VANCOUVER, British Columbia, May 02, 2018 (GLOBE NEWSWIRE) -- RavenQuest BioMed Inc. (the “Company” or “RavenQuest”) – (CSE:RQB) (OTCQB:RVVQF) (Frankfurt:1IT) provides a corporate update.
Operational Activity
RavenQuest’s Investment Division has added two new projects at the MOU stage, including a 250,000 square foot joint venture with Fort McMurray #468 First Nation and the acquisition of late stage applicant, Western AgriPharma Limited, with 125,000 square feet of future grow space. Full buildout of both facilities moves RavenQuest’s projected production from 11,000 kg annually to over 50,000 kg annually.
RavenQuest has signed a lease for space in downtown Edmonton aimed at opening its flagship retail recreational cannabis store, with application for license to be submitted near term. The retail space is strategically situated within close proximity to Edmonton’s downtown nightlife, concert halls, conference center, public transit and the popular “ICE District”, home to NHL hockey and a densely populated residential area. RavenQuest has designed a unique retail experience which includes significant space dedicated to education and awareness surrounding cannabis consumption.
RavenQuest’s Greater Toronto facility, Bloomera, currently has a license to cultivate and has completed the first of two harvests required by Health Canada for license to sell and dispense. Bloomera successfully passed all chemistry and microbiology testing on the first grow cycle, expects to complete the second and acquire sell/dispense license by July, 2018.
Construction on Edmonton based Alberta Green Biotech (“AGB”) is fully funded and continues apace, precisely on schedule and on track for license to cultivate by July of 2018.
Bill Robinson, who leads Government and Indigenous Relations and Executive Director of the Indigenous Peoples’ Cannabis Association, hosted the first national conference call for the IPCA. IPCA membership continues to grow rapidly, indicating the level of interest from Indigenous communities in taking steps toward participating in the cannabis economy.
Notably, RavenQuest’s service division produced $611,000 in revenue in the most recent quarter, covering all operational expenses for the company.
Together with its research partner, McGill University, the Company has received a $480,000 grant from the Natural Sciences & Engineering Research Council (NSERC), which, combined with RavenQuest cash and in-kind contributions, will total $1.2 million over three years toward scientific research aimed at recognition, stabilization and yield maximization of the cannabis plant. RavenQuest sees this work as essential toward delivering a repeatable, reliable and consistent product to its end consumers and patients, all key elements to global success as a cannabis company.
In its commitment to ongoing human excellence, RavenQuest wishes to share the addition of two key members of its growing team.
Andy Schinke will lead RavenQuest’s efforts in Cannabis Sales and Product Acquisition. Mr. Schinke has held VP Sales & Marketing roles within various industries. Mr. Schinke has held the positions of consultant, Director of Sales, Western Canada (Maricann) and most recently held the title of Director of Retail Sales, Canada (Maricann).
Kevin Miao will lead efforts in RavenQuest’s manufacture of the Orbital Garden six/eight-stack grow technology. Kevin’s background includes M.Sc., Mechanical Engineering (University of Alberta), eight years commissioning newly built power plants, thirteen years providing operational, consulting and technical support to the oil industry as well as the design of service rigs.
Corporate Activity
Management notes that at full expansion, RavenQuest’s production capacity projects at 51,000 kg per year.
Management further notes that 11,000 kg of this capacity is fully funded with construction either complete or well underway, with full capacity revenues from both projects (Bloomera & AGB) expected in 2019.
All four pillars of RavenQuest “four-pillars” approach continue to move forward in the following ways:
- Investment Division: Construction/Licensing on schedule, new MOU’s with significant increase in new capacity
- Indigenous Partnerships: Significant expansion and partnership with FM #468 First Nation
- Services Division: Produced $611,000 in revenue last quarter, covering all operating expenses
- Scientific R&D: Receipt of NSERC Grant
RavenQuest CEO, George Robinson, will be a featured speaker at the following events in 2018:
Arcview International Investor Forum: April 30-May 2 Vancouver, BC
Institutional Capital & Cannabis Conference: May 21-22 Los Angeles, CA
International Cannabis Business Conference: June 24-25 Vancouver, BC
The Money Show (Cannabis Investing Symposium): August 23-25, San Francisco, CA
The Money Show (Cannabis Investing Symposium): Sept 14-15, Toronto, ON
Institute of Public Administration of Canada (Pracademic policy workshop): Aug. 22, Quebec City, PQ
RavenQuest will have a booth at all of the above as well as at Lift Expo in Toronto May 25-27. The Company welcomes visitors/attendees to the booth to learn more and discuss RavenQuest.
About RavenQuest BioMed Inc.
RavenQuest BioMed Inc. is a diversified publicly traded cannabis company with divisions focused upon cannabis production, management services & consulting and specialized research & development.
On Behalf of the Board of Directors of
RAVENQUEST BIOMED INC.
“George Robinson”
Chief Executive Officer
For further information, please contact:
Mathieu McDonald, Corporate Communications – 604-484-1230
Neither Canadian Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Stock Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws, including statements with respect to the development of a licensed cannabis production facility and anticipated production from such a facility. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.