CanadaBis Capital Inc. (TSXV:CANB) (“CanadaBis” or “the Company”), a licensed cannabis producer under the Cannabis Act, is pleased to announce that it has completed its second cannabis harvest and has submitted dried samples for analytical testing. Upon completion of analytical testing, CanadaBis will amend its existing Health Canada sales license to include dried flower and oils.
Travis McIntyre, President and Founder of CanadaBis stated, “With the completion of the submission of material for analytical testing, we will soon be in a position to expand our product offerings from fresh flower to dried flower and oils. Our existing grow rooms at the Red Deer facility are full and we are working to maximize inventory in preparation for cannabis legalization 2.0.
As announced on July 2, 2019, CanadaBis has entered into an agreement to acquire a cannabis retail store development license, located in the heart of Gasoline Alley, Red Deer, Alberta and leasehold improvements are nearing completion. Alberta Gaming, Liquor & Cannabis (“AGLC”) is estimating that a total of 20 retail sales licenses are being issued every week in Alberta and the Company anticipates receiving its retail sales license for this location shortly after leasehold improvements have been completed. Upon opening, the store will operate as “Indicative Collection”.
CanadaBis is also in receipt of the report from its first, two-day, on-site inspection by Health Canada, which took place in July of this year. The results of the inspection were positive with CanadaBis being found to be compliant with Health Canada regulations.
Stigma Grow, a subsidiary of CanadaBis, currently operates 22,000 sq/ft of production space and plans to expand this area to 66,000 sq/ft later this year. The Company received a standard cultivation and processing license from Health Canada on March 8, 2019 and has recently harvested its second crop. Stigma is currently working on a strong Alberta brand catering to a quality experience. Proudly offering a craft product with optimal cannabinoid profiles, Stigma is the first Health Canada licensed producer operating in the Red Deer area.
For more information on CanadaBis Capital, Stigma Grow or Indicative Collection, please visit www.canadabis.com or contact:
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to our business and operations including development and expansion plans and the timing thereof. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: compliance with extensive government regulation, the general business, economic, competitive, political and social uncertainties; requirement for further capital, delay or failure to receive board, shareholder or regulatory approvals; the results of operations and such other matters as set out in the Filing Statement available on SEDAR at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although we believe that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on our future results, performance or achievements.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. CanadaBis Capital does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
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