North Bud's Quebec Facility Obtains Health Canada's Cultivation License

North Bud Farms Inc. NOBDFNBUD has obtained Health Canada’s standard cultivation license for a 24,500 square-foot indoor cannabis cultivation space in Quebec.

The company said Monday this license enables its subsidiary, GrowPros MMP Inc., to begin indoor cultivation activities at its facility — which it plans to do very soon.

In the beginning, GrowPros MMP will concentrate on creating an inventory of mother plants and clones to get ready for the outdoor growing season, the company said.

It will also apply for an amendment to the license for another 1 million-square-foot outdoor growing space. If obtained, it will help the annual production to reach 20 million grams.

“We are extremely excited about this announcement as it represents another significant step forward in NORTHBUD’s strategy to assemble a portfolio of cost-efficient cultivation facilities located in strategic jurisdictions,” Sean Homuth, CEO of North Bud said in a statement.

“The receipt of our Canadian licence now gives us active licensed facilities in California, Nevada and Canada, three of the largest and most important recreational cannabis markets in the world.  These facilities will be used for the production of North Bud branded cannabis products to be sold in all three of those key jurisdictions.”

In addition, North Bud confirmed that Michael Saxon has resigned from his position at the company’s board of directors because of his new duties at another company.

“I want to sincerely thank Michael for his direction and guidance since the inception of the Company and wish him well with his new role and future endeavors,” Ryan Brown, Executive Chairman stated.

North Bud’s shares were trading 0.88% lower at 12 cents per share on Monday morning.