BlissCo Completes Oversubscribed Raise of $5.6M and Secures Supply to Accelerate 2018 Growth
06 Mar, 2018, 09:00 ET
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VANCOUVER, March 6, 2018 /CNW/ - BlissCo Cannabis Corp., CSE:BLIS ("BlissCo" or the "Company") is pleased to announce that it has completed a financing of $5,605,213, in connection with its listing on the CSE, where it started trading on March 2, 2018. It has also completed two transactions with The Supreme Cannabis Company, TSX.V: FIRE ("Supreme").
"We are delighted to complete our $5.6M private placement, secure a two-year supply agreement and be trading on the Canadian Securities Exchange. The $3M strategic investment and a supply agreement with a leading Canadian Licensed Producer demonstrates confidence in BlissCo's business plan.
"Supreme's two-year medical cannabis ACMPR supply agreement to BlissCo will accelerate our growth in 2018 and differentiate BlissCo as a packager, processor and distribution focused cannabis company.
"The commitment by Supreme's CEO John Fowler to 'premium and ultra premium cannabis' aligns with BlissCo's values of excellence and sustainability. Supreme's medical cannabis is receiving positive reviews from ACMPR patients and we are confident that BlissCo's future patients will embrace these premium products," says BlissCo's CEO, Damian Kettlewell.
- Supreme has completed a $3,000,000 strategic equity investment in BlissCo - giving Supreme a 10% equity ownership in the Company. This investment was part of the concurrent private placement completed at the time of listing in the amount of $5,605,213.
- Supreme's wholly owned subsidiary 8528934 Canada Ltd. o/a 7ACRES has entered into a two year definitive supply agreement (the "Supply Agreement") with BlissCo. 7ACRES will supply BlissCo with a minimum of 1,000 kilograms of premium quality dried cannabis on a take-or-pay basis over a twelve-month period starting July 1, 2018.
Further information regarding the Company is set forth in the Company's listing statement ("Listing Statement"). A copy of the Listing Statement is available under the Company's profile at www.sedar.com.
BlissCo is constructing an urban Access to Cannabis for Medical Purposes Regulation (ACMPR) cultivation facility with a focus on being a high-volume packager, processor and distributor of medical cannabis and recreational cannabis when it is legal in Canada, which is currently anticipated to be the summer of 2018. It took ownership of its 12,600 sq. ft. industrial facility in Langley, British Columbia in Q3 2017 and considering the May 2017 changes Health Canada announced to the licensing process BlissCo is confident that its license will be earned shortly after completing construction in March 2018.
With an ACMPR cultivation and then a sales license BlissCo will grow and sell dried cannabis and cannabis oil to approved medical patients through its online portal and service excellence call centre. BlissCo will focus on high volume sales opportunities in the legal cannabis market when individual distribution models are established by Canadian provinces and territories.
ON BEHALF OF THE BOARD of DIRECTORS
BLISSCO CANNABIS CORP.
Rob Kang, CPA, CA,
Chief Financial Officer
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of any of the word "will" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This news release contains forward-looking statements and assumptions pertaining to the following: the listing of the Shares on the CSE, strategic plans and future operations, completion of a cultivation facility, capital expenditures, receipt of an ACMPR license and other objectives. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
The CSE has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
SOURCE BlissCo Cannabis Corp.
For further information: Damian Kettlewell, [email protected]
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