CALGARY, Aug. 30, 2019 /CNW/ - Choice Growers Ltd. ("Choice" or the "Company") is pleased to announce that on August 1, 2019 the Company submitted to Health Canada, through its 100% wholly owned subsidiary CStar Cannabis Inc., an AFFIRMATION OF READINESS AND VIDEO EVIDENCE PACKAGE (the "Evidence Package") in relation to its cultivation and processing licence application under the CANNABIS ACT (the "Act"). The Company anticipates that the Evidence Package is the Company's final step prior to receiving a Cultivation Licence under the Act.
With construction completed on the first phase of the Company's facility in Strathmore, Alberta, Choice believes it is in a position to start production immediately on receipt of the licence.
CEO, Stanley Swiatek states: "We are pleased to complete the final step required by Health Canada prior to obtaining a Cultivation Licence. With the completion of our Strathmore facility utilizing state-of-the-art proprietary cultivation technology, we submitted our video evidence package and stated our 'Affirmation of Readiness' to Health Canada. Our experienced team is ready to conduct cultivation activities immediately upon receiving approval of our Cultivation Licence and reaching a milestone in our goal to becoming one of Canada's leading craft cannabis producers. Choice management believes we could receive our Cultivation Licence within 30 days and obtain our Sales Licence in the first quarter 2020 for our Strathmore facility. In our experience and opinion, Health Canada has been very responsive to our application."
In addition, Choice announces the closing of its $7 million private placement of units ("Units") each Unit consisting of one (1) class A common share and one half (1/2) share purchase warrant, each full warrant exercisable into one additional class A common share at $0.75 per share for a period of 36 months. With high investor interest, the private placement was oversubscribed, for a total subscription amount of $7.9 million before customary closing costs.
For more information about Choice, visit www.choicegrowers.ca
About Choice Growers Ltd.
Choice Growers Ltd. ("Choice") and its wholly owned subsidiary C-Star Cannabis Inc. ("C-Star") are Alberta-based cannabis companies. Choice, through CStar, is in the final stages of what it believes will be the granting of a licence for the production and distribution in Western Canada of quality "Craft Grade Cannabis".
FORWARD-LOOKING INFORMATION CAUTIONARY STATEMENT
THIS NEWS RELEASE INCLUDES STATEMENTS CONTAINING CERTAIN "FORWARD-LOOKING INFORMATION" WITHIN THE MEANING OF APPLICABLE SECURITIES LAW ("FORWARD-LOOKING STATEMENTS"). FORWARD LOOKING STATEMENTS IN THIS RELEASE INCLUDES, BUT IS NOT LIMITED TO, THE POTENTIAL TO RECEIVE GOVERNMENT APPROVALS, EXPANSION PLANS OF THE COMPANY IN CANADA, THE COMPANY'S ABILITY TO CONDUCT CULTIVATION ACTIVITIES, AND STATEMENTS REGARDING THE FUTURE PERFORMANCE OF THE COMPANY. FORWARD-LOOKING STATEMENTS ARE FREQUENTLY CHARACTERIZED BY WORDS SUCH AS "PLAN", "CONTINUE", "EXPECT", "PROJECT", "INTEND", "BELIEVE", "ANTICIPATE", "ESTIMATE", "MAY", "WILL", "POTENTIAL", "PROPOSED" AND OTHER SIMILAR WORDS, OR STATEMENTS THAT CERTAIN EVENTS OR CONDITIONS "MAY" OR "WILL" OCCUR. THESE STATEMENTS ARE ONLY PREDICTIONS. VARIOUS ASSUMPTIONS WERE USED IN DRAWING THE CONCLUSIONS OR MAKING THE PROJECTIONS CONTAINED IN THE FORWARD-LOOKING STATEMENTS THROUGHOUT THIS NEWS RELEASE. FORWARD-LOOKING STATEMENTS ARE BASED ON THE OPINIONS AND ESTIMATES OF MANAGEMENT AT THE DATE THE STATEMENTS ARE MADE, AND ARE SUBJECT TO A VARIETY OF RISKS AND UNCERTAINTIES AND OTHER FACTORS THAT COULD CAUSE ACTUAL EVENTS OR RESULTS TO DIFFER MATERIALLY FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. THE COMPANY IS UNDER NO OBLIGATION, AND EXPRESSLY DISCLAIMS ANY INTENTION OR OBLIGATION, TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS EXPRESSLY REQUIRED BY APPLICABLE LAW.
SOURCE Choice Growers Ltd.
For further information: Media Contact: Wes Zeller, Vice President, Marketing & Communications, Choice Growers Ltd., Phone: 1 (587) 333-8011, Email: [email protected]; Investor Relations Contact: Brent Larison, Investor Relations, Choice Growers Ltd., Phone: 1 (780) 994-7692, Email: [email protected]