09 Oct Experion Receives License to Extract and Produce Cannabis Oil
October 9, 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 production and possession of cannabis oil. The license permits Experion to purchase oils, create oils through the extraction process, conduct formulations, and destroy and store finished goods.
This licensing achievement is the key first step for Experion to participate in the cannabis derivatives market, which currently involves products such as basic oils and dosed gel capsules for medical purposes, and future recreational products, including edibles, distillates for vaporizer devices, infused beverages, and non-ingested products, such as topical creams and lotions.
Experion will start to produce cannabis oil within its current facility located in Mission, British Columbia and expects to become production capable with an oil processing sales license under the Cannabis Act in early 2019, in time for the expected legalization of edibles and infused beverages for the adult use market in Canada.
Mr. Jarrett Malnarich, Viridium CEO, commented, “We believe that a great deal of the next generation of cannabis products will be designed around cannabis extracts. Experion has achieved another important licensing milestone with the extraction amendment, which brings our company another step closer to our vision of building a leading, integrated cannabis company, operating across Canadian and international markets.”
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.
For further information:
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.