How To Pick A Cannabis Consultant Or Lawyer For Your AGCO Retail Dispensary In The Greater Toronto Area Or Ontario

CANADA:  The regulation of cannabis in Canada has come a long way to where it is today. Since the federal legalization took place, it has proven to be an area that is performing relatively well. However, it’s still a sector that’s highly regulated; in essence, a prospective business owner has to go through stringent processes before being granted a license to operate.

To increase your chances of being granted a license, it’s always recommended that a person seeks legal and consultancy assistance. There are several cannabis consultants in the Greater Toronto and Ontario. Choosing one can be the difference between success and failure.

The purpose of a cannabis consultant is to provide their clients with vital information especially in the areas that they are lacking in knowledge. Besides the horticultural aspect of consultancy, a good adviser should also educate potential business owners about the facility design.

The following is a detailed guide that’ll help you with finding the right cannabis lawyer or consultant:

Things to Consider When Choosing a Cannabis Consultant or Lawyer

Given the popularity of the cannabis industry, it’s quite unfortunate to learn that multiple unscrupulous firms have cropped up claiming to be cannabis consultants. To make matters worse, many naive business owners have fallen prey to them. Here’s how you can avoid such pitfalls and pick the right adviser.

Probing the Advisers

When you’ll be looking for the right adviser, it’s very important to thoroughly vet the person. If you notice that a prospective consultant is quite reserved or hesitant in giving you answers, that may be an indication that he or she isn’t worth hiring. Consultants are vastly knowledgeable and are very quick to offer advice. Some of the questions you shouldn’t fail to ask include the number of years they’ve been in the field, relevant credentials and certification, their current and past clients, and the amount of time he or she will dedicate to you.\

Watch out for the red flags

As you search for the most qualified adviser who’d help you, it’s also good to be on the lookout to avoid anything that can potentially ruin your chances of getting a license. Some examples of red flags you should watch out for include; being asked for equity, a consultant who’s reluctant to track time, not being treated as a partner, and avoiding to answer your questions adequately.

Identify your Needs

Before you seek consultancy services, you should first and foremost understand the specific needs of your business venture. This will help you in determining the particular type of consulting you require as well as providing you with a clear picture of the amount you’ll be willing to pay for that service. Due to the complexity of this industry, this area tends to be a field that has many consulting firms. Thus, you should only go for a person who specializes in a particular niche.

On many occasions, business owners find themselves requiring more than one consultancy service. Even though it may appear costly, the person seeking the services will end up gaining a lot in the long run.

Understanding the Consultancy Process

When it comes to cannabis consultancy, different business owners usually have varying needs. The consultancy process tends to follow three fundamental stages.

Problem definition

This stage usually seeks to identify the particular need of the client and how he or she can work along with the consultant to facilitate a successful outcome.

Business Licensing

Apart from facing other startup challenges, acquiring a cannabis license is usually a difficult hurdle on its own. This step involves acquiring the right license for the client’s business.

Compliance 

For your business to remain operational, it should always comply with the set guidelines in the industry. The Consultant’s work at this stage would be to ensure that your business remains compliant and attains profitability

Conclusion

Getting the help of a cannabis adviser or lawyer is a crucial step before anyone begins operating a cannabis retail dispensary. For any consultancy services to work perfectly, there has to be a positive relationship between both parties. Honesty and timely communication can help in cementing a solid relationship. If you’re searching for the appropriate adviser in Greater Toronto or Ontario, be sure the following the guidelines provided above.

Speakeasy Cannabis Club Releases Short Film On Canadian Farming Legacy

CANADA: SpeakEasy Cannabis Club has released a powerful new short film documenting the storied history of the Geen family, the generational farmers who founded the Okanagan based cannabis company. From cherries, apples, ginseng to peaches, and now cannabis, SpeakEasy Founder, Marc Geen, and his family are pioneers of agriculture with more than a century of farming experience in the region.

Directed and shot by documentary filmmaker, Simon Schneider (from CBC’s The Nature of Things), the six minute short film highlights over one hundred years of hard-earned farming principles passed down through five generations of the Geen family. From the humble beginnings of Marc’s great grandfather, Charles Howard Geen, who came to Kelowna, B.C. in 1903 and started growing fruit trees, to the purchase of 2200 acres of land in Rock Creek, B.C.’s fertile “Golden Mile”, in 1995, where the family has successfully farmed for four generations, to Merv Geen’s critical participation in SunRype’s success as a former Chairman-of-the-board, and to founding SpeakEasy in 2013, the film illustrates the foundation in which a true agricultural legacy is built and what has set SpeakEasy apart from other licensed cannabis producers.

As the film shows, it’s not only hard work and agricultural experience that have laid the foundation for SpeakEasy to cultivate what is set to be the best product on the market. It’s also the farmer’s keen sense of selecting the perfect site and land to grow on.

“The Golden Mile is one of the most fertile areas in Canada as it’s a perfect climate with tons of sunshine, lots of heat, cool at the right times, not too extreme and very little rain. The land is beautiful for growing cannabis.” says Marc Geen, Founder of SpeakEasy. Licensed producers made a massive assumption that simply getting on the shelf would lead to success. Cherries are one of the hardest crops to harvest, cannabis is no different. Agriculture at this level is an art and these consumers are no different than wine connoisseurs, you simply can’t cut corners.”

After a long journey to build the necessary infrastructure and getting the licensing approval through Health Canada, the Geen name is about to put its stamp on a new crop. SpeakEasy will make history cultivating one of the largest outdoor cannabis harvests in Canada this September. SpeakEasy expects to harvest 70,000 kg of sun-grown cannabis at a projected $0.04 a gram this fall, with the same methods and climate Canada is world-renowned for.

The SpeakEasy Family Legacy short film is available to stream now through YouTube:
https://youtu.be/jjoCGYM5024

Aphria Announces Strategic Supply Agreement With Canndoc

Aphria now positioned within two of the largest cannabis markets outside of Canada
Agreement with Israeli leader Canndoc provides access to Israel’s largest drugstore chain
Finished product will be co-branded under Aphria and Canndoc brands

CANADA: Aphria Inc., a leading global cannabis company, today announced it has entered into a Strategic Supply Agreement with Canndoc Ltd., a subsidiary of InterCure Ltd., one of Israel’s largest and most established medical cannabis producers.

Under the terms of the Agreement, Aphria will supply Canndoc with dried bulk flower over a two-year period, with the option to extend for two additional terms of two years each, and an option for an additional year after that if the parties agree to terms.  During the first two-year term and each additional term, if applicable, the Company will provide Canndoc with 3,000 kgs. of bulk dried flower, which will be processed into finished product, co-branded under the Aphria and Canndoc brand names, and sold exclusively within the Israeli market.

“We are excited about our strategic partnership with Canndoc, a well-established Israeli leader, and the opportunity to continue to expand our medical cannabis brand internationally,” said Irwin D. Simon, Chairman and Chief Executive Officer, Aphria Inc. “Today’s announcement is about more than a supply agreement. It’s about the strength and quality of our medical brand, Aphria, being continuously validated by the world’s medical cannabis markets, including countries in which we have no distribution today. The Agreement represents a significant step for Aphria, and we look forward to bringing our high-quality medical cannabis products to patients in Israel.”

“We are proud to partner with Aphria, a global leader who shares with us the same quality values and commitments of meeting patients’ needs and improving their quality of life. This is another vote of confidence in Canndoc’s leadership and the Israeli market,” said Ehud Barak, former Israeli Prime Minister and Chairman of the Canndoc Board of Directors.

The strategic partnership will also include the possibility of Aphria and Canndoc collaborating on research initiatives such as clinical trials focused on the use of medical cannabis with leading hospitals and research institutions in Israel and exploring potential collaboration in the EU market.

Now strategically positioned in two of the largest cannabis markets outside of Canada, Germany, one of the most highly sought-after developed medical cannabis markets in the world, and Israel, one of the largest importers of medical cannabis in the world, the Company will continue to leverage its market leadership as it develops its medical cannabis markets internationally.

Canndoc has been pioneering Pharma-Grade cannabis for more than 13 years and has established itself as a well-respected company in the global cannabis industry. In March 2020, Canndoc entered a strategic partnership with Super-Pharm, Israel’s largest drugstore chain, allowing for Canndoc’s products to be distributed across 95 medical cannabis authorized pharmacies and sold to Israel’s growing medical cannabis patient community.

CANADA: Cannalogue Introduces COVID-19 Compassionate Care Program For Medical Cannabis

Physician-led online marketplace offers discount of 20-50% on select products for frontline workers, seniors and financially strained

CANADA: In response to the closure of storefront retailers due to COVID-19, online marketplace Cannalogue announced today a new Compassionate Care Program that seeks to provide better access to medical cannabis for all Canadians. 

Qualified candidates including first responders, seniors, nurses, teachers, and those facing financial strain due to work shortage/layoffs can enroll in the program to receive selected products at a discount of 20-50%.  The doctor-recommended, Health Canada approved products include oils, capsules, and dried flowers from as low as $3.50/gram.  As the most inclusive program in Canada, Cannalogue’s Compassionate Care Program is also available to veterans, individuals currently enrolled in a disability, federal or provincial assistance program and Indigenous peoples.

“COVID-19 has had a devastating effect on all Canadians” says President and CEO, Dr. Mohan Cooray. “As a result, we’ve seen an upsurge in cannabis use among patients managing symptoms such as pain, anxiety, difficulty sleeping, and stress – especially from symptoms related to COVID-19 isolation.  Cannabis is a natural plant medicine that can be used safely to manage mental health issues without the dependency effects we see from alcohol, opioids or narcotics.  During this unprecedented time and without access to storefront retailers, we want to help Canadians receive the products they need,” he says.

Additionally, with limited access to doctors or pharmacists during self-isolation, Cannalogue’s medical staff can assess and provide dosage recommendations over the phone.  “Cannalogue is an essential national medical service that Health Canada has confirmed will be fully available to patients during the pandemic. No matter how long we face the challenges of COVID-19, Cannalogue will be here to help,” says Dr. Cooray.

Tilray Releases 11 Million Shares From Lock-Up Agreement

CANADA: Tilray, a global pioneer in cannabis production, research, cultivation and distribution, announced that the Board of Directors of Tilray unanimously approved the pro rata release of 11 million shares of Class 2 common stock held by the former equity holders of Privateer Holdings, Inc.

The shares are being released from lock-up agreements entered into in under the Agreement and Plan of Merger and Reorganization, dated September 9, 2019, by and among Tilray, Privateer, Down River Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of Tilray, and Michael Blue, as the Stockholder Representative. The waiver and release will take effect on April 3, 2020, and the released shares may be sold on or after that date, subject to applicable securities law or contractual limitations.

A previously announced agreement between Tilray and Privateer required that each Privateer equity holder who received the shares of Tilray stock or options to purchase Tilray stock in the merger were subject to a lock-up allowing for the sale of such shares only under certain circumstances over a two-year period beginning December 12, 2020. During the first year following the closing of the merger, shares will be released only pursuant to certain offerings or sales arranged by and at the discretion of Tilray. The pro rata release will be treated as a “permitted sale” under the lock-up agreements, waiving the release requirements with respect to such shares included in the lock-up agreement.

“The shares to be released on April 3, 2020 are part of the previously announced release of Tilray stock over a two-year period,” said Michael Kruteck, Tilray’s Chief Financial Officer. “We believe the staggered release of locked-up shares, as well as strategic and marketed offerings, will manage our public float in an orderly fashion.”

The waiver and release announced today will apply on a pro rata basis to each former Privateer equity holder who received shares of or options to purchase Tilray Class 2 common stock in the merger, including certain Tilray officers and directors.

The waiver and release of the 11 million shares represents approximately 14.5% of the locked-up shares (including for purposes of this percentage calculation shares that remain subject to escrow and/or subject to outstanding assumed stock options).

FSD Pharma Takes Steps To Mitigate The Impact Of COVID-19 On Its Cannabis Production Facility In Cobourg, Ontario

CANADA: FSD Pharma Inc. today announced that it has taken steps to mitigate the impact of the novel coronavirus SARS-CoV-2 pandemic on its wholly-owned subsidiary, FV Pharma Inc., a licensed producer under Canada’s Cannabis Act and Regulations, and its facility in Cobourg, Ontario. The Company’s actions are aligned with evolving guidance from provincial and local Canadian health officials.

Effective immediately, FSD Pharma management has implemented a systematic and orderly scale back of FV Pharma’s cultivation operations and a furlough policy for its workforce, except for certain personnel working staggered shifts to ensure continuity of operations and licensure. The Company has also closed its facility to collaboration partners and ceased their operations.

“Following a COVID-19 Declaration of Emergency by the Government of Ontario and confirmation of the presence of coronavirus infections in the town of Cobourg with nearly 19,000 residents, we have taken necessary steps to ensure the safety of FV Pharma’s employees, the Cobourg community and our in-facility partners,” said Raza Bokhari, MD, Executive Co-Chairman & CEO. “The COVID-19 pandemic is rapidly shifting, and we have assembled a working group within FSD Pharma to perpetually monitor the unprecedented market realities that are shaping the local and global business landscape. We are putting forth our best efforts to make deliberate, definitive and difficult decisions to mitigate any present and future setbacks. We are committed to persevere through these unchartered times and are prepared to recalibrate our strategic objectives and deliverables to adapt to the new normal that is emerging. We are confident that we are resiliently positioned to continue to advance our specialty pharmaceutical R&D efforts to target the endocannabinoid system of the human body.”

Aphria Announces Closing Of $100 Million Strategic Investment From Institutional Investor

CANADA: Aphria announced that it closed its previously announced strategic investment from an institutional investor for aggregate gross proceeds to the Company of C$100,000,001.

Pursuant to the Offering, the Significant Investor has agreed to purchase 14,044,944 units of the Company at a price of C$7.12 per unit. Each unit is comprised of one common share of Aphria and one-half of one common share purchase warrant of Aphria. Each warrant will entitle the Significant Investor to acquire one common share at a price of $9.26 for a period of 24 months from the closing date of the Offering.

As previously disclosed, the Company intends to use the net proceeds from the Offering to finance international expansion, working capital and general corporate purposes.

The units and the securities comprising the units are being offered pursuant to a shelf registration statement (including a prospectus) previously filed with and declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on November 26, 2019 and, in Canada, will be offered and sold in Ontario only by way of a prospectus supplement.

“We are pleased to be closing this successful $100 million strategic investment that reinforces confidence in our business and management team,” said Irwin D. Simon, Chief Executive Officer. “Importantly, now with nearly $600 million, our balance sheet has been further strengthened and will continue to support us as we execute upon our strategic plan for continued growth.”

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration and qualification under the securities law of such jurisdiction.

Copies of the prospectus supplement and shelf registration statement are available relating to a particular offering will be available, under Aphria’s profile on SEDAR at www.sedar.com and EDGAR at www.sec.gov, respectively.

Tilray Expands Global Leadership Team With New COO And CFO

CANADA: Tilray, a global pioneer in cannabis production, research, cultivation, and distribution, announces the expansion of its global senior leadership team with two strategic hires: Jon Levin as Chief Operating Officer, who was formerly with Revlon, and Michael Kruteck as Chief Financial Officer, who was formerly with Molson Coors and Pharmaca. Mr. Kruteck’s appointment will be effective immediately after filing the Annual Report on Form 10-K for the year ended December 31, 2019. Mark Castaneda, Tilray’s current CFO, will take on the role of Strategic Business Development and continue to advise the company and assist in Kruteck’s transition.
 
“We are thrilled to have these experienced leaders join our team as we continue to disrupt the global pharmaceutical, alcohol, CPG and functional food and beverage industries,” said Brendan Kennedy, Tilray CEO. “Jon and Michael come to Tilray with extensive expertise in their respective fields and we look forward to their contributions as we pioneer the future of cannabis and hemp around the world.  As CFO, Mark has led the company through its IPO and substantial growth in the past couple years and we thank him as he transitions to a new strategic role with the company.”
 
Levin, COO, joins Tilray from Revlon where he most recently was General Manager, U.S. Mass Markets, responsible for the consumer products sold through major retailers in the United States. With 25 years of experience, Levin has general management knowledge in diverse industries including beauty and health, CPG and sporting goods. Prior to Revlon, he was the Executive Vice President, Sales, for Ferrara Candy Company, and had senior sales leadership positions with Nautilus, Wrigley and Acosta. Levin has a B.S. in Economics from Portland State University and a degree in Executive Management from Cornell University.
 
Kruteck, CFO, served multiple senior financial roles at Molson Coors Beverage Company and most recently as CFO for Pharmaca Integrative Pharmacy. With over 30 years of experience, Kruteck possesses a broad finance background with specific experience in financial and operational transformations, supply chain, corporate finance, and financial planning and analysis. Michael received his MBA from the Garvin School of International Management (Thunderbird) and his B.A. from the University of Colorado at Boulder.
 
Tilray’s current CFO, Mark Castaneda, who joined the company in March 2018, will take on the role of Strategic Business Development focusing on strategic initiatives for Tilray while also supporting Kruteck through the transition.

FSD Pharma Appoints Former Member Of U.S. Congress To Its Board of Directors, Announces Share Consolidation

CANADA: FSD Pharma announced the appointment of former U.S. congressman Stephen Buyer to the Company’s Board of Directors. The Company also announced that it will complete a consolidation of its class A multiple voting shares and its class B subordinate voting shares each on a 1 to 201 basis.

“In welcoming Steve Buyer to the FSD Pharma Board of Directors and announcing a share consolidation, the Company has made an immense positive stride forward” said Raza Bokhari, MD, Executive Co-Chairman and CEO. “Steve’s addition has further strengthened the independence and profile of the FSD Pharma Board of Directors; his broad leadership experience and pharmaceutical industry relationships will help enhance our visibility, especially among U.S. Institutional investors and on U.S. Capitol Hill. The share consolidation or reverse split of our stock is timed to advance our strategic plan to raise the profile of our company in the U.S. capital markets, which includes listing on a major U.S. stock exchange in the near future” continued Dr. Bokhari.

“I’m pleased to be joining the FSD Pharma Board of Directors. The opportunity to participate in FSD’s growth at this stage is exciting. Unfortunately, auto immune diseases have clustered in my wife’s family. I am attracted by FSD’s medical research to tame and define the unknown by challenging the edges of medical science to provide relief to people suffering from fibromyalgia and other serious illnesses,” stated Mr. Buyer.

Stephen Buyer was a member of the United States House of Representatives, serving nine consecutive terms from January 1993 to January 2011. During Congressman Buyer’s long tenure in the Congress, he served on the Committees on Veterans Affairs, Armed Services, Judiciary, Energy and Commerce Committees and also served on the Military Compensation and Retirement Modernization Commission. He is presently the Managing Partner of the 10-Square Solution, LLC, focusing on business development, mergers and acquisitions, and representation before the federal government.

Congressman Buyer served as Chairman of the Committee on Veterans Affairs for the 109th Congress, as well as the Ranking Minority Member for the 110th and 111th Congresses. He centralized the VA’s IT architecture and was named to the Federal IT top 100. Congressman Buyer also served on the House Armed Services Committee from 1993 to 2001, including as Chair of the Subcommittee on Military Personnel in the 105th and 106th Congresses. He founded and co-chaired the National Guard and Reserve Components Caucus. He created the renewable energy portfolio for the Department of Defense and Veteran Affairs. He was the architect of TRICARE For Life and authored the U.S. military’s pharmacy redesign. His other Congressional assignments included service on the Health, Energy, and Technology subcommittees of the Committee on Energy and Commerce from 2001 to 2010, where he assisted in creating Medicare Part D, authored the electronic pedigree pharmaceuticals distribution system, served as a House Conferee on the Telecommunications Act of 1996, and lead the Congressional effort to reorganization of the U.S. Olympic Committee. He also served the House Committee on Judiciary from 1993 to 1999.

Congressman Buyer, as an Army Reserve officer, served four years on active duty, including a tour of duty in Iraq during the first Gulf War (1990-91) where he was awarded the Bronze Star as an Operational Law Judge Advocate. Prior to JAG, he was a Medical Service Corps Officer for 4 years. Congressman Buyer, after 30 years of service, retired with the rank of Colonel in the U.S. Army Reserve Judge Advocate General Corps.

Prior to his tenure in the United States Congress, Congressman Buyer served as a Special Assistant United States Attorney, Indiana Deputy Attorney General, and engaged in a private law practice.

Congressman Buyer is a distinguished military graduate of The Citadel in 1980 with a B.S. degree, and received his J.D. from Valparaiso University School of Law in 1984. He is a member of the Indiana and Virginia state Bars.

In addition, FSD is pleased to announce that its Board of Directors has approved the Consolidation on a 1:201 basis. Effective October 16, 2019, with a record date of October 17, 2019, the Company expects to begin trading the Class B Shares on the Canadian Securities Exchange on a post-Consolidation basis under its existing name and ticker symbol. The new CUSIP and ISIN for the Class B Shares are 35954B206 and CA35954B2066, respectively.

The Company currently has 1,582,966,252 Class B Shares outstanding and the Consolidation will reduce the issued and outstanding Class B Shares to approximately 7,874,809 Class B Shares. The Consolidation was approved by FSD shareholders at the Company’s special meeting held on January 22, 2019, and will allow the Company to continue to pursue the listing of the Class B Shares on a major U.S. exchange.

The Company will not be issuing fractional post-Consolidation FSD Shares in connection with the Consolidation. Where the Consolidation would otherwise result in a shareholder being entitled to a fractional FSD Share, the number of post-Consolidation FSD Shares issued to such holder of FSD Shares shall be rounded down to the nearest whole number of FSD Shares. In calculating such fractional interests, all FSD Shares held by a beneficial shareholder shall be aggregated.

A letter of transmittal with respect to the Consolidation will be mailed to registered shareholders of the Company. All registered shareholders with physical certificates will be required to send their certificates representing pre-Consolidation FSD Shares along with a completed letter of transmittal to the Company’s transfer agent, Computershare Investor Services Inc. (“Computershare”), in accordance with the instructions provided in the letter of transmittal. Additional copies of the letter of transmittal can be obtained through Computershare. All shareholders who submit a duly completed letter of transmittal along with their pre-Consolidation FSD Share certificate(s) to Computershare will receive a post-Consolidation share certificate. Shareholders who hold their FSD Shares through a broker or other intermediary and do not have FSD Shares registered in their name will not need to complete a letter of transmittal.

The exercise or conversion price and the number of FSD Shares issuable under any of the Company’s outstanding warrants and stock options will be proportionately adjusted to reflect the Consolidation in accordance with the respective terms thereof. After the Consolidation, there will be approximately 1,033,782 stock options and warrants to purchase 576,499 Class B Shares outstanding.

The Class A Shares will also be consolidated on a 1:201 basis, such that post-Consolidation there will be 72 Class A Shares issued and outstanding, each Class A Share representing 276,660 votes on all matters. Based on the current issued and outstanding number of FSD Shares, the Class A Shares collectively represent approximately 72% of the voting rights.

CannTrust Discloses Notice Of Licence Suspension

CANADA: CannTrust Holdings has announced that it received late this morning a Notice of Licence Suspension under section 64(1) of the Cannabis Act. The Notice cites the Company’s previous non-compliance with certain requirements of the Cannabis Act and the regulation made thereunder in respect of the matters that the Company has been discussing with Health Canada.

CannTrust logoThe Notice states that Health Canada has suspended CannTrust’s authority to produce cannabis, other than cultivating and harvesting, and to sell cannabis. As such, the Notice constitutes a partial suspension of the Company’s licence for standard cultivation and a full suspension of its licences for standard processing, medical sales, cannabis drugs and research issued under the Cannabis regulations. While the suspension remains in effect, CannTrust will be permitted to cultivate and harvest existing lots or batches previously propagated, as well as conducting ancillary activities to those lots, including drying, trimming and milling. During the suspension, CannTrust may not propagate new lots or batches of cannabis or engage in the sale or distribution of cannabis.

The Notice states that Health Canada will reinstate CannTrust’s licences under section 64(4) of the Cannabis Act if the reasons for the suspension no longer exist or if CannTrust demonstrates that the suspension was unfounded.  The Notice also states that Health Canada considers that implementation of the following measures could potentially address the public health and safety risks that contributed to Health Canada’s decision to issue the Notice:

  • Measures to ensure that cannabis will be produced and distributed only as authorized, including measures to control the movement of cannabis in and out of CannTrust’s site;

  • Measures to recover cannabis that was not authorized by CannTrust’s licence;

  • Measures to improve key personnel’s knowledge of, and compliance with the provisions of the Act and the Regulations that apply to CannTrust; and,

  • Measures for improving the manner in which records are kept, including a plan to improve the inventory tracking, and any interim measures to ensure that information provided to Health Canada can be reconciled.

The Company’s management and Board of Directors are reviewing the Notice with the Company’s counsel and other advisors.

Over the past two months, the Company has moved swiftly to assess and address Health Canada’s concerns, including areas of operational non-compliance. The Company remains committed to being in full regulatory compliance.