Relevium Technologies Inc. (TSX.V: “RLV”, OTCQB: “RLLVF” and
Frankfurt: “6BX”) (the “Company” or “Relevium”), is pleased to
announce its wholly owned subsidiary Biocannabix Health Corporation
(“Biocannabix”) has executed an LOI to acquire 30% of Weedsense
Inc., a late stage applicant for standard processing and medical
sales license.
WEEDSENSE STRATEGIC FIT FOR BIOCANNABIX
ENDO-MEDICINAL BUSINESS
Weedsense Inc. (“Weedsense”) is building a
wholesale and distribution business in Montreal, Québec. The
Company’s business model includes wholesale and bulk products from
licensed producers or processors and distributing directly to
medical patients through a network of pharmacists or clinics.
Weedsense will also service the recreational market by acting as a
distributor to provincially-sanctioned wholesalers such as the
Ontario Cannabis Store (OCS) or Société Québécoise du Cannabis
(SQDC).
Weedsense can also provide secured third-party
logistics (3PL) partner for other market participants who seek
direct access to the Quebec market. Weedsense has applied for
Standard Processing and Medical Sales licenses through Health
Canada and is building a euGMP facility in Montreal. The late stage
applicant “Weedsense Inc.” expects to be fully licensed no later
than Q4 2019 and obtain euGMP certification shortly thereafter.
Biocannabix Health Corporation will entrust
Weedsense with the storage, sales and distribution of its
endo-medical nutraceuticals and medical food products for the
Canadian marketplace including pharmacies and hospitals.
Biocannabix mission is to become a leader in providing safe,
organically sourced endo-medicinal products for pediatric care into
the Canadian market.
Aurelio Useche, CEO of Relevium stated:
“Our investment into Weedsense provides Biocannabix with the
capability to import, export, warehouse, packaging and sell to
pharmacies and hospitals in a secure and compliant manner. This is
another milestone in our vertically integrated model for the
Pediatrics market”
Dave Shepard, CEO and Co-Founder of Weedsense
Inc. stated: “The idea behind Weedsense from the beginning has been
to offer patients the best possible service: amazing products at a
fair price, the best customer service possible and timely delivery.
I have been successful building out this model already in the
beauty space with beautysense.ca and it was clear that a patient
centric wholesale/distribution platform was lacking in the cannabis
market.”
Sasha Asgary, COO and Co-Founder of Weedsense
Inc. stated: “We have had the luxury of building Weedsense after
having observed market dynamics for the last two years. We are
employing best in class cannabis consultants and engineering firms
that have all won awards in their respective categories at industry
events and guided us exceptionally well through our licensing
process. There is no doubt in our minds that we are building a
platform that will win the hearts of patients locally and
nationally.”
TRANSACTION STRUCTURE
Biocannabix has executed an LOI to invest
CAD$1.5 million into Weedsense Inc. to obtain an initial 30%
interest in the company. In addition to its initial investment,
Biocannabix has secured an additional option to acquire 100% of the
shares after the grant of the licenses by Health Canada and full
construction of the facility for an additional CAD$3.5 million
payable in shares of Biocannabix at a valuation equals to that of
the eventual series “A” financing of the wholly-owned
subsidiary.
The transaction is conditional to the grant of
the said licenses by Health Canada, financing and is also subject
to the approval to the TSXV Stock Exchange.
About Relevium Technologies
Relevium is a publicly-traded company that
operates in the health and wellness industry, including legal
cannabis, with a primary focus on online distribution. The
principal business of the Company is the identification,
evaluation, acquisition and operations of brands and businesses in
the health and wellness markets and medical cannabis. The Company
pursues its business strategy through an acquisition and
partnership model in a holistic approach to encompass a wide range
of health and wellness consumer products. Relevium operates through
two wholly owned subsidiaries:
BGX E-Health LLC (BGX), based in Orlando,
Florida, markets dietary supplements, nutraceuticals, sports
nutrition and cosmeceuticals primarily through its Bioganix® brand
portfolio in the US and Europe. Relevium’s premium brands are sold
at some of the world’s largest retailers including such as
Walmart.com and Amazon.com.
Biocannabix Health Corporation (BCX), based in
Montreal, Quebec, is a biopharma nutraceutical company focused on
delivering pediatric endo-medicinal nutraceuticals for cannabinoid
therapy.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Cautionary Note Regarding
Forward-Looking StatementsThis release includes
certain statements and information that may constitute
forward-looking information within the meaning of applicable
Canadian securities laws. All statements in this news release,
other than statements of historical facts, including statements
regarding future estimates, plans, objectives, assumptions or
expectations of future performance, including the timing and
completion of the proposed acquisitions, are forward-looking
statements and contain forward-looking information. Generally,
forward- looking statements and information can be identified by
the use of forward-looking terminology such as "intends" or
"anticipates", or variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"should", "would" or "occur". Forward-looking statements are based
on certain material assumptions and analysis made by the Company
and the opinions and estimates of management as of the date of this
press release, including the assumptions that the Company will be
able to apply for and ultimately obtain an ACMPR licence, the
proposed business of Biocannabix will develop as anticipated, that
the Company will raise sufficient funds to develop the Biocannabix
business, and that the Company will obtain all requisite regulatory
approvals. These forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements
of the Company to be materially different from those expressed or
implied by such forward-looking statements or forward-looking
information. Important factors that may cause actual results to
vary, include, without limitation, the risk that the proposed
business developments may not occur as planned; the timing and
receipt of requisite approvals and failure to raise sufficient
funds.
Although management of the Company has attempted
to identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements or forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. 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 and forward-looking information. Readers are cautioned
that reliance on such information may not be appropriate for other
purposes. The Company does not undertake to update any
forward-looking statement, forward-looking information or financial
outlook that are incorporated by reference herein, except in
accordance with applicable securities laws. We seek safe
harbor.
On Behalf of the Board of Directors
RELEVIUM TECHNOLOGIES
INC.
Aurelio UsechePresident and CEO
For more information about this press release:
Tel: +1.888.528.8687
RELEVIUM TECHNOLOGIES
INCEmail: investors@releviumcorp.comWebsite:
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