Recent media reports had indicated that BLUE DIAMOND VENTURES ORD (OTCMKTS:BLDV) is planning to apply for a license to set up a Pharmaceutical in Virginia. And now Blue Diamond Consulting LLC, a wholly owned subsidiary of BLUE DIAMOND VENTURES has come out to shed some light on the matter, confirming that the reports are indeed true. The company is applying for the license to start the development of Dharma Pharmaceuticals LLC. This is one of the 5 licenses that are required in Virginia before one embarks on the development of a Pharmaceutical Grade Cannabis Oil Processor.

In a statement, BLDV CEO Josh Alper said that they have been working to develop such kind of pharma grade facility. He added that this kind of project is what the City of Bristol VA requires so as to boost its economic development. He said that the State of Virginia has put in place very strict measures that tend to favor commitment to research, clinical studies as well as GAP/GMP manufacturing know-how.

Alper & Associates, which is a unit of Blue Diamond Consulting LLC indicated that they will be benchmarking Cann10 and integrating its experience in Dharma Pharmaceutical. This will give Dharma Pharmaceutical a lasting and sustainable competitive advantage in the Virginia program. Dharma and Cann10 are expected to form a strategic partnership that will explore several areas among them licensing of genetics as well as offering knowledge and information on a number of therapies and unique formulations. Cann10 North America will implement the program through the Cann10 Alliance. Cann10 Alliance is tasked with bringing Cann10’s IP and know-how to North America. BLDV is the majority shareholder in Cann10 North America.

Phase one of the facility is expected to cost $10 million and will be located in old JC Penny store. The facility will be built with a $1.3 million Tissue Culture Lab, Extractor Lab and a number of Research Labs. It will also have high-end automation and analytics.

The final list of those issued with licenses will be out in August and the facility is expected to start operations in April 2019.