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VANCOUVER, April 2, 2018 /CNW/ - BlissCo Cannabis Corp. (CSE: BLIS) ("BlissCo" or the "Company") is pleased to announce that the Company's wholly-owned subsidiary, Bliss Co Holdings Ltd. ("BlissCo") has been granted a licence by Health Canada to cultivate cannabis plants and prepare dried cannabis.
"Earning our ACMPR Licence to cultivate cannabis plants from Health Canada represents a significant milestone that the Company has been working towards for four and a half years," said the Company's Chief Executive Officer and Chair, Damian Kettlewell.
"Our ACMPR licence to cultivate allows us to execute on our strategic plan to build a distribution, brand and extraction focused cannabis company. We can now apply to expand our license to include cannabis oil production. At the appropriate time we will apply for a license to sell both dried cannabis and cannabis oil, from our own production and with premium dried cannabis sourced from our supply agreement. Considering our two-year supply agreement with The Supreme Cannabis Company Inc., (TSX.V: FIRE) for 3,000 kilograms of premium cannabis through June 2020, BlissCo is well positioned to generate revenue, subject to earning a license to sell.
We are grateful for the diligent and mindful work of our regulator and the steadfast support of our many industry partners and shareholders. BlissCo is excited to build an iconic Canadian cannabis brand from our base in Vancouver, B.C."
BlissCo earned its Access to Cannabis for Medical Purposes Regulation ACMPR License to Cultivate on Thursday, March 29, 2018. BlissCo's ACMPR facility in Langley, B.C. is designed to be a high-volume packager, processor and distributor of medical cannabis and adult use cannabis when it is legal in Canada, which is currently anticipated to be by August 2018 at the earliest. BlissCo has a two year supply agreement with The Supreme Cannabis Company Inc. to purchase premium dried cannabis curated over the last two years from imported cannabis seeds.
BlissCo's will apply to expand its license to cannabis oil production in Q2 2018 and will apply for its cannabis sales license at the earliest appropriate time. BlissCo will focus on high volume sales opportunities in the regulated medical use and adult use cannabis market.
On Behalf of the Board of Directors
BLISSCO CANNABIS CORP.
Damian Kettlewell, CEO & Chair
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 ability to execute on our strategic plans and the impact on our future operations, capital expenditures, receipt of a cannabis oil license and a license to sell dried cannabis 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.