VANCOUVER, British Columbia, July 11, 2018 (GLOBE NEWSWIRE) -- RavenQuest BioMed Inc. (CSE:RQB) (OTCQB:RVVQF) (Frankfurt:1IT) (the “Company” or “RavenQuest”) is pleased to announce that its wholly owned subsidiary, Bloomera Inc. (“Bloomera”), has signed a memorandum of understanding (the “MOU”) with the British Columbia Liquor Distribution Branch (“BCLDB”) to pursue the wholesale distribution of cannabis produced by Bloomera. It is expected that the agreement to be reached with BCLDB will cover the first 12 months of the legalized adult use cannabis market in Canada and see Bloomera sell all of its production over that period to the BCLDB. The MOU provides that Bloomera will supply a broad assortment of cultivars and end products to the BCLDB.
The BCLDB is responsible for regulating private retail cannabis licensing and the distribution of cannabis to retail stores in British Columbia’s legal adult use recreational cannabis marketplace. The MOU does not represent a binding purchase agreement, and any distribution of cannabis products to the BCLDB is subject to the negotiation of such an agreement on the terms specified by the BCLDB. The Company will provide additional information regarding the BCLDB supply and distribution process as it becomes available.
“We are delighted to be working with the BCLDB in pursuit of providing British Columbians with the premium quality cannabis that will come out of our Bloomera facility,” stated George Robinson, CEO of RavenQuest. “Word is getting out that RavenQuest’s grow methodologies are unparalleled in the industry. We have a deep relationship and understanding of the cannabis plant and the science that goes into delivering high quality and repeatable client experiences. This sets us apart as an organization and is about to be appreciated by the consumer as our exceptional cannabis reaches store shelves across British Columbia. We couldn’t be happier to be working with the BCLDB, which has been a tremendous group to work with throughout the negotiation process,” Robinson continued.
About RavenQuest BioMed Inc.
RavenQuest is a diversified publicly traded cannabis company with divisions focused upon cannabis production, management services & consulting and specialized research & development. RavenQuest is a licensed producer with facilities located in Markham, Ontario and Edmonton, Alberta. RavenQuest maintains a research partnership with Montreal's McGill University focused upon cultivar (strain) recognition, plant stabilization and yield maximization of the cannabis plant.
The Company focuses on partnerships with Indigenous communities and entered into an MOU to construct a cannabis production facility on sovereign land of Fort McMurray First Nation #468. RavenQuest has also recently entered into an LOI to pursue the acquisition of Western Agripharma Ltd., a late stage application with a production facility under construction on British Columbia's sunshine coast.
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 the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities 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 transaction with BCLDB and the negotiation of a purchase and supply agreement with the BCLDB. 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.