RavenQuest BioMed announced it signed a memorandum of understanding with the Fort McMurray #468 First Nation collaborate in the development, operation, and financing of a purpose-built facility for the production of cannabis.

RavenQuest BioMed (CSE:RQB) announced it signed a memorandum of understanding with the Fort McMurray #468 First Nation collaborate in the development, operation, and financing of a purpose-built facility for the production of cannabis.

As quoted in the press release:

RavenQuest has developed an indigenous-centered, end-to-end solution for cannabis production and sale on sovereign land. RavenQuest will provide its expertise to deliver the technical know-how, staff resources, and financing opportunities as they relate to the development of the Production Facility, initially sized at 24,000 square feet. In consideration, RavenQuest will receive a thirty percent (30%) ownership interest in such a facility.

The parties intend that the Production Facility will rapidly expand from its initial development to a maximum of 250,000 square feet. Under such an arrangement RavenQuest will be granted the rights to a perpetual stream of a portion of cannabis produced at the Production Facility. Any joint venture arrangement will include provisions for the continued development and expansion of the production facility.

“This MOU represents a key milestone for our organization,” said George Robinson, CEO of RavenQuest. “We intend to emerge as the trusted provider of choice for Indigenous Peoples’ Cannabis industry partnerships across Canada. Our work in this area reflects a high level of understanding of the concerns and issues facing Indigenous communities across Canada. With the right partners, we see cannabis as a tremendous opportunity for economic diversification, self-reliance, employment and harm reduction within Indigenous communities. This agreement is designed to deliver on all of these fronts, providing for a mutually beneficial arrangement for FM 468 and RavenQuest moving forward.”

Click here to read the full press release.

Source: globenewswire.com

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