Stillcanna signs Definitive Agreement to Supply Hemp Biomass to Sequoya Cannabis
Friday, August 23, 2019 2:13 PM
Stillcanna and Sequoya initiate Strategic Relationship
VANCOUVER, BC / ACCESSWIRE / August 23, 2019 / Stillcanna Inc. (OTC PINK:SCNNF)(CSE:STIL)(FSE:A2PEWA) ("STIL" or the "Company") is excited to announce a completed and signed definitive agreement to supply Sequoya Cannabis with hemp biomass from its Polish farms. Under the terms of the agreement Stillcanna will provide dried flowers from the tops of the hemp plant, with humidity not to exceed 10%, and a Cannabinoid content of 5% or above. The biomass will be 3rd party tested and free of pesticides, heavy metals, toxins and microbials. Sequoya will be responsible for shipping the biomass from Stillcanna’s facility to their own.
This agreement, which is worth approximately C$850,000 represents about 3.5% of Stillcanna’s forecasted biomass from its 2019 harvest, based on the Company’s previously released estimated harvest numbers of 350 kilos of flower per hectare.
“Stillcanna has always been focused on being a large scale manufacturer and supplier to the global CBD industry,” stated Jason Dussault CEO of Stillcanna. “Whether the opportunity is isolate, distillate or biomass, we want to be the industry’s bulk supplier. This initial biomass agreement is inline with the Company’s sales strategy. The more we speak with the principals of Sequoya the more we learn about the synergy of our Companies and the many ways we can work together beyond this initial agreement. From cooperative marketing, research, and product development we feel there are multiple benefits for our firms to work together in the European market.”
About Sequoya Cannabis
Focused on only the highest standards, Sequoya Cannabis has positioned itself as a primary supply partner for major food & beverage and pharmaceutical industry product manufacturers. Sequoya excels in high quality, GMP certified CBD extracts production and high-end medical cannabis distribution. Sequoya has partnered with major producers of cannabis in strategic locations globally to leverage the advantage of stable supply of a wide variety of cannabis products and low cost production enabling market competitiveness. From using naturally grown hemp and cannabis to highly advance clean extraction equipment to top tier PhD scientists. www.sequoya.ca
About Stillcanna Inc.
Stillcanna Inc. (CSE: STIL) www.stillcanna.com is a Canadian early-stage life sciences company focused on large scale CBD extraction in Europe. The Company believes its proprietary intellectual property allows it to extract CBD at a lower cost. The Company has signed an initial extraction contract in Europe to be the exclusive extractor for Dragonfly BioSciences LLC, a United Kingdom-based supplier of CBD. The Company also recently completed the acquisition of Olimax NT SP. Z .O.O, which is expected to increase the Company’s market share in the European CBD industry.
On Behalf of the Board
Jason Dussault, CEO
Cautionary Note Regarding Forward Looking Statements: This release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws, including that the Company expects the biomass sale to be approximately 3% of its biomass from its Polish fields. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should" or "would" occur. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that the Company expects the biomass sale to be approximately 3% of its biomass from its Polish fields. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, that Company will not be able to deliver biomass that meets the buyer criteria including humidity and cannabinoid content. Readers are cautioned not to place undue reliance on forward-looking statements. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
The CSE has not in any way passed upon the merits of and has neither approved nor disapproved the contents of this news release.
SOURCE: Stillcanna Inc.