Quadron Signs Agreement to Supply Full Extraction and Processing Facility for Puriflor Enterprise Inc.
March 28 2019 - 8:30AM
Quadron Cannatech Corporation (the “Company” or “Quadron”) – (CSE:
QCC), is pleased to announce that it has entered into a letter of
intent with Puriflor Enterprise Inc. (“Puriflor”) regarding
Puriflor’s acquisition of an extraction and processing facility,
and the formation of a joint venture between Quadron and Puriflor,
whereby Quadron will acquire a one third interest in the Puriflor
extraction and processing facility.
Puriflor, a privately-owned company based in
Montreal, Quebec, is a late stage applicant with Health Canada to
become a licensed producer and standard processor under the
Cannabis Act in the Province of Quebec (the License).
Puriflor’s main areas of activities include cannabis cultivation,
nursery/propagation, extraction/processing, research &
development and clinical studies done in collaboration with
universities.
Rosy Mondin, CEO of Quadron, states: “We are
excited to announce this agreement with Puriflor in the province of
Quebec. This joint venture is in keeping with Quadron’s business
model wherein we select strategic partners in which we take an
interest in our joint venture partner companies and solidify
revenue sharing agreements in licensed facilities. We believe these
partnerships will allow us to establish Quadron as a leader in
extraction, processing and end-product formulation, growing
Quadron’s market share, and increasing revenue and profitability
for its shareholders.”
Ramy Jabbour, CEO of Puriflor, states: “We are
extremely pleased to announce this partnership with Quadron. The
Puriflor team is looking forward to working in close collaboration
with Quadron in order to develop a strong and inclusive extraction
ecosystem in Quebec. Puriflor aims to become a full service hub for
third-party licensed producers looking to create value and
diversify their delivery platform offerings. Partnering up with
relevant and established players is in line with our expansion
philosophy and will help achieve our objective to produce the
finest extracts available in the market.”
Completion of the transaction is subject to the
issuance of the respective licenses to Puriflor and finalizing the
Definitive Agreement and related transaction documents.
About Puriflor:
Puriflor is a privately-owned company and a
late-stage applicant under the Cannabis Act based in Montreal,
Canada. Our indoor facility will bolster state-of-the-art
climate controls and will be able to cultivate up to 8 different
strains simultaneously to cater for the recreational and medical
market. With its craft approach and vertically integrated
business model, Puriflor aims to produce high-end cannabis for
value-seeking customers looking for an uncompromising
experience.
About Quadron:
Quadron, through its wholly owned subsidiaries,
provides turn-key extraction and processing solutions for the
cannabis industry including proprietary industrial grade equipment,
custom build processing facilities, ancillary products, and
scientific services. Quadron delivers streamlined, cost-effective
and innovative solutions to help licensed growers, producers and
processors develop market ready products all to achieve quicker
ROI.
For more information, visit:
www.quadroncannatech.com
On behalf of the Board of Directors
ofQUADRON CANNATECH CORPORATION
Rosy MondinCEOrosy@quadroncannatech.com
Investor Relations Contact:KIN Communications
Inc.Caleb Jeffries, VP, Investor
Relations1-866-684-6730QCC@kincommunications.com
Neither the CSE nor its Regulation Services
Provider (as that term is defined in the policies of the CSE)
accepts responsibility for the adequacy or accuracy of this
release.
Statements included in this announcement,
including statements concerning our plans, intentions and
expectations, which are not historical in nature are intended to
be, and are hereby identified as “forward-looking
statements”. Forward-looking statements may be identified by
words including “anticipates”, “believes”, “intends”, “estimates”,
“expects” and similar expressions. The Company cautions readers
that forward-looking statements, including without limitation those
relating to the Company’s future operations and business prospects,
are subject to certain risks and uncertainties that could cause
actual results to differ materially from those indicated in the
forward-looking statements.
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