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Publish Date : 25-Apr-2017

CanniMed Therapeutics Inc. (CanniMed or the Company) announced that its directors have approved the commencement of a capital project to increase its current cannabinoid oils processing capacity by constructing a new facility on the Companys Saskatchewan campus.

The planned Good Manufacturing Practice (GMP)-compliant ethanol extraction facility will have the initial capacity to supply the equivalent of 12 million 60 ml bottles of CanniMed Oil per year, once complete. The initial cost estimate for the facility is $10.5 million over a twenty-month schedule to commissioning.

Saskatchewans heritage of pioneering and innovation in Canadian healthcare has helped lead to the creation of cornerstones such as the advent of cobalt therapy in cancer treatment, said Premier Brad Wall. CanniMed is now part of the ongoing legacy that embodies this spirit of creative thinking and diversification so inherent in our province. We welcome this kind of significant investment in Saskatchewan.

The project is estimated to employ 85 full-time employees during the construction phase and will create 25 new permanent full-time positions. Scheduling and costs will be further refined during the detailed design phase of the project. The facility has been designed to accommodate further modular increases in capacity in up to three subsequent phases, ensuring product development milestones will continue to be met over the long-term.

The Companys greatest growth driver is currently our CanniMed Oils products, contributing to 46% of our overall sales during March 2017, said Brent Zettl, President and CEO of CanniMed Therapeutics Inc. The expansion of our oils processing capacity will ensure ample supply of cannabinoid-based raw materials for future product development and innovation, in addition to providing for the continued growth of currently marketed oil products, and our soon-to-be released gelcaps.

CanniMed uses ethanol (food-grade alcohol) extraction for the purification of cannabinoids. This industry-leading process pumps ethanol through compressed cannabis flower material, extracting the THCA (delta-9-tetrahydrocannabiolic acid), CBDA (cannabidiolic acid) and other medicinal ingredients. The alcohol and excess water are then removed through evaporation, resulting in a pure cannabis resin that can be further developed into a number of products for patient consumption. The Company plans to recycle and reuse the ethanol employed in the process.

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