sydney Harbour Bridge
January 23 2019
A phase I study in Australia is evaluating a cannabis spray therapeutic in cancer patients.

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use