Heritage's 75% owned subsidiary, PhyeinMed Inc. (“PhyeinMed”) received a license from Health Canada under the ACMPR (Access to Cannabis for Medical Purposes Regulations).
“Considering the impending changes to Health Canada’s regulations and the ability to cost effectively comply with the proposed regulations with respect to outdoor grow options, we re-evaluated our current plan and were able to pivot in a manner which is much more accretive to shareholder value” says Debra Senger, CEO of PhyeinMed “this allows for a more effective use of funds, both in capital spending and ongoing operational savings.”
PhyeinMed started the revised building plan on May 22nd, with the first four of ten year-round greenhouses to be completed in the fall of 2018, and the additional six greenhouses expected to be complete by spring 2019, however greenhouses will be brought online, and growing will commence as they are completed. Total grow canopy of the revised second phase will be 41,580 square feet. This is similar to the previous plans for the indoor grow facility, but the revised plan will contain more grow canopy and capacity.
Utilizing greenhouses as a cost-effective option will increase production while substantially reducing operational costs. Pending approval of our production licence allowing cultivation, it is anticipated that the first crops will be ready for harvest in Q1 2019.
PhyeinMed has plans to take advantage of the additional acreage surrounding our current processing facility and greenhouses by erecting a series of up to 30 additional seasonal small-scale greenhouses in the spring of 2019. The seasonal greenhouses bode well for extracted production products. The Company is anticipating a large demand for edibles and consumables, whether in candy or infused products, on legalization of this new market. Since the product needed for this market has different characteristics than the current planned cannabis flower products the Company is looking to produce, it will be targeting a combination of indoor and outdoor growth in an effort to be a low-cost producer.
Senior Security Advisor – David Hyde, M.Sc, CPC - David Hyde is a security and risk management specialist with a range of professional distinctions. He is an industry-recognized leader, respected senior advisor, and life-long learner and educator. Over his 26-year career he has owned and operated an award-winning business, guided security at some of Canada's most iconic landmarks and led the enterprise security program for a $17 billion global corporation. As a corporate security executive with commercial real estate company, Cadillac Fairview, David built the national security strategy and set company policy for security and crisis management across 83 site locations. He assembled a well-respected team of five regional directors, forty site security managers and 550 front-line security staff.
David holds a M.Sc (with Distinction) in Security & Risk Management from the University of Leicester and a Certificate in Security Management from the University of Calgary. He has completed The Wharton School's Development Program for Security Executives and is a Certified Advanced Level CPTED Practitioner. He is also certified to perform Threat Risk Assessments through the International Security Management and Crime Prevention Institute (ISMCPI) and holds the Certified Professional Coach designation.
Senior Horticultural Advisor – Greg Salloum, M.Sc. - Greg received his B. Sc. (Agr.) from McGill in 1982 and then his M. Sc. from UBC in 1987. His undergrad was in Plant Science with a specialty in Horticulture. His Masters’ degree thesis was a cross disciplinary effort in Entomology and Plant Biochemistry. He focused on screening indigenous petroleum ether and ethanol plant extracts for insect anti-feedant activity. While he was finishing his Masters he began working with Safer Ltd. in Victoria, BC developing formulations of botanical insecticides with his research team. They developed a number of patented products with pyrethrum and neem oil in combination with salts of fatty acids.
Since 2010, Greg began his most current project: an organic farm. The farm is now supplying some of the vegetables to their leased restaurant at the Best Western Plus Hotel and Suites. He continues to research new organic horticultural methods for his future endeavors including utilizing humic and fulvic acid, as well as beneficial microorganisms.