LYF Food Technologies Inc., a mass food manufacturer in Canada, is on the verge of receiving a licence to produce cannabis edibles.
The company applied for the licence in February and hopes to have a facility ready in two weeks to start pumping out pot products.
“Our team has worked tirelessly over the last two years to bring this dream to reality, and can now confidently say we are in the last steps of the Health Canada licensing process,” read a statement from Matthew Amado, President and co-founder of LYF.
“Our facility will be completed in approximately two weeks and then our regulatory partners at CCI Deloitte will assist in the submission of our site evidence package to Health Canada.”
LYF is known for producing chocolate, confectionaries, baked foods and raw health foods.
Now, the company will manufacture more than $250,000 worth of sublingual products, functional foods, and traditional cannabis edibles in their 10,500 sq. ft. facility in Kelowna, B.C.
It is also trying to fundraise $6,000,000 through convertible note offerings to get equipment, hire staff, market products and get the operation running.
The offerings, which close around Dec. 20, are secure convertible debentures (basically, a loan backed by credit instead of specific assets) that earn eight per cent interest and is “exercisable at $0.25 per share for a period of three years.”
Rate this article:
Select ratingGive Traditional manufacturers turning to pot before edibles rollout 1/5Give Traditional manufacturers turning to pot before edibles rollout 2/5Give Traditional manufacturers turning to pot before edibles rollout 3/5Give Traditional manufacturers turning to pot before edibles rollout 4/5Give Traditional manufacturers turning to pot before edibles rollout 5/5
Authored By: The Growth OpArticle category: Cannabis Technology NewsMarijuana Business NewsRegional Marijuana News: Canada
READ MORE: https://420intel.ca/articles/2019/12/04/traditional-manufacturers-turning-pot-edibles-rollout