RavenQuest Signs European Joint Venture With Cannabis Biocare
03 Setembro 2019 - 7:00AM
RavenQuest BioMed Inc. (CSE: RQB OTCQB: RVVQF Frankfurt:
1IT) (the “
Company” or
“
RavenQuest”), one of Canada’s most innovative
cannabis producers, is pleased to announce it has signed a Joint
Venture Agreement with Cannabis Biocare to construct cannabis
cultivation facilities with planned capacity to produce 35,000
kilograms of medical cannabis in Europe.
The Joint Venture plans to initially build two
cannabis cultivation facilities in Portugal, with an option for
further expansion across Europe and beyond. Two sites have
been selected, both of which are well-suited for retrofit, in the
Portuguese towns of Vila Nogueira de Azeitao and Porto.
RavenQuest owns a 50% stake in the Joint Venture, which is expected
to be called “RQBeu”.
Under the terms of the Joint Venture Agreement,
Cannabis Biocare will endeavor to obtain full funding for cannabis
production facility build-outs and cannabis technologies, including
orbital gardens, and start-up expenses for the Joint Venture.
RavenQuest will grant the Joint Venture use of
its Orbital Garden grow technology, cultivation expertise,
intellectual property and beneficial microbes developed by
RavenQuest in connection with its partnership involving McGill
University.
Commenting on the deal, RavenQuest CEO, George
Robinson, stated, “We are very pleased to enter into this Joint
Venture. Europe is a huge marketplace with over 700 million
residents and a progressive attitude toward cannabis
legalization. Many European nations already allow for medical
cannabis consumption, with many more moving toward adult use
legalization. Portugal is one of the most attractive of these
nations, and an excellent fit to establish RavenQuest’s first
European facilities.
“Our plans to produce 35,000 kilograms in Europe
are now taking shape in the form of a definitive agreement with our
partners at Cannabis Biocare and the identification of two existing
buildings, which are ready for immediate retrofit. Our
partner is responsible for providing 100% of the funding for the
Joint Venture, which allows for non-dilutive expansion into this
burgeoning market. In addition, Cannabis Biocare’s political
relationships across Europe, North Africa and the Gulf States
brings the potential for future expansion as these markets mature,”
Robinson continued.
For more information, access RavenQuest’s
investor presentation, fact sheet and videos here.
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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. RavenQuest is a licensed producer with
facilities located in Markham, Ontario and Edmonton, Alberta.
RavenQuest maintains a research partnership with
McGill University focused upon cultivar (strain) recognition, plant
stabilization and yield maximization of the cannabis plant.
The Company focuses on partnerships with Indigenous
communities.
On Behalf of the Board of Directors
ofRAVENQUEST BIOMED INC.
“George Robinson”Chief Executive Officer
For further information, please contact: |
Mathieu McDonald, Corporate Communications |
|
1-877-282-1586 |
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. Examples of such statements include statements
with respect to the construction of cannabis facilities in Europe
and the cannabis production capacity and location of such
facilities, the name of the joint venture and the funding of the
Joint Venture by the Company’s Joint Venture partner (which is
under no obligation to provide funding). 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 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.
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