Aleafia Health Welcomes Changes to Cannabis Licensing, Completes Largest Ever Product Sale
May 09 2019 - 7:00AM
Aleafia Health Inc. (TSX: ALEF, OTC: ALEAF, FRA: ARAH)
(“
Aleafia Health” or the
“
Company”) has completed the largest adult-use
cannabis order (the “
Order”) in the Company’s
history today. The Order is scheduled to depart from the Company’s
facility today, with delivery to a Canadian provincial government
for distribution to online and retail consumers. It will contain
the Company’s branded Symbl oils, oral sprays and dried flower
products.
The value of the Order is expected to generate
proceeds from the sale of cannabis exceeding $0.7 million. In the
first 38 days of Q2 2019, including the revenue to be obtained from
the Order, the Company has received adult-use cannabis product
orders from three Canadian provincial governments of over $1.2
million in gross revenue, representing significant growth when
compared to the sale of cannabis revenues generated during 2018.
Previously, in its 2018 audited financial statements, Aleafia
Health recognized revenues from the sale of cannabis of $0.6
million, derived exclusively from wholesale transactions of dried
flower to a Licensed Producer.
“We are extremely pleased to report the largest
ever cannabis sale in our Company’s history,” said Aleafia Health
CEO Geoffrey Benic. “Furthermore, with our Niagara Greenhouse and
Outdoor Grow expansion in a plant-ready state, the assets are now
in place to scale our cannabis health and wellness vision
exponentially and build on today’s results.”
Company Welcomes Health Canada’s Changes
to Cannabis Licensing
Aleafia Health is also providing comment on
changes to cannabis licensing announced by Health Canada on May 8,
2019.
“Aleafia Health welcomes Health Canada’s changes
to cannabis licensing announced yesterday. These changes will
alleviate product shortages and application backlogs, while
spurring job creation in local communities as more completed
facilities become operational. We fully support these measures,”
said Aleafia Health CEO Geoffrey Benic. “Additionally, by
increasing supply, Health Canada will make continued progress
towards eliminating the black market for cannabis, which is an
important policy objective of federal and provincial governments
and all responsible stakeholders.”
For Investor and Media Relations, please
contact:
Nicholas Bergamini, VP, Public
Affairs416-860-5665IR@AleafiaHealth.comLEARN MORE:
www.AleafiaHealth.com
About Aleafia Health:
Aleafia Health is a leading, vertically
integrated cannabis health and wellness company with four primary
business units: Cannabis Cultivation & Products, Health &
Wellness Clinics, Cannabis Education, and Consumer Experience with
ecommerce, retail distribution and provincial supply
agreements.
Aleafia Health owns three major cannabis product
& cultivation facilities, two of which are licensed and
operational. The Company produces a diverse portfolio of
commercially proven, high-margin derivative products including
oils, capsules and sprays. Aleafia Health operates the largest
national network of medical cannabis clinics and education centres
staffed by MDs, nurse practitioners and educators.
Aleafia Health maintains a medical cannabis
dataset with over 10 million data points to inform proprietary
illness specific product development and treatment best practices.
The Company is committed to creating sustainable shareholder value
and has been named the 2019 top performing company of the year by
the TSX Venture Exchange prior to graduation to the TSX.
Forward Looking Information
This press release contains forward-looking
statements and information within the meaning of applicable Canada
and United States securities laws that are based on the beliefs of
management and reflect the Company’s current expectations. When
used in this press release, the words “estimate”, “project”,
“belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”,
“may” or “should” and the negative of these words or such
variations thereon or comparable terminology are intended to
identify forward-looking statements and information.
The forward-looking statements and information
in this press release includes information relating to the expected
shipment of Aleafia Health cannabis products, payment for the
Order, the revenues actually received from the shipment of the
products and the products passing standard quality assurance
testing. By their nature, forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause
our actual results, performance or achievements, or other future
events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements are made
based on management’s beliefs, estimates and opinions on the date
that statements are made, and the Company undertakes no obligation
to update forward-looking statements if these beliefs, estimates
and opinions or other circumstances should change. Investors are
cautioned against attributing undue certainty to forward-looking
statements.