CanadaBis Capital Provides Clarification of Acquisition Terms for “Full Spectrum Labs”
Friday, August 2, 2019 4:00 PM
CALGARY, AB / ACCESSWIRE / August 2, 2019 / CanadaBis Capital Inc. (“CanadaBis” or “the Company”) announced on July 24, 2019, the acquisition of Full Spectrum Labs Ltd., a private corporation which holds intellectual property (IP) and the physical equipment for an extraction methodology to preserve all of the phytocannabinoids and terpenes from cannabis by utilizing an extreme low-temperature process to create the Company’s future concentrates. CanadaBis wishes to clarify the news release by adding that the Agreement is also subject to an Earned out Payment of $100,000 which shall be paid no later than the date of first commercial sale by CanadaBis of cannabis extracts or cannabis topicals or any other products that become available for purchase pursuant to the amended regulations to the Cannabis Act (S.C. 2018, C.16) which are expected to come into force on October 17, 2019. The Company intends to submit its notice to produce and sell these products as soon as possible upon legalization.
Stigma Grow 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 developing and promoting a strong Alberta brand focused on catering to high-quality experiences. 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, or 1998643 (Stigma Grow), or INDICAtive Collection (the Company’s retail brand) 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, filing Health Canada notices, entering into third party processing agreements, getting products to market 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 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 a material adverse effect 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.