Medical marihuana-focused biotech Beleave Inc (CSE: BE) told investors it had completed the upgrade of its 14,500 sq ft production facility in Flamborough, Ontario ahead of potential future expansion.
The firm’s subsidiary First Access Medical Inc (FAM) has applied for a license to cultivate and sell medical marihuana under the Access to Cannabis for Medical Purposes Regulations (ACMPR).
It has successfully advanced past the review stage, and been issued an affirmation letter from Health Canada ahead of a request for a pre-licensing inspection.
Beleave chief executive Roger Ferriera said: “After the completion of our most recent financings, management consulted with top industry experts to ensure the greatest likelihood of success during our pre-license inspection, and to prepare the site for future expansion.
“We saw great benefit to upgrading our current facility and nucleus to quickly handle expansions well beyond our initial footprint, which will likely translate to significant time and cost savings as the company advances.”
As well as completing the required security, record keeping and good manufacturing practices, the firm has upgraded production equipment and integrated various facility components.
Among these are cloud server storage, surveillance equipment, lighting systems, water purification and distribution equipment, HVAC systems, sanitation equipment, physical barriers and intrusion detection.
All the work done should bolster the firm’s bid for a licence and the next step will be a facility inspection.
The firm bolstered its coffers in the fourth quarter of 2016 when it received $1,302,500 via warrant exercises and has also struck a debt settlement agreement with certain consultants and directors whereby Beleave will settle $149,685.00 by issuing 100,460 shares at $1.49 each.
Story by ProactiveInvestors