Canadabis Capital (TSXV:CANB)
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2 Months : From Jul 2019 to Sep 2019
CALGARY, Aug. 8, 2019 /CNW/ - CanadaBis Capital Inc. ("CanadaBis" or "the Company"), and its wholly owned subsidiary, 1998643 AB Ltd. ("Stigma Grow"), a licensed cannabis producer under the Cannabis Act, is pleased to announce that it has successfully passed microbial testing of its second crop required by Health Canada under the CTLS system. CanadaBis will now apply to amend its existing Health Canada sales license to include dried flower and oils and, once approved, will be in a position to begin supplying Alberta with their unique, high-quality craft cannabis products.
Travis McIntyre, President and Founder of CanadaBis stated, "With the approval of the successful 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 currently full, and we are working to maximize inventory in preparation for cannabis legalization 2.0."
CanadaBis has also retained Independent Trading Group ("ITG") to provide market making services in accordance with TSX Venture Exchange policies.
ITG will trade the securities of CanadaBis on the TSX-V for the purposes of maintaining an orderly market. In consideration of the services provided by ITG, the Company will pay ITG a monthly cash fee of $5,000 for a minimum term of three months, and renewable thereafter. CanadaBis and ITG are unrelated and unaffiliated entities. ITG will not receive shares or options as compensation. The capital used for market making will be provided by ITG.
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. Stigma Grow remains focused on growing a craft product with optimal cannabinoid profiles and is the first Health Canada licensed producer operating in the Red Deer area.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE CanadaBis Capital Inc.