WHISTLER, BC--(Marketwired - November 09, 2017) - Whistler Medical Marijuana Corp. ("WMMC" or the "Company"), Canada's first and only 100% certified organic producer of medical cannabis licensed under Health Canada's Access to Marijuana for Medical Purposes Regulations (ACMPR), is pleased to provide a summary of updates regarding the Company's recent developments.
In October, WMMC closed on an oversubscribed private placement round of $5 million, bringing total capital raised this year to $15 million, including $5 million in secured mortgage financing. This most recent round included broad-ranging support from existing shareholders as well as notable Whistler-based executives and entrepreneurs. The capital will be used to support ongoing construction of the Company's new 65,000 sq ft Pemberton facility (previously announced), which includes a full laboratory dedicated to research and development, extracts and genetics. The project remains within budget and on-schedule for completion in early 2018. In addition, land has already been purchased and expansion plans drawn for a second phase of development that would increase WMMC's footprint by a further 80,000 sq ft.
"Only 20 minutes from our existing facility, Pemberton represents a material expansion of our production capabilities," said Christopher Pelz, CEO of WMMC. "We plan to take our unique organic growing techniques with us as we scale up in anticipation of strong demand for quality, BC medical cannabis."
As one of Canada's original ten Licensed Producers, WMMC has always maintained a quality over quantity approach. The company has built a sustainable and profitable business by becoming one of the small group licensed nationally for the sale and production of dried marijuana and cannabis oil, as well as being the first in the country to offer and ship live plants to medical patients. WMMC believes it can maintain its industry leading performance through future expansion and business activities, including new joint ventures with Whistler Technologies and Whistler Therapeutics.
Australia Medical Cannabis Oil Shipment
WMMC is pleased to announce that it has secured a partner for export and plans to ship organic cannabis oil to Australia for use in clinical trials starting in the first quarter of 2018. Going forward WMMC anticipates leveraging its Pemberton expansion to not only grow its medical share in Canada, but also target other burgeoning international medical cannabis markets.
About Whistler Medical Marijuana Corp.
WMMC grows with integrity and commitment to producing quality certified organic cannabis. The company was amongst the first Health Canada Licensed Producers (LPs) to operate in Canada and remains the first and only producer in the county to offer 100% certified organic products (as certified by the Fraser Valley Organic Producers Association). WMMC has recently completed several renovations at its existing facility that has enabled the Company to substantially increase its current production capacity and re-open patient registration. Learn more at www.whistlermedicalmarijuana.com.
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