Meet Heritage Cannabis Holdings Corp. (CSE:CANN), the newest company to enter the blazing hot Canadian cannabis market. The company was previously called Umbral Energy Corp. (CSE:UMB) and focused mainly on mineral exploration in Quebec.
In connection with its acquisition of a 75% stake in PhyeinMed Inc., a late-stage Health Canada ACMPR (Access to Cannabis for Medical Purposes Regulations) applicant, the company has now changed its business into a marijuana issuer.
PhyeinMed is currently in the process of building a 15,500-square-foot facility in Falkland, B.C., anticipated to be completed this month. In addition, it intends to work on a brand new 14,000-square-foot, two-story facility that will be built simultaneously with the retrofitting of the company's current building.
The two planned facilities would represent over 37,000 square feet of the targeted 420,000 square feet of cannabis production. The addition of the second facility increases the initial production of the company's facilities to 4,550 kilograms and could potentially have a positive effect on its first year cash flow projections. PhyeinMed currently owns 13 acres of land in Falkland.
Following its change of business, the company’s stock was priced at $0.70 a share. It is now trading at $0.65 due to the entire cannabis market being down. It could be headed for further growth down the line as more updates are released on the facility expansions.
Featured Image: twitter
