RavenQuest BioMed (CSE: RQB) has lost its license to cultivate cannabis for its Alberta Green Biotech subsidiary. The firm announced this morning that the company has received a notification from Health Canada for the intention to revoke the license.
The revocation of the license is the result of the firm losing access to its Edmonton facility as previously reported by The Deep Dive. The company had assets seized by the landlord back in January as per government documents, which was due to outstanding amounts of $410,464.58 that were owed to Fourell Edmonton, the firms landlord.
The company has indicated that they will “continue to try and work out a resolution with Fourell Edmonton Ltd. properties and follow the regulations from Health Canada to seek to regain the licence.” The company also indicated that it may “seek damages” from Fourell and its principal, Norn Ellingson if it deems it as being required.
RavenQuest also further clarified that its Markham Health Canada license is in good standing and operational. However, the firm remains in negotiations for the lease to the facility and still has limited access.
RavenQuest BioMed last traded at $0.01 on the CSE.
Information for this briefing was found via Sedar, Government of Alberta, 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.