WINNIPEG, Sept. 21, 2018 /CNW/ - DELTA 9 CANNABIS INC. (TSXV: NINE) (OTCQX: VRNDF) ("Delta 9" or the "Company") is pleased to announce the Company has qualified to trade on the OTCQX® Best Market. Delta 9 upgraded to OTCQX from the Pink® market.
Delta 9 begins trading today on OTCQX under the symbol "VRNDF." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
"Delta 9 joins over 40 Canadian companies that have chosen to upgrade to our OTCQX Best Market this year," said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. "Trading on OTCQX provides companies with increased visibility and more efficient trading for their global investors. We look forward to supporting Delta 9 and their shareholders in the U.S. market."
Delta 9 Chief Executive Officer John Arbuthnot says that trading on the OTCQX comes at an opportune time for the Company, and for US investors.
"Our company is in final preparations for the historic legalization of recreational cannabis across Canada," explained Arbuthnot. "We have been dramatically ramping up our production to prepare for this emerging market, and we are among the few companies in Canada that will have retail outlets open for business on Day One of legalization. Exposure to OTC investors really could not come at a better time."
Full legalization of cannabis begins in Canada on October 17, 2018 as the federal Cannabis Act takes effect.
Delta 9 has prepared for legalization by raising more than $60 million over the past year, and launching an aggressive expansion of its facility that is expected to increase production to 17,500,000 grams of cannabis per year by the end of 2019. The Company is currently building and licensing a second large-scale facility in Calgary, Alberta with partner firm Westleaf Cannabis Inc.
Additionally, the Company is building out a network of retail cannabis outlets, with the first expected to open in Winnipeg, Manitoba on October 17 for the first day of legal sales in Canada.
Delta 9 was sponsored for OTCQX by McMillan LLP, a qualified third-party firm responsible for providing guidance on OTCQX requirements and recommending membership.
About Delta 9 Cannabis Inc.
Delta 9 Cannabis was the fourth producer in Canada licensed to produce legal cannabis. Delta 9 now operates its wholly-owned subsidiary, Delta 9 Bio-Tech Inc., as a licensed producer of medical marijuana pursuant to the ACMPR and operates an 80,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 also owns 50 per cent of the 70,000 square foot Delta West facility in Alberta, and co-owns the Delta 9 Lifestyles cannabis retail operation. Delta 9's shares trade on the TSX Venture Exchange under the symbol "NINE".
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.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. Forward-looking statements in this release include: the statement that Delta 9 will be opening a network of retail cannabis stores; the statement that the first of the cannabis retail stores will be open and operating on October 17; the expansion of the facility with the goal of increasing expansion of cannabis to 17,500,000 grams per year; and the potential licensing of the Delta West production facility, which is subject to Health Canada inspection and approval.
These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
SOURCE Delta 9 Cannabis Inc.
For further information: Gary Symons, Director of Communications, [email protected], 250.300.9352