- Eve & Co (TSXV:EVE) subsidiary, Natural MedCo, has received Health Canada’s approval of a license amendment for its cannabis facility
- The approval allows the company to use a 7,300 square foot area as 11 additional processing rooms
- In addition to increasing processing capacity, the additional space will provide extra room for social distancing during COVID-19
- The company expects that this development will increase its production capacity to 50,000 kilograms a year
- Eve & Co is up 6.25 per cent, and is currently trading for 8.5 cents per share
Eve & Co (TSXV:EVE) subsidiary, Natural MedCo, has received Health Canada’s approval of a license amendment for its cannabis facility.
The approval permits the company to utilise a 7,300 square foot area (Processing Area 2) as eleven additional processing rooms.
This will allow Eve & Co and Natural MedCo to ramp up production of cannabis products for Canadian and overseas markets. Natural MedCo is able to operate in Europe because of its EU-GMP certification from the Government of Upper Bavaria, Germany.
The company expects that its cannabis production capacity will rise to 50,000 kilograms a year.
With such an increase, Eve & Co could introduce value-added products to Canada’s market under its female-focused Eve brand. This would be on top of building and executing its current international program.
Eve & Co’s President and CEO, Melinda Rombouts, welcomed the authorisation.
“We are very pleased to have received Health Canada’s approval for our additional processing area. This is an integral step in supporting our 780,000 square foot flowering room expansion and production ramp-up.
“With this approval, we intend to ramp-up production over the next two quarters. This will give us the ability to become a significant supplier to the Canadian and global cannabis markets,” she said.
In addition to increasing general production and processing capacity, the additional space also brings other benefits. The license amendment approval will also create more space for social distancing during the COVID-19 pandemic.
Eve & Co is up 6.25 per cent, and is currently trading for 8.5 cents per share, as of 10:53am EDT.