Health Canada
finalizes requirements for licensing of the Company's Port Coquitlam grow operations
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VANCOUVER, May 16, 2019 /CNW/ - Geyser Brands Inc.
(TSXV:GYSR) ("Geyser Brands" or the "Company") is pleased
to announce its subsidiary, 0957102
B.C. DBA Apothecary Botanicals (the "LP"), has
secured a Health Canada license amendment approval to make
amendments to its current 7,000 sq. ft. facility located in
Port Coquitlam, BC. Once complete,
the expansion would allow for Research and Development ("R&D")
and Processing capabilities in anticipation of receiving its
licence amendments. Capital expenditure for the expansions are
expected to be minimal and test crops are already complete, having
passed both microbial and pesticide analysis. The Company expects
the expansion to be completed by the end of June.
The Company anticipates receipt of the R&D licence after
completion of the proposed expansion and has submitted an amendment
to the R&D licence application to also include a processing
licence. The receipt of the licence will be subject to the LP
meeting Health Canada's facility requirements. As previously
announced, the Company's facility was recently audited by Health
Canada, which affirmed the LP's compliance with Health Canada
standards. The Company believes that processing will be key to the
Company's long-term strategy in capitalizing in the CBD and THC
wellness product markets, which is predicted to be a
multibillion-dollar industry.
Future milestones for the Company's facility is to include
mothering and cloning rooms and work with approved seed
banks. This will enable the Company to secure high-CBD seed
strains with consistent cannabinoid profiles that will provide a
reliable and consistent experience for consumers through the
Company's product lines. The focus will be to ensure that there is
greater control over the value chain so as to solidify cost
efficiencies, which can then be reinvested in continued
R&D.
ABOUT GEYSER BRANDS
Geyser Brands Inc. builds health-based hemp CBD consumer
products in the Nutraceutical, Cosmetics, Food & Beverage and
Pet sectors world-wide. R&D investment in NanoFusion, a
proprietary all-natural nanotechnology, delivers topical, cream,
beverages and baked goods, oil, and tincture formulations with
superior bio-availability and water-solubility.
Geyser Brands is a Health Canada approved Licensed Producer
("LP") in Port Coquitlam, B.C.
that holds a cultivation license and is anticipating its processing
and sales licenses. Geyser Brands is exclusively focusing on
leveraging these assets to provide the regulatory infrastructure
for its global brands and distribution strategy, acquiring hemp-
and plant-based brands and infusing them with new CBD product lines
in jurisdictions where the therapeutic ingredient is legal. Geyser
Brands' proprietary NanoFusion technology surrounds oils and solves
for the insolubility of CBD. Geyser Brands will utilize its 7,000
sq. ft. licensed facility in British
Columbia for the manufacturing and distribution of its hemp
and CBD-based products internationally.
For more information, visit Geyser Brands' website at
www.geyserbrands.com.
On Behalf of the Board of Directors
Andreas
Thatcher
Director and CEO
CAUTIONARY AND FORWARD-LOOKING STATEMENTS
This news release contains forward‐looking statements and
forward‐looking information within the meaning of applicable
securities laws. These statements relate to future events or future
performance. All statements other than statements of historical
fact may be forward‐looking statements or information.
Forward‐looking statements and information are often, but not
always, identified by the use of words such as "appear", "seek",
"anticipate", "plan", "continue", "estimate", "approximate",
"expect", "may", "will", "project", "predict", "potential",
"targeting", "intend", "could", "might", "should", "believe",
"would" and similar expressions.
Forward-looking statements and information are provided for the
purpose of providing information about the current expectations and
plans of management of the Company relating to the future. Readers
are cautioned that reliance on such statements and information may
not be appropriate for other purposes, such as making investment
decisions. Since forward‐looking statements and information address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks. These include, but are not limited to, the risks
associated with the marijuana industry in general such as
operational risks in growing; competition; incorrect assessment of
the value and potential benefits of various transactions; ability
to access sufficient capital from internal and external sources;
failure to obtain required regulatory and other approvals and
changes in legislation, including but not limited to tax laws and
government regulations. In addition, the proposed acquisition of
Solace Management Group Inc. remains subject to the execution of a
binding definitive agreement and other conditions, including the
approval of the TSX Venture Exchange. There is no assurance
that the proposed acquisition of Solace will be completed as
described in this news release, or at all. Accordingly,
readers should not place undue reliance on the forward‐looking
statements, timelines and information contained in this news
release. Readers are cautioned that the foregoing list of factors
is not exhaustive.
SOURCE Geyser Brands Inc.