There has been an unprecedented investment in a Canadian medical marijuana facility
September 8th, 2016 | Zenabis.com
New Brunswick, September 8th, 2016 – Zenabis by International Herbs Medical Marijuana (IHMML) is pleased to announce that its medical marijuana facility has received a $4 million dollar loan from the New Brunswick provincial government to build its facility in Atholville, New Brunswick. In addition to the support received from the government, the Listuguj First Nation Government has made a further $3 million dollar investment in IHMML.
IHMML is the only company in Canada to have received funding from both the Provincial and First Nation’s Governments.
After a thorough review by Health Canada’s Office of Medical Cannabis (OMC), IHMML, is currently at the Pre- License Inspection stage under the Access to Cannabis for Medical Purposes Regulations (ACMPR). The construction phase itself is expected to be a total investment of $14 million. “In our first phase, the total investment will be close to $14 million, which will generate about 300 construction jobs.” says Kevin Coft, CEO of IHMML.
The facility is expected to be the largest indoor medical marijuana facility in Canada, at 393,000 square feet, located on a 20 acre site. With this scalability potential, IHMML could become one of the largest producers of medical marijuana in Canada.
The funding from the provincial government and Listuguj First Nation Council will aid in the construction of the facility, which is expected to be operational by 2017. IHMML will then be ready for the final approval phases which include a pre-license inspection from Health Canada, a cultivation license, followed eventually by a license to sell under the ACMPR.
When approved, the facility will create more than 200 full time jobs and contribute $15 million annually to the province’s gross domestic product; these numbers are expected to grow significantly if the federal government legalizes the use of recreational marijuana.
The support for IHMML from the local government and the community has been overwhelming. Throughout the long wait to get to its present stage, the community has stuck by IHMML and will now start to see the project come to realization.
Opportunities New Brunswick, Regional Development Corporation and the Listuguj First Nation Council, and all the community partners have played a vital role in getting IHMML to its operational state.
Work has commenced toward refurbishing the former Atlantic Yarn Mill facility in Atholville to meet all of Health Canada’s requirements. IHMML looks forward to growing the economy, expanding their workforce and creating hundreds of jobs within the local community through educational training programs.
What is Zenabis:
Zenabis is a brand of International Herbs Medical Marijuana Ltd (IHMML), focused on cannabis cultivation, research, and product development. With strengths in the start-up sector, pharmaceutical industry, distribution and horticulture – IHMML hopes to deliver products at a competitive price. Nestled between the scenic Restigouche River and Sugarloaf Provincial Park, IHMML is transforming the former Atlantic Yarn Mill facility in the village of Atholville, New Brunswick into a state-of-the-art, licensed facility for the production and distribution of medical marijuana.
CEO of IHMML