CanadaBis Capital Inc. and 1926360 Alberta Ltd. (dba Stigma Pharmaceuticals) in the Final Stages of Proposed Amalgamation
Thursday, March 21, 2019 2:33 PM
CALGARY, AB / ACCESSWIRE / March 21, 2019 / CanadaBis Capital Inc. "TSXV: CANB.P" ("CanadaBis" or the "Company"), an Alberta capital pool corporation listed on the TSX Venture Exchange, and 1926360 Alberta Ltd. doing business as Stigma Pharmaceuticals ("Stigma"), a recreational and medical cannabis and cannabis products company with a facility located in Red Deer, Alberta, are pleased to announce they are in the final stages of completing their amalgamation (the "Amalgamation"). This Amalgamation will constitute a Qualifying Transaction of CanadaBis and upon completion thereof CanadaBis will be a Tier 2 Life Sciences Issuer. Under the CPC Policies, CanadaBis was to have completed its Qualifying Transaction by March 11, 2019. The recent announcement relating to the suspension of trading relates to CanadaBis missing this deadline. However, CanadaBis has an additional 90 days from that date and fully intends to complete the above noted transaction. Trading of the shares of CanadaBis will remain suspended until the Qualifying Transaction is completed.
About Stigma - Stigma has developed a commercial "craft cannabis" grow facility located on land it purchased in the Red Deer County. Stigma currently has 42 proprietary cannabis varieties with a wide range of terpene and potency profiles. It holds a lease and option to purchase a 66,000sq ft facility located on its lands. The facility has currently been built out for 22,000sq ft of cultivation to meet demands of recreational cannabis, as well as medicinal consumption needs. The facility is currently set up for multiple grow rooms, drying rooms, a packaging and processing room, a shipping area and a secure product storage area.
Stigma recently received a Cultivation License and a Processing License for cannabis from Health Canada. "Phase 1" of the facility is designed to produce 1,500 kg per annum. "Phase 2" will involve the raising and investment of additional capital and an expansion to 16,000 kgs per annum. The founders of Stigma have invested over 2 years of research and development to determine optimal cannabinoid profiles and yield. Stigma has also applied for a Sales License. Stigma Pharmaceuticals looks to become one of the few vertically integrated craft companies in this market space.
All information contained in this news release with respect to CanadaBis and Stigma was supplied by the parties respectively for inclusion herein.
Completion of the Transaction is subject to a number of conditions, including but not limited to, acceptance of the Transaction by the TSX Venture Exchange. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
For further information, please contact:
Tel: (587) 356-5625
Email: [email protected]
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.