TORONTO, Sept. 29, 2017 /CNW/ - Liberty Health Sciences Inc. (CSE:LHS) (OTCBB:LHSIF) ("Liberty" or the "Company") today announced that the Florida Department of Health, Office of Medical Marijuana Use, approved the transfer of the license to cultivate, process and dispense medical marijuana in the State from Chestnut Hill Tree Farm LLC ("Chestnut") to Liberty, effective September 28, 2017.
This approval, the first of its kind in the State of Florida, sees Liberty take over full ownership of Chestnut's Medical Marijuana Treatment Center ("MMTC") license, facility and operations. The change of ownership makes Liberty an officially licensed MMTC, with authorization to cultivate, process, and dispense medical marijuana in the State. Prior to obtaining the approval to transfer the license, Liberty was operating under a State-approved exclusive Management Agreement with Chestnut. With the approval, the Management Agreement dissolves.
"We're thrilled with the Florida Department of Health's decision to approve the transfer of the license," said George Scorsis, CEO and Director of Liberty. "We look forward to continuing to help patients in the State of Florida improve the quality of their lives. The agreements we've established with Aphria allow us to employ their industry leading and proven cultivation and processing techniques, while offering a full array of Aphria products to the citizens of Florida via home delivery and at our forthcoming Medical Cannabis Education Centers."
Liberty's previously announced Part II expansion plans for its Alachua, Florida facility remain on track. This expansion will increase Liberty's annual medical cannabis production to 3,000 kgs by March 2018.
For more information on Aphria, please visit www.aphria.com
For more information on Liberty, please visit www.libertyhealthsciences.com
About Liberty Health Sciences Inc.
Liberty Health Sciences Inc. ("Liberty") is an investor and operator in the medical cannabis market, capitalizing on new and existing opportunities in U.S. states where medical cannabis is legal. Liberty's stringent investment criteria for expansion maximizes returns to shareholders, while focusing on significant near and mid-term opportunities. Liberty has an extensive background in highly regulated industries, with expertise in becoming a low-cost producer. Liberty leverages commercial greenhouse knowledge to deliver high-quality, clean and safe pharmaceutical grade cannabis to patients.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "believe", "plan", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, expectations related to the Company's expansion plans. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the medical marijuana industry in the United States generally, income tax and regulatory matters; the ability of Liberty to implement its business strategies; competition; crop failure; currency and interest rate fluctuations and other risks.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
SOURCE Liberty Health Sciences Inc.
