VANCOUVER, May 28, 2019 /CNW/ - Pasha Brands Ltd. ("Pasha"), Canada's largest craft cannabis brands organization, is pleased to announce that it has received conditional acceptance for its planned listing on the Canadian Securities Exchange (CSE). Pasha is in the process of completing a reverse-takeover transaction involving Broome Capital Inc. (TSXV: BCP) ("Broome"), following which it is anticipated that Broome will transfer its listing to the CSE under the name "Pasha Brands Ltd.", and will trade under the ticker symbol "CRFT".
Pasha has raised approximately $25 million in the past two quarters and procured some of Canada's most renowned pre-legalization craft cannabis brands. Pasha is now positioned to accelerate its growth with its wholly-owned subsidiary, BC Craft Supply Co. Ltd. ("BC Craft"), which expects to manage the production and processing of craft cannabis under Health Canada's regulatory framework. BC Craft will work with craft cannabis producers in Canada and assist them in obtaining their micro-cultivation licences with Health Canada – a program that began on October 17, 2018.
There is a growing supply gap for cannabis in Canada as licensed producers are unable to meet consumer demand. Through its subsidiaries, Pasha will be Canada's first all craft licensed producer and will focus exclusively on bringing micro-cultivators into the market. Under the Health Canada framework, each micro-cultivator can legally process approximately 500 kilograms of dried flower per year. More than just a viable solution for closing the supply gap, this provides consumers with high-quality craft cannabis products that are differentiated from others in the space. Under the micro-cultivation program, the BC Craft network will look to add and assist hundreds of producers. For every 100 micro-cultivators BC Craft secures, up to 50,000 kilograms of world-class craft cannabis could be available to the market via Canada's regulated supply chain.
New to the public markets, Pasha and its brands are no stranger to Canada's craft cannabis community. Pasha's ranks include brands and farmers that have helped establish British Columbia's reputation as home of the world's best cannabis. Trusted by independent growers and supported by an experienced management team and board, the brand is well poised for growth.
Further information regarding the listing of Pasha on the CSE, and completion of the transaction with Broome, will be provided as soon as it becomes available. Completion of the listing of Pasha remains subject to the satisfaction of customary conditions to listing imposed by the policies of the CSE.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the proposed listing of Pasha on the Canadian Securities Exchange. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Pasha 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 required by law.
About Pasha Brands
Based in Vancouver, British Columbia, Pasha Brands is a vertically integrated organization that is firmly rooted in BC's craft cannabis industry, which boasts an international reputation. With proven capabilities in cannabis cultivation, genetic research and development, product, processing, and retail, Pasha is uniquely positioned in the new legal cannabis market through its network of hundreds of craft cannabis suppliers under the Pasha umbrella.
Pasha's subsidiary, BC Craft Supply Co. Ltd., is developing a craft cannabis campus, which is dedicated to bringing craft quality into the newly legal cannabis market in Canada. BC Craft Supply Co. Ltd. is driven to assist craft growers in obtaining security clearance and licensing to grow as micro-cultivators, specializing in education and compliance to bring growers into the regulated cannabis supply market.
Pasha Brands shares are expected to trade on the CSE under the ticker symbol "CRFT".
SOURCE Pasha Brands Ltd.