TORONTO, June 28, 2018 /CNW/ - The Board of Directors
of Aleafia Health Inc. (TSXV: ALEF; OTCQX: ALEAF)
("Aleafia") or (the "Company"), one
of Canada's leading, vertically integrated medical
cannabis companies with a unique patient-focused, healthcare
solution, has appointed Geoffrey M.
Benic, as its new CEO. Benic has overseen significant growth
at several entrepreneurial companies with his organizational,
logistical and team-building expertise.
The Hon. Julian Fantino will
continue to serve as Chairman of the Board of Directors. Raf
Souccar will also continue to serve actively on the Board of
Directors. Souccar and Fantino, who step aside as CEO and Executive
Chairman respectively, will continue to work closely with Benic to
expand on Aleafia's many cultivation, clinical and patient assets
and move the company forward into a leadership position in the
Canadian Medicinal Cannabis market.
Widely known for his role in helping to create and build the
iconic Grocery Gateway brand, Benic's career has been characterized
by success in many highly demanding environments. Previously
regional director of United Parcel Service Canada, one of the
world's most rigorous and demanding global logistics entities,
Benic moved on to be an initial Grocery Gateway employee and
General Manager. From October 2004
until June 2018, Benic was the
founder and chairman of Sofilia Logistics Group Inc., a leading
National Delivery Logistics Service, where he followed a vertical
integration growth strategy and successfully acquired and
integrated mid-market businesses. His capital-raising abilities
have been significant and include several mergers and acquisitions
and eventual sales to larger companies.
"Geoff Benic possesses all the
skills that will enhance and maximize Aleafia's next growth phase,
and build on its success combining 22 clinics, over 50,000 patients
assessed since inception and two cannabis production facilities
into an integrated organization, with an annual fully funded
production capacity of 38,000 kg per year of cannabis flower,"
commented Fantino.
"His demonstrated capabilities and track record are perfect for
Aleafia's next growth phase, which will include the development of
new proprietary products, such as cannabis oils, while deploying
its net cash position of $30
million." "He is an outstanding choice to help Aleafia reach
new heights, after its strong start up, merger with Canabo and
entry to the public markets," added Souccar.
"I am excited to join this young, ambitious and already
successful company. My mission will be to expand on Aleafia
Health's successful business strategy, which has centered around
quality patient care. From "seed to sale," we will continue to take
a patient-first, physician-led and research-driven approach to
medical cannabis care," said Benic.
The company's 22 clinics, with over 25,000 active patients, have
access to a vast medical cannabis treatment database, which
identifies strains that have proven to be successful in treating
certain medical conditions. This database is being deployed to
advance the science of medical cannabis therapy, including
establishing the scientific case for medical cannabis to replace
opioids.
As additional assurance in delivering and controlling quality
treatment, Aleafia will be operating two state-of-the-art
cultivation facilities. The first, in Scugog, Ont., is undergoing a
fully funded 150,000 sq. ft. expansion plan. The second, in the
Niagara region, expected to close this July, has been a
transformational transaction for the company. It has brought an
already operating 160,000 sq. ft. state-of-the-art fully automated
facility into Aleafia's cultivation capabilities, with an immediate
expansion capability of another 20,000-sq. ft.
Under Benic's leadership, Aleafia expects to refine its set of
medical cannabis strains, to ensure that they are tailored to meet
the specific needs of Aleafia's patients. This will help physicians
make treatment recommendations that have been proven effective
through historical data, creating a faster route to patient relief
and satisfaction and ensuring that strains required for specific
medical conditions are available to its patients when required. By
cultivating its own product, Aleafia Health will ensure
standardization and quality of its treatments, as well as a
shortened seed-to-patient interval. Also, once Aleafia
receives it ACMPR bulk sales license which is expected in the very
near future, Aleafia will be in position to sell its product to
other licensed producers such as CannTrust, Aleafia's cultivation
and plant genetics partner. Benic entered into an executive
employment agreement with the Company pursuant to which he was
granted, as partial compensation, an aggregate of 1,250,000 stock
options under the Company`s stock option plan of which 1,000,000
stock options vest every six months over a 2 year period (Time
Based Options) and 250,000 vest upon the completion of various
performance milestones as determined by the Board (Performance
Based Options). The Time Based Options are at an exercise price of
$0.82 for the first three vesting
periods and at an exercise price of $1.25 for the final vesting period. The
Performance Based Options are at an exercise price of $0.82. All options have a five year term.
The Board of Directors of Aleafia wishes to thank Raf Souccar
and the Honourable Julian Fantino for their continued leadership in
providing the company with the support and enduring drive to create
the foundation of Aleafia, setting the stage for its next phase of
growth.
Aleafia also announces that it has filed its articles of
continuance to change its corporate jurisdiction from British Columbia to Ontario which will be effective by the end of
this week.
For more information, please go to
http://www.aleafiainc.com.
Overview of Aleafia
Aleafia Health Inc. operates the Aleafia Total Health Network
(the "Aleafia Network") in Vaughan, Ontario. Aleafia Health seeks to make
a difference in cannabinoid therapy delivery by providing an
interconnected medical service model. While most clinical programs
are geared primarily towards post injury rehabilitation, the
Aleafia Network is focused on the strong link between early
intervention and successful treatment. The intent is to manage
health through a patient focused, assessment based, and
interdisciplinary resourced organization.
Aleafia Health also now wholly owns and operates Cannabinoid
Medical Clinics, or CMClinics, Canada's largest physician led referral-only
clinics for medical cannabis. Established in 2014, Aleafia
Helath now has 23 clinics across Canada, with additional locations planned to
open in 2018. Aleafia Health operates referral-only medical
clinics dedicated to evaluating the suitability of prescribing, and
monitoring cannabinoid treatments for patients suffering from
chronic pain and disabling illnesses. Clinics operated by Aleafia
Health are staffed by physicians and qualified health care
practitioners specifically trained to assess patient suitability
for cannabinoid treatment, recommend treatment regimes, and monitor
treatment progress.
Aleafia Inc., owns 100% of Aleafia Farms Inc., a licensed
producer under the Health Canada Access to Cannabis for Medical
Purposes Regulations (ACMPR), as well as the land and building
in Scugog, Ontario, where the
facility operates. Aleafia acquired Aleafia Farms to directly
support the Aleafia Network, as a vertically integrated business
model.
Neither Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements and
information 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
implementation of Aleafia Health's business plan. Such
statements and information reflect the current view of the Company
with respect to risks and uncertainties that may cause actual
results to differ materially from those contemplated in those
forward-looking statements and information.
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. Such factors include, among
others, the following risks: risks associated with the
implementation of Aleafia Health's business plan and matters
relating thereto, risks associated with the cannabis industry,
competition, regulatory change, the need for additional financing,
reliance on key personnel, the potential for conflicts of interest
among certain officers or directors, and the volatility of the
Company's common share price and volume. 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.
There are a number of important factors that could cause the
Company's actual results to differ materially from those indicated
or implied by forward-looking statements and information.
Such factors include, among others, risks related to Aleafia
Health's proposed business, such as failure of the business
strategy and government regulation; risks related to Aleafia
Health's operations, such as additional financing requirements and
access to capital, reliance on key and qualified personnel,
insurance, competition, intellectual property and reliable supply
chains; risks related to Aleafia and its business generally. The
Company cautions that the foregoing list of material factors is not
exhaustive. When relying on the Company's forward-looking
statements and information to make decisions, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events. The Company has assumed a
certain progression, which may not be realized. It has also
assumed that the material factors referred to in the previous
paragraph will not cause such forward-looking statements and
information to differ materially from actual results or
events. However, the list of these factors is not exhaustive
and is subject to change and there can be no assurance that such
assumptions will reflect the actual outcome of such items or
factors. While the Company may elect to, it does not
undertake to update this information at any particular time.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE
REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS
PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON
FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT
TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY
PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE
LAWS.
SOURCE Aleafia Inc.