In its September 2018 IPO Memorandum, STENOCARE provided guidance that cultivation of cannabis plants in its Danish production facility was expected during Q1. This milestone is yet to be fulfilled due to a delay in receipt of the plant seedling export certificate from the Canadian authorities. The timing of when the export certificate will be obtained is outside the company’s control. All other preparations and approvals required are in place and as soon as the export certificate is received, 1st stage local production will commence in STENOCARE’s own facility in Denmark. With this, STENOCARE expects to become the first Danish vendor to initiate indoor hygienic controlled production of cannabis plants for extraction of Medical cannabis oils, based upon imported live seedling plants.
STENOCARE raised capital via an IPO on Spotlight Stock Market in Q3/Q4 2018 to start the project of establishing their own cultivation facility in Denmark. This project has several phases and, apart from the not yet received plant seedling export certificate, this is progressing as expected.
STENOCARE has secured sourcing of live plant seedlings from their strategic partner, CannTrust Inc., that has many years of experience and development with cannabis plants. These unique plants will help STENOCARE produce medical cannabis products in high quality and with uniform strengths and content in a controlled indoor environment.
STENOCARE has worked with The Danish Agricultural Agency and The Danish Medicines Agency for the import of plant seedlings for their Danish cultivation facility. These Agencies have issued import certificates that enable STENOCARE to import the live plant materials from their strategic partner (CannTrust Inc.) in Canada. The company is expecting that the Canadian Agencies will very soon complete the corresponding export certificates for the seedlings. STENOCARE is ready to receive the live plant seedlings from Canada and are eager to commence the 1ststage cultivation at their facility in Denmark.
STENOCARE will submit a separate press-release upon receipt of the awaited export certificate.