Red Sands is in Prince Edward Island - one of eastern Canada's maritime provinces, off New Brunswick and Nova Scotia
Biome Grow Inc () has launched its next and fifth subsidiary: Red Sands Craft Cannabis Co.
Red Sands is in Prince Edward Island - one of eastern Canada's maritime provinces, off New Brunswick and Nova Scotia, and will produce craft cannabis products.
The company will serve both the local and tourist markets in that province with locally produced and regionally grown cannabis products.
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Though the smallest Canadian province in terms of land area and population, with around 153,000 residents living on the island, the province has a robust tourism industry.
Last year it set records and was visited by an estimated 1.56 million people, who spent around $447-million on the local economy.
"By producing and selling locally made bespoke products to both PEI residents and tourists, we hope to create an experience that will enhance the tourism industry in PEI," said chief executive Khurram Malik.
"It is our intention to create a unique cannabis-centred ecosystem, or biome, in PEI under our Red Sands brand that currently does not exist anywhere else in the Canadian cannabis market."
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Biome has four other subsidiaries and has around 390,000 sq ft of production capacity in operation or under development, including:
Highland Grow, a Nova Scotia-based company, which is already a Licensed Producer under Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR) and is nearing in on sales licensing, pending federal inspections and approvals.
The Back Home Medical Cannabis Corp, in Newfoundland and Labrador, which is in the late stages of applying for a licence under the ACMPR.
There is also P-209 Inc., a company incorporated in Ontario and in the late stages of applying for a licence under the ACMPR.
Finally, subsidiary Weed Virtual Retail Inc, incorporated in Ontario, is in the business of operating a new virtual reality technology platform focused exclusively on the medical and recreational cannabis markets.
Reporting by Giles Gwinnett