Business
KDA Group Becomes the Majority Shareholder of CanNorth Medic Inc., a Corporation That Filed an Application for a Cannabis Production License for Medical Purposes
(via TheNewswire) Thetford Mines, Quebec / TheNewswire / October 29, 2018 - KDA Grou...
About this update from Kda Group Inc.
[{"type":"text","content":"KDA Group Becomes the Majority Shareholder of CanNorth Medic Inc., a Corporation That Filed an Application for a Cannabis Production License for Medical Purposes(via TheNewswire)\n \n \nThetford Mines, Quebec / TheNewswire / October 29, 2018 - KDA Group Inc. (TSXV: KDA) (\"KDA Group\" or the \"Corporation\") wishes to precise and clarify its July 3, 2018 press release as requested by the TSX Venture Exchange.\n\n\n \nKDA Group was proud to announce on that date the creation of a new subsidiary of the Corporation, CanNorth Medic inc. (\"CanNorth\") of which it holds 51%. The creation of this subsidiary does not result from the acquisition of a corporation, so no sales agreement has been concluded. In addition, the 49% minority shareholders of CanNorth are at arm's length to KDA Group.\n\n\n \nKDA Group's majority interest in CanNorth will allow the Corporation to offer cannabis products for medical purposes to patients. CanNorth will operate in accordance with all applicable laws, rules and regulations.\n\n\n \nCanNorth's operations are at a preliminary stage and currently generate no income or sales and CanNorth currently has no significant assets or liabilities. All of its operations are located in Canada and CanNorth does not currently have any operations in the United States and does not plan to operate in the United States.\n\n\n \nThe Corporation has no specific commitments or obligations to CanNorth since KDA's contribution to CanNorth is based on its pharmaceutical expertise held across its various divisions.\n\n\n \nCanNorth filed an application for a cannabis production license for medical purposes with Health Canada dated September 25, 2018 and the status of this application is being processed by Health Canada.\n\n\n \nThis project is part of the KDA Group's business model and is complementary to KDA Group's business of marketing and offering services and products to the pharmaceutical and medical markets. The sale of medical cannabis would be an additional product offered by KDA Group.\n\n\n \nIn addition, the Corporation intends to use the proceeds of the private placement as stipulated in the press release of September 7, 2018 for its working capital, general expenses and the settlement of short-term debts except those to subscribers.\n\n\n \nABOUT KDA GROUP\n\n\n \nKDA is a leading generic drug distributor and spec...