Vancouver, BC / ACCESSWIRE / September 30, 2014 / Seashore Organic Medicine Inc. (the "Company") (CSE: SOM) provides the following operations update to shareholders.
Highlights:
-
-Marihuana for Medical Purposes Regulations (MMPR) application status;
-Letter of Intent signed with Cannevert Therapeutics Ltd.
MMPR APPLICATION STATUS
The Company's wholly owned subsidiary, Sechelt Organic Marijuana Corp. ("Sechelt"), submitted an application to Health Canada for a license under the Marihuana for Medical Purposes Regulations (MMPR) on July 4th, 2014.
Sechelt has received and responded to the third reply letter from Health Canada as of this past week and will continue to stand ready to comply with any further requests from Health Canada with the objective of receiving a "Ready to Build" approval.
Should the Company obtain such approval, it shall gain the right to increase the exercise price of 5 million share purchase warrants currently held by two Company directors from CAD $0.50 to CAD $0.75 by giving a minimum of 30 days notice to such Directors. It is anticipated that building construction costs and the working capital required for construction of the production facility will be procurred by the exercise such share purchase warrants at the price of CAD $0.50 per share.
In the event that the Company's application to become a Licensed Producer is approved, the Company hopes to secure land in Sechelt, BC. The Compay is currently in negotiations to acquire several properties in Sechelt. Designs for the Sechelt Facility have been completed and design plans are ready to be submitted to contractors for engineering and site preparation work (including electrical work, air handling, air conditioning, lighting, heating and cooling, wiring, drainage, water systems and security). Once a property has been acquired by the Company, and "Ready to Build" approval is received from Health Canada, the Company anticipates a construction period of six months for the production facility. Pre-order of equipment will commence during the construction period, all of which are expected to be USA (Underwriters Laboratories of Canada) or CSA (Canadian Standards Association) approved. Approval from Health Canada as a Licensed Producer is hoped to be received after an inspection of the Sechelt Facility once it is built, and all the requirements for obtaining a license are met by the Company. There is no guarantee that Health Canada will consider the acquired site to be an appropriate site under the MMPR, and there is not guarantee that once the facility is complete, Health Canada will grant the Company a license. Pursuant to paragraph 26(1)(h) of the MMPR, a producer's license must be refused where the license would likely create a risk to the public health, safety or security, including the risk of cannabis being diverted to an illicit market or use.
LOI CANNEVERT
As announced in the Company news release dated September 8th, 2014, and the Company has entered into a Letter of Intent with Cannevert Therapeutics Ltd. ("CTL"). The Company is actively working toward the execution of a binding definitive agreement, however there is no guarantee that such an agreement will be entered into or that the Company will ultimately complete the proposed investment transaction of CTL.
CTL is a private company incorporated under the laws of the province of British Columbia, and is located in Vancouver, BC. CTL was founded by three emeritus professors of pharmacology and anesthesiology and one chemist. Their aim is to identify which particular cultivars of marijuana are the most appropriate for the treatment of those disorders which have been identified as possibly benefiting from treatment with marijuana. The four co-founders and the CTL shareholders are Dr. Michael J.A. Walker, Dr. Ernie Puil, Dr. Thomas Stokes and Dr. Bernard A. MacLeod; each of whom has significant experience in the science of drug discovery
Directors and Management
The Company is led by Leonard (Len) Werden as President, Chief Executive Officer and director, Alexander Polevoy as Chief Financial Officer and a director, and experienced businessmen and entrepreneurs Vladlen Voskoboinikov and Jason Birmingham as directors. Recently announced appointments include Babara Joe as Controller and Peter Doig as Director of Agrology and Production.
Collectively directors and management currently hold 15,440,000 common shares of the issued and outstanding 19,900,000 of the Company.
About Seashore Organic Medicine
Seashore Organic Medicine Inc. is a Canadian Securities Exchange (CSE) listed company based in Sechelt, British Columbia. Its wholly owned subsidiary has applied to Health Canada for a medical marijuana production and distribution license under the Marihuana for Medical Purposes Regulations (the "MMPR").
On behalf of the Board of Directors
SEASHORE ORGANIC MEDICINE INC.
"Leonard Werden"
Leonard Werden
President & CEO
Further information about the Company is available on our website at www.seashoremedicine.com or under our profile on SEDAR at www.sedar.com and on the CSE website at www.thecse.com.
Investor and Public Relations Contact
Seashore Organic Medicine Inc.
Leonard Werden
President & CEO
Telephone: +1.604.885.5500
Email: [email protected]
Website: www.seashoremedicine.com
The CSE has not reviewed, nor approved or disapproved the content of this press release.
Forward-Looking Information
This press release may include forward-looking information within the meaning of Canadian securities legislation concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company, including future plans for development of technologies by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE: Seashore Organic Medicine Inc.