Medican Takes a Step Closer to Commercialization
Ryan Allway
June 2nd, 2014
News, Top News
[stockchart symbol=”MDCN”]
Medican Enterprises Inc. [stockquote symbol=”MDCN”], a biopharmaceutical company in the emerging global medical cannabis industry, recently announced that its joint venture partner secured conditional zoning approval from the City of Delta in Vancouver, British Columbia to operate a 25,000 square foot facility. The approval represents a key hurdle in becoming a licensed producer.
“We are very pleased with this approval in Delta,” said Medican Enterprises Inc. CEO Ken Williams. “It reaffirms the wisdom of our choice of Canadian partners. We are continually impressed with the abilities and professionalism of everyone at IHMML [International Herbs Medical Marijuana Ltd.].”
Under Canadian law, individual municipalities must give licensed medical marijuana producers permission to operate within city limits. The City of Delta immediately introduced stringent zoning regulations that prohibited medical cannabis facilities in all zones, including agricultural properties, but indicated that it would consider proposals on a case-by-case basis – a process that led to IHMML’s approval.
Throughout the process, IHMML had to demonstrate the competency of their management team, extensive security plans, and the support of Health Canada. Rick Brar of IHMML stated that the plant would meet Health Canada’s strict requirements, while the company agreed to operate as “as open book, full disclosure company” that understands the needs of the community.
On May 8, 2014, Medican Enterprises finalized the approval of the acquisition terms for IHMML. The company intends to acquire 50% of the organization and now has all signatures and approvals necessary for the Amendment Agreement that was previously announced on May 5, 2014. The joint venture would provide shareholders with 50% exposure to Canada’s growing medical cannabis industry.
Shares of Medican Enterprises Inc. soared more than 20% during Monday’s trading.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.Disclaimer: Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.
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