Visionstate portfolio company Freedom Cannabis Inc. secures retail sales licence
February 16 2021 - 9:00AM
Visionstate Corp. (TSX-V: VIS) (“Visionstate” or
“the Company”), is pleased to announce that Freedom Cannabis Inc.,
a portfolio company of Visionstate Corp., has received its
“Processing Licence with Ability for Sale” from Health Canada on
February 11, 2021.
The new licence expands Freedom’s Processing
Licence sales authorization to include selling dried and fresh
cannabis products to provincial and territorial authorized
distributors, retailers, and registered patients.
Freedom Cannabis Inc. also holds Sale (Medical)
and Cultivation licences. The Processing licence previously allowed
sales of plants and seeds. It further allows for provincial and
territorial applications in the Northwest Territories (NWT),
Saskatchewan, Alberta, and Ontario for consumer sales.
This licence solidifies Freedom’s ability to
market next-generation cannabis products for medicinal and retail
sale through vertically integrated seed to sale operations. The
Company is now ready to immediately convert its vault inventory
into market-ready products, including pre-roll, extracts, and dried
cannabis in 3.5g, 7g, 14g, and 28g units. The Company is now poised
to leverage its automated packaging and processing systems to
provide processing, packaging, and sale services to other licenced
producers.
"This licence allows us to now sell to the
provinces and adds to our sales channels. We can now offset our
business to business (B2B) sales with consumer-focused
opportunities,” said Freedom Cannabis Inc. CEO Gianfranco Potestio.
“The amendment adds a service model to the company to process,
package and distribute for other Licenced Producers. Freedom will
begin to leverage its packaging automation towards these
services.”
“This is a major milestone for the Freedom
family, significantly expanding our market and sales opportunities,
unlocking new and diversified revenue streams,” he continued. “It
allows us to increase service and cultivation capacity and pursue
larger commitments than ever before. We are excited about the
scalability, flexibility, and growth potential this approval
enables.”
Visionstate Corp. invested in Freedom Cannabis
in 2019 and is now working with the company to develop Internet of
Things solutions for the cannabis market. The technology will
streamline operations and provide detailed analytics on performance
and regulatory reporting.
About Visionstate Corp.
Visionstate Corp. (TSX-V: VIS) is a
growth-oriented company that invests in the research and
development of promising new technology in the realm of the
Internet of Things, big data and analytics, and sustainability.
Through Visionstate Inc., it helps businesses improve operational
efficiencies, reduce costs and elevate customer satisfaction with
its state-of-the-art devices that track and monitor guest
activities and requests. The footprint of its WANDA™ smart device
now extends to hospitals, airports, shopping centres and other
public facilities across and beyond North America. Through building
up a collection of synergistic technologies, Visionstate Corp. will
continue to innovate, reduce environmental impact and transform
consumer experiences.
Issued on behalf of the Board of Directors“John A. Putters”
Visionstate Corp.
To learn more, please
contact: |
Visionstate Corp. |
CHF Capital Markets |
Website: www.visionstate.com |
John Putters, CEO |
Perry Rapagnap |
Twitter: @visionstate |
(780) 425-9460 |
(416) 868-1079 x 230 |
Facebook: @visionstate |
jputters@visionstate.com |
perry@chfir.com |
LinkedIn:@VisionstateCorp. |
Visionstate (TSXV:VIS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Visionstate (TSXV:VIS)
Historical Stock Chart
From Apr 2023 to Apr 2024