It is important to note that, if successful in obtaining an appropriate facility and as a condition of the Company obtaining a license for the facility, Health Canada requires significant steps to be taken, including the construction of an indoor growing facility equipped with physical barriers, visual monitoring, recording devices, intrusion detection, air filtration systems, as well as other important controls around distribution and access.
Consequently, the Company is currently at too early a stage in its due diligence process to provide any estimate of the time or cost required to secure a facility or obtain a license, or to assemble the infrastructure or the personnel required in order to support a license application. As a result, none of the infrastructure required to support a license application has yet been optioned, purchased or assembled nor has the requisite personnel been hired or engaged.
Until a facility meeting the requirements for an ACMPR license is acquired or constructed and available for inspection by Health Canada and the Company has received a final license from Health Canada, the Company would not be able to begin production of medical marijuana.
shortlist the top acquisition
Over the next few months Management expects to review medical marijuana opportunities and will shortlist the top acquisition opportunities after completion of due diligence. Upon completion of due diligence Icon will establish what will be the optimal structure to complete such acquisitions (whether by option agreement, asset acquisition, joint venture or share purchase of any entity which would be considered an optimal facility that may obtain or holds a ACMPR license and appropriate infrastructure).
Along with any potential medical marijuana acquisition, the Company will prudently explore funding to secure the assets and will draw on talent to complement the acquisitions and the Company. If the Company does find an acceptable target acquisition, such would constitute a change of business under TSX Venture Exchange policies. At such time, concurrent with filing a required change of business application, Icon would apply to the Exchange to change its listing categorization from a resource company to a company in the medical marijuana industry.