Investors, come join us for our next Proactiveinvestors One2One forums in Montreal and New York, where you will get a first hand glimpse of Enertopia Corp (CSE:TOP), an early mover in Canada's dynamic medical marijuana landscape.
Last April, Enertopia announced plans to team up with Lexaria (CSE:LXX) to co-own and co-operate a marijuana grow facility in Canada. The facility is currently 30,000 square feet, with the companies having a right of first refusal to expand the site by another 45,000 square feet to accomodate future growth.
The licensed producer application for the facility, which was submitted last July to Health Canada, was at the enhanced screening process in early December. The license is to produce 10,000 kg of medical marijuana per year. Enertopia has a 51 percent interest in the joint venture and is obligated to pay 45 percent of initial and ongoing costs, with Lexaria holding the remaining stake.
The new Marijuana for Medical Purposes Regulations (MMPR) program was introduced in Canada in April 2014, and was developed to replace the Medical Marijuana Access Regulations (MMAR) license regime, which had proven difficult to monitor owing to the many thousands of small-scale growers it covered. The idea behind MMPR was to put licensed growing into the hands of a much smaller number of large commercial operations.
According to Health Canada, some 9,448 patients have registered as medical marijuana users since April 1, when the new regulations took effect, for an annualized capture rate of 28,000 new patients. At an average of 1.25 grams per day per each patient, this translates into $100 million of revenue between the 13 currently licensed producers, which does not even take into consideration the 37,000 patients that had prescriptions prior to April 1.
This rate of growth is projected for the next 7-10 years, with the industry expected to be worth some $1.3 billion by 2024.
Enertopia's focus is on a partner and grow strategy to manage risk and resources, and to ensure growing operations benefit from industry leading expertise.
Directors of Enertopia will be presenting on Wednesday, February 25th at Le Pois Penche, 1230, boul. de Maisonneuve Ouest, in Montreal. The company will also be presenting at our New York City forum the next day, at the Penn Club of New York, 30 West 44th Street.
The Proactiveinvestors One2One forums promise to provide direct access to the bosses of some of the nation's most dynamic growth companies. In seven years, Proactive has organized more than 400 events and introduced investors to some of the stock market's best-performing stock market listed companies.
This event is suitable for sophisticated & private investors, investment advisors, fund managers, financial institutions, hedge funds, buy & sell side analysts and journalists. The event is not suitable for people pursuing commercial opportunities.
We look forward to seeing you there!