Canada Coal Evaluating Opportunities in Medical Marijuana
Posted: April 14, 2014
April 14th, 2014, Vancouver, BC, Canada – Canada Coal Inc. (the “Company” or “Canada Coal”), (CDCLF-OTC) (TSX-V: CCK) announces in further to its press release of March 27th, 2014 that it is currently exploring potential business opportunities in the Medical Marijuana field.
Canada Coal has 43,449,750 shares issued and outstanding with 52,411,725 fully diluted. The Company has $approximately 2,000,000 in cash and receivables equating to approximately $0.05 per share and no debt.
This emerging billion dollar industry is currently undergoing significant regulatory and legal reform that has created exciting growth opportunities. The current Medical Marijuana industry is highly fragmented with significant changes recently enacted by Health Canada which will likely consolidate growers into larger commercial operations. Canada Coal is reviewing business opportunities with a goal to obtain operations that have been granted “Licensed Producer” status under the new Marijuana for Medical Purposes Regulations (MMPR).
The new MMPR license will allow for producers to grow on a larger, commercial scale. Heath Canada states, “The Government of Canada introduced the new Marijuana for Medical Purposes Regulations which were published in Canada Gazette, Part II on June 19, 2013. The new regulations aim to treat marijuana as much as possible like any other narcotic used for medical purposes by creating conditions for a new, commercial industry that is responsible for its production and distribution.” (http://www.hc-sc.gc.ca/dhp-mps/marihuana/about-apropos/index-eng.php)
The older Marijuana Medical Access Program (MMAP) was scheduled to end on March 31, 2014 but has been extend until further notice. This is also the date that all Authorizations to Possess, Personal-Use Production Licenses and Designated-Person Production Licenses were set to expire. As of April 1, 2014, the only legal access to marijuana for medical purposes will be through licensed producers under the Marijuana for Medical Purposes Regulations (MMPR), even if you have an authorization to possess or a license to produce that has a later date. (http://www.hc-sc.gc.ca/dhp-mps/marihuana/index-eng.php)
At this time, there are no assurances that a new project will be concluded in the future.
The Company announces that William F. Lindqvist and Michael MacDonald have resigned as directors of the Company. Canada Coal’s Management and Board of Directors wish to thank Mr. Lindqvist and Mr. MacDonald for their contributions to the Company and wish them well in their future endeavors.
The Company welcomes Michael England to the Board of Canada Coal. Mr. England has been involved in the public markets starting in 1983 working on the floor of the Vancouver Stock Exchange as a floor trader after successfully completing the Canadian Securities, Options and Futures Courses. Since 1995 Mr. England has been involved directly with public companies serving various roles including investor relations. Mr. England has been granted 200,000 options at $0.20 for 5 years.
On behalf of the Board of Directors
“R. Bruce Duncan”
The TSX Venture Exchange has in no way passed upon the merits of the Transaction and neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).