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
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.
For further information: #330 - 321 Water Street, Vancouver, B.C., V6B 1B8, www.geyserbrands.com | [email protected]