Canada Coal Evaluating Opportunities in Medical Marijuana
April 14 2014 - 10:00AM
Marketwired
Canada Coal Evaluating Opportunities in Medical Marijuana
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 14, 2014) -
Canada Coal Inc. (the "Company" or "Canada Coal"), (OTCBB:CDCLF)
(TSX-VENTURE:CCK) announces in further to its press release of
March 27th, 2014 that it is currently exploring potential business
opportunities in the Medical Marijuana field.
Canada Coal has 43,449,750 shares issued and outstanding with
52,411,725 fully diluted. The Company has approximately $2,000,000
in cash and receivables equating to approximately $0.05 per share
and no debt.
This emerging billion dollar industry is currently undergoing
significant regulatory and legal reform that has created exciting
growth opportunities. The current Medical Marijuana industry is
highly fragmented with significant changes recently enacted by
Health Canada which will likely consolidate growers into larger
commercial operations. Canada Coal is reviewing business
opportunities with a goal to obtain operations that have been
granted "Licensed Producer" status under the new Marijuana for
Medical Purposes Regulations (MMPR).
The new MMPR license will allow for producers to grow on a
larger, commercial scale. Health Canada states, "The Government of
Canada introduced the new Marijuana for Medical Purposes
Regulations which were published in Canada Gazette,
Part II on June 19, 2013. The new regulations aim to treat
marijuana as much as possible like any other narcotic used for
medical purposes by creating conditions for a new, commercial
industry that is responsible for its production and distribution."
(http://www.hc-sc.gc.ca/dhp-mps/marihuana/about-apropos/index-eng.php)
The older Marijuana Medical Access Program (MMAP) was scheduled
to end on March 31, 2014 but has been extend until further notice.
This is also the date that all Authorizations to Possess,
Personal-Use Production Licenses and Designated-Person Production
Licenses were set to expire. As of April 1, 2014, the only legal
access to marijuana for medical purposes will be through licensed
producers under the Marijuana for Medical Purposes Regulations
(MMPR), even if you have an authorization to possess or a
license to produce that has a later date.
(http://www.hc-sc.gc.ca/dhp-mps/marihuana/index-eng.php)
At this time, there are no assurances that a new project will be
concluded in the future.
The Company announces that William F. Lindqvist and Michael
MacDonald have resigned as directors of the Company. Canada Coal's
Management and Board of Directors wish to thank Mr. Lindqvist and
Mr. MacDonald for their contributions to the Company and wish them
well in their future endeavors.
The Company welcomes Michael England to the Board of Canada
Coal. Mr. England has been involved in the public markets starting
in 1983 working on the floor of the Vancouver Stock Exchange as a
floor trader after successfully completing the Canadian Securities,
Options and Futures Courses. Since 1995 Mr. England has been
involved directly with public companies serving various roles
including investor relations. Mr. England has been granted 200,000
options at $0.20 for 5 years.
On behalf of the Board of Directors
R. Bruce
Duncan, Executive Chairman
The TSX Venture Exchange has in no way passed upon the
merits of the Transaction and neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release contains
forward-looking statements, which relate to future events or future
performance and reflect management's current expectations and
assumptions. Such forward-looking statements reflect management's
current beliefs and are based on assumptions made by and
information currently available to the Company. Investors are
cautioned that these forward looking statements are neither
promises nor guarantees, and are subject to risks and uncertainties
that may cause future results to differ materially from those
expected. These forward-looking statements are made as of the date
hereof and, except as required under applicable securities
legislation, the Company does not assume any obligation to update
or revise them to reflect new events or circumstances. All of the
forward-looking statements made in this press release are qualified
by these cautionary statements and by those made in our filings
with SEDAR in Canada (available at www.sedar.com).
Canada Coal Inc.R. Bruce DuncanExecutive
Chairman604-638-0971info@canadacoal.comwww.canadacoal.com
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