It seems that its all over for RavenQuest BioMed (CSE: RQB) as a licensed cannabis grower. The company issued a late night news release Monday, indicating that due to not having access to the Markham, Ontario facility Health Canada would be revoking the license.
The news of the license revocation follows the news last month that the company had lost its license at its Edmonton-based Alberta Green Biotech facility also due to losing access. The loss of access was the result of RavenQuest failing to pay its lease on the facility, which ultimately resulted in the landlord acquiring a court order to seize assets to cover debts owed.
The Markham facility has long been suspected of not cultivating product while the company has continued to say otherwise. The Deep Dive provided a special report back in early February, providing evidence that cultivation was likely slowed at the facility due to apparent inactivity at the site. Neighbours to the facility had indicated that the smell of cannabis used to permeate the facility but it had not been smelt for “some time.”
The company did not provide a specific timeline for the revocation of it’s Health Canada license, however it’s anticipated to be filed this Friday with the agencies weekly license update.
RavenQuest BioMed last traded at $0.01 on the CSE.
Information for this briefing was found via Sedar and RavenQuest Biomed. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.