- In new business plan sent to Health Canada, subsidiary North Road Ventures proposes doubling its cannabis product lines, adding oil products (CBD) and boosting by five-fold its storage capacity
- Statista report projects Canadian marijuana market will reach C$2.8 billion by 2020
- Company sees cannabis oil products accounting for 50% or more of projected sales
Liberty Leaf Holdings Ltd.’s (OTCQB: LIBFF) (CSE: LIB) (FSE: HN3P) wholly own subsidiary, North Road Ventures, has abridged its application to Health Canada, detailing its plans to double its cannabis product lines, adding cannabis oil products (CBD), and boost by five-fold its vault storage capacity to C$6.25 million. The abridgment comes after talks between the subsidiary and Health Canada about a much-needed alleviation of supply chain issues for other licensed producers.
LIBFF is a Vancouver, Canada-based company with the subsidiary that has a new business plan. It has abridged its Access to Cannabis for Medical Purposes Regulations (ACMPR) application currently in review by Health Canada. Its North Road Ventures subsidiary has revised its application to a distribution-focused strategy, making it unique in the crowded field of cultivation-based applicants.
The application has also been changed to increase by five-fold its vault storage capacity. A new wrinkle is also the doubling of cannabis product lines — particularly cannabis oil products (CBD) — which are expected to account for 50% or more of projected sales.
Earlier, North Road Ventures discussed with Health Canada the abridgment, providing a much-needed solution to fulfill supply to both the recreational and medicinal cannabis markets. The stakes are high; Statista projects that, if marijuana is legalized by 2018, the combined market for dried and oil/extract marijuana will reach C$2.8 billion by 2020 (http://nnw.fm/fph1L).
In a news release, William Rascan, president and CEO of Liberty Leaf, said, “These are very exciting times for Liberty Leaf and North Road Ventures stakeholders. We forecast even greater value to the company with this abridgment and increase in capacity of products available to distribute to legal retailers.”
For more information, visit the company’s website at www.LibLeaf.ca
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