The Board of Directors of Borealys Biotech Inc. (hereinafter “Borealys”), the parent company of Les Herbes de Beaumont Inc., is pleased to report on the progress of its latest cannabis production project.

The project has now received all pre-approval documents from Health Canada. Cannabis production licensing has recently been the subject of changes that resulted in the tightening of requirements – a gesture that we welcome. The issuing of a cannabis production license is now conditional to the construction of its production site, which reduces the risk of speculation and improvisation in the market. We are therefore pleased to announce that we are moving forward with the construction of a first plant, leading to the achievement of all of Health Canada’s licensing requirements and marking the start of our operations.

Private fundraising for the project has exceeded expectations. In addition to existing private investor commitments, Borealys continues its efforts with various partners that will insure its transition to a publicly traded company. After a due diligence, Borealys has decided to revoke the agreement it had concluded with 28 Red Capital. Several other avenues are already on the table that will enable Borealys to realize its public listing goals.

Discussions with the Municipality of Beaumont continue to create positive results. Borealys’ team was recently in Beaumont to meet with the Mayor and the General Manager. The inauguration of the construction project and start of construction activities will be scheduled in the next few months.

SOURCE Les Herbes de Beaumont