Stillcanna Inc. (OTC PINK:SCNNF)(STIL.CN)(FRANKFURT:A2PEWA) (“STIL” or the “Company“) is pleased to announce it has received from the Ministry of Health and the Anti-Drug Agency its two most critical operational documents required for its Romania extraction operations.
The ORIGIN facility designed by Stillcanna is a joint venture between Stillcanna and Dragonfly Biosciences Ltd. This state of the art, custom engineered, closed loop ethanol extraction system is dedicated to the manufacturing of CBD in bulk. The facility has been built to the highest European Union GMP (Good Manufacturing Practices) standards available.
A short video of the facility is available here [https://youtu.be/ZzLdWlRhdjo].
Over the last several quarters the ORIGIN team comprised of Stillcanna and Dragonfly Bioscience’s personnel assisted by their legal firm and a specialized Pharma PA firm have worked intensively on securing these required documents. ORIGIN will be the only licensed extraction facility dedicated to the production of THC-free CBD Distillate and THC-free CBD Isolate in Romania.
“While the permit process has been complex and lengthy, as a Company we never lost sight of our vision and mandate, through perseverance and hard work we continue to achieve our milestones.” commented Jason Dussault, CEO Stillcanna. “Now, given the required green light from these national government bodies, we are securing our first mover advantage in Europe. Once both the ORIGIN and NEXUS facilities are online Stillcanna will have the capability to become the largest producer of THC free CBD in Europe.”
On the regional level, the final resolution approving the completion of construction has been issued. Risk Assessment and Security Project have both received approval from the local law enforcement authorities.
The operational environmental application has received internal endorsement from the Environmental Protection Agency and is entering the final public consultation phase, a two-week period in line with Romanian environmental law. The operational emergency services application has been submitted and site visits have been completed, during which no material remedial actions were requested. Final approval from the Emergency Services Unit is expected shortly.
With the ministerial documents in hand, and in accordance with municipal procedures, final operational permit is expected to be issued, by the local town hall after the mandatory two-week period.
About Stillcanna Inc.
Stillcanna Inc. (STIL.CN) www.Stillcanna.com is a Canadian early-stage life sciences company focused on the large scale manufacturing of CBD in Europe. The Company believes its proprietary intellectual property allows it to extract CBD at a lower cost. The Company has signed an initial extraction contract in Europe to be the exclusive extractor for Dragonfly Biosciences Ltd, a United Kingdom-based supplier of CBD. The Company also completed the acquisition of Olimax NT SP. Z .O.O, a multi-generational hemp agricultural firm that is expected to increase the Company’s market share in the European CBD industry.
On Behalf of the Board
Jason Dussault, CEO
Cautionary Note Regarding Forward Looking Statements: This release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws, including that the Company’s final approval from the Emergency Services Unit is expected shortly, and that the final operational permit to be issued by the local town hall is expected upon completion of the two week public consultation period.
Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should” or “would” occur. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that final approval from the Emergency Services Unit is expected shortly, and that the final operational permit to be issued by the local town hall is expected upon completion of the two week public consultation period.
Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
The CSE has not in any way passed upon the merits of and has neither approved nor disapproved the contents of this news release.
SOURCE: Stillcanna Inc.