Matica's Interest in RoyalMax Released
Tuesday, February 11, 2020 4:55 PM
TORONTO, ON / ACCESSWIRE / February 11, 2020 / Matica Enterprises Inc. CSE:MMJ) (Frankfurt:39N) (OTCQB:MMJFF) ("Matica" or the "Company") is pleased to announce that Matica has closed the RoyalMax Biotechnology Canada Inc. ("RoyalMax") acquisition and formally taken its 70 per cent earned interest in RoyalMax. On April 6th, 2017 the Company signed a definitive agreement ("the agreement") allowing for Matica to become a majority owner (70%) of RoyalMax, at the time a late stage applicant under the then Access to Cannabis for Medical Purposes Regulation ("ACMPR"). As per the agreement, Matica could earn a 70% interest in RoyalMax by supplying funding and resources to build out the production facility in Dorval, Quebec.
To earn a 70% interest in RoyalMax, Matica has issued 6,000,000 common shares in Company stock and has paid $735,000 with a further $250,000 due in the second quarter of this year, and has financed the retro-fitting and licensing of the Dorval facility. Since the signing of the agreement, Matica's interest in RoyalMax has been held In Trust and was released by mutual agreement of all parties.
Matica reported RoyalMax receiving the Standard Cultivation Licence for the Dorval facility on October 15th, 2018. On January 23rd, 2019 it was reported that RoyalMax received its Cannabis Licence under the Excise Act, 2001 from the Canada Revenue Agency and the starting materials to began cultivation. On November 6th 2019, after several successful crops, RoyalMax applied for the Standard Processing Licence and simultaneously for the Sale For Medical Purposes Licence. We continue to work with Health Canada to expedite receipt of these licences. Upon receipt, RoyalMax will able to sell certain cannabis products to medical patients and to participate in the recreational cannabis market.
Matica is a multi-faceted, innovative company in the Quebec cannabis space. RoyalMax Biotechnology Canada Inc. has been granted a standard cultivation licence by Health Canada and is currently awaiting processing and medical sales licences. In the township of Hemmingford, Matica is building 1,000,000 square feet of greenhouse growing space, in 200,000 square foot increments, on a sprawling 181 acre property.
For more information on Matica Enterprises please visit the website at: www.maticaenterprises.com.
On behalf of the Board of Directors
MATICA ENTERPRISES INC.
Boris Ziger, CEO & Chairman
The Company's public filings are available for review at www.sedar.com and www.thecse.com.
For further information, please contact Boris Ziger, at:
E-mail: [email protected]
Website: www.maticaenterprises.com, www.maticammj.com
Disclaimer for Forward-Looking Information
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
This news release contains statements about the Company's information that may be made available on the S&P Capital IQ Corporation Records Listing Program and the business of Matica that are forward-looking in nature and as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek Safe Harbor.
SOURCE: Matica Enterprises Inc