Other highlights from the quarter ending Aug. 31, 2019 include Sproutly's cannabis producer Toronto Herbal Remedies (THR) submitting an amendment to Health Canada for a license to sell cannabis flower.
THR also successfully carried out an initial run employing the licensed proprietary aqueous phytorecovery process (APP) extraction technology. During early Q3/19, analytical methods were created and verified using the APP technology to detect, identify and measure cannabinoid levels in water-soluble and oil preparations developed from cannabis and hemp.
Further, Sproutly entered into a voluntary debt for shares settlement agreement with an arm's length creditor. Doing so settled an outstanding debt of $3,537,455 by issuing 4,716,606 common shares at a price of $0.75 per share and improved the cannabis firm's working capital position.
Subsequent to Q2/19, Sproutly hit another milestone, receipt of its flower sales license from Health Canada. With the license, effective Oct. 16, 2019, the company now can sell its dried flower and oil products to the Canadian market via authorized distributors and retailers. As well, Sproutly now can commercialize CALIBER, its line of premium cannabis products.
Finally, the company opened a new manufacturing plant near its THR production facility in Scarborough, Ontario.
"We anticipate more growth as we begin to generate revenue from the sales of our flower as we move into Q3/19," CEO Keith Dolo said in the release.
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