Canadian Bioceutical Corporation is still waiting for Health Canada to green light its MMPR application for a facility in Owen Sound, Ontario. The company also penned a letter of intent to acquire the Las Vegas-based Medical Marijuana Enterprise.

Company CEO, Scott Boyes, commented on the potential deal: “We believe this acquisition will represent a new milestone in our company’s plan to become a significant participant in the North American medical marijuana industry. Nevada has been particularly progressive in the development of its medical marijuana regulations and there is a very optimistic outlook for growth of the industry in the state.”

However, things are not as smooth in Canada, as Boyes explained, “While the revenue and profitability prospects for our Nevada operation is more immediate and potentially as large as any we could hope for in Canada, we continue to aggressively pursue our MMPR application with Health Canada and are moving ahead with our plans for the MMJ production facility in Owen Sound, Ontario. We are excited by the opportunity to be able to acquire and share market knowledge, production practices, technologies and strategic relationships between our MMJ operations on both sides of the border.”