TSX-V: CANB
www.canadabis.com
CALGARY, Aug. 8, 2019 /CNW/ - CanadaBis Capital Inc.
("CanadaBis" or "the Company"), and its wholly owned subsidiary,
1998643 AB Ltd. ("Stigma Grow"), a licensed cannabis producer under
the Cannabis Act, is pleased to announce that it has
successfully passed microbial testing of its second crop required
by Health Canada under the CTLS system. CanadaBis will now
apply to amend its existing Health Canada sales license to include
dried flower and oils and, once approved, will be in a position to
begin supplying Alberta with their
unique, high-quality craft cannabis products.
Travis McIntyre, President and
Founder of CanadaBis stated, "With the approval of the successful
submission of material for analytical testing, we will soon be in a
position to expand our product offerings from fresh flower to dried
flower and oils. Our existing grow rooms at the Red Deer facility are currently full, and we
are working to maximize inventory in preparation for cannabis
legalization 2.0."
CanadaBis has also retained Independent Trading Group ("ITG") to
provide market making services in accordance with TSX Venture
Exchange policies.
ITG will trade the securities of CanadaBis on the TSX-V for the
purposes of maintaining an orderly market. In consideration of
the services provided by ITG, the Company will pay ITG a monthly
cash fee of $5,000 for a minimum term
of three months, and renewable thereafter. CanadaBis and ITG
are unrelated and unaffiliated entities. ITG will not receive
shares or options as compensation. The capital used for market
making will be provided by ITG.
Stigma Grow, a subsidiary of CanadaBis, currently operates
22,000 sq/ft of production space and plans to expand this area to
66,000 sq/ft later this year. The Company received a standard
cultivation and processing license from Health Canada on
March 8, 2019. Stigma Grow remains
focused on growing a craft product with optimal cannabinoid
profiles and is the first Health Canada licensed producer operating
in the Red Deer area.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, statements with respect to our business and operations
including development and expansion plans and the timing thereof.
Forward-looking statements are necessarily based upon a number of
assumptions that, while considered reasonable, are subject to known
and unknown risks, uncertainties, and other factors which may cause
the actual results and future events to differ materially from
those expressed or implied by such forward-looking statements. Such
factors include, but are not limited to: compliance with extensive
government regulation, the general business, economic, competitive,
political and social uncertainties; requirement for further
capital, delay or failure to receive board, shareholder or
regulatory approvals; the results of operations and such other
matters as set out in the Filing Statement available on SEDAR at
www.sedar.com. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such
statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. Investors are cautioned that
forward-looking information is not based on historical facts but
instead reflects management's expectations, estimates or
projections concerning future results or events based on the
opinions, assumptions and estimates of management considered
reasonable at the date the statements are made. Although we believe
that the expectations reflected in such forward-looking information
are reasonable, such information involves risks and uncertainties,
and undue reliance should not be placed on such information, as
unknown or unpredictable factors could have material adverse
effects on our future results, performance or achievements.
Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
information prove incorrect, actual results may vary materially
from those described herein as intended, planned, anticipated,
believed, estimated or expected. Although the Company has attempted
to identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that
cause results not to be as anticipated, estimated or intended.
CanadaBis Capital does not intend, and does not assume any
obligation, to update this forward-looking information except as
otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE CanadaBis Capital Inc.