Oct 22, 2019, 16:30 ET
Contract Growing Agreement to expand supply chain for Tantalus Labs' exclusive phenotypes, the "Tantalus Range," with leading British Columbian Agricultural Team
VANCOUVER, Oct. 22, 2019 /CNW/ - Tantalus Labs Ltd. ("Tantalus"), a B.C.-based cannabis producer well-known for their quality products, have announced that they have entered into a definitive agreement associated with contract growing with Zenabis Global INC ("Zenabis"). Under the terms of this agreement, Zenabis intends to receive genetic material from Tantalus Labs in the form of Quality Assured cuttings for use as production plants. The plants will be cultivated to harvest, then harvested material returned to Tantalus for finishing under their unique cold cure process.
The agreement encompasses thousands of kilograms over an initial two year term, and will substantially augment Tantalus' ability to satisfy the demand for their sungrown BC products across Canada. This new supply allows Tantalus to expand distribution rapidly across Canada, and enter additional provinces to service the pent up demand of new customers.
Tantalus Labs intends to have select strains from their product lineup produced at the 48 acre Zenabis Langley (formerly BEVO Agro) facility, located in the Fraser Valley of British Columbia. Cultivation is to be carried out by the respected British Columbian agricultural leader, and methods will stay true to the Tantalus sungrown mission, benefitting from a low cost of production due to economies of scale and increased energy savings.
"Tantalus has been refining our genetics for production by greenhouse contract growing partners for over two years. We aspire to collaborate with cultivators who can enhance our quality promise and reputation with a discerning user base. Zenabis and Zenabis Langley have the team, infrastructure, and regionality to be able to deliver quality sungrown cannabis to the high standard that our SunLab facility has set with our customers," says Dan Sutton, CEO of Tantalus Labs.
"I am excited to enter into this cultivation partnership with the team at Tantalus Labs," said Andrew Grieve, Chief Executive Officer of Zenabis. "We are extremely pleased to have been selected as a contract cultivator for an organization that has a strong reputation as a producer of high quality, consistent, sungrown cannabis products."
"I have known Dan Sutton, Chief Executive Officer of Tantalus Labs, for a long time and have always appreciated Dan's commitment to quality," said Leo Benne, Chief Growing Officer of Zenabis. "I look forward to building a strong relationship with Tantalus Labs, an organization whose values and approach are consistent with the values and approach of Zenabis.
Tantalus Labs has designed and built the first federally licensed cannabis-tailored greenhouse of its kind in North America, and is committed to developing environmentally sustainable best practices for cannabis cultivation. For more information on Tantalus Labs, visit tantaluslabs.com.
About Tantalus Labs
Tantalus Labs is committed to sungrown cultivation of world class cannabis products. Owned and operated in British Columbia, their team is a group of specialized scientists, engineers, and designers committed to the advancement of agricultural science. They believe that passion for natural, sungrown cultivation methods will usher in a brighter future for clean cannabis. For more information, visit tantaluslabs.com.
Zenabis is a significant Canadian licensed cannabis cultivator of medical and recreational cannabis, and a propagator and cultivator of floral and vegetable products. Zenabis employs staff coast-to-coast, across facilities in Atholville, New Brunswick; Delta, Aldergrove, Pitt Meadows and Langley, British Columbia; and Stellarton, Nova Scotia. In addition to gaining technologically advanced knowledge of plant propagation, the recent addition of state-of-the-art greenhouses in Langley, Pitt Meadows and Aldergrove provides Zenabis with 3.5 million square feet of facility space that can, upon full conversion, be dedicated to cannabis production.
CAUTIONARY STATEMENT AND FORWARD-LOOKING INFORMATION
Tantalus Labs is not a reporting issuer (or the equivalent thereof) in any jurisdiction, is not listed on any stock exchange, and may never become a reporting issuer or listed on any stock exchange, therefore, any securities issued by Tantalus Labs will be subject to an indefinite hold period which may never expire.
This News Release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.
This News Release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking information, including, without limitation, statements relating to Tantalus Labs': (i) business strategy, objectives, and expected growth; (ii) ability to secure and/or maintain all appropriate cannabis, industrial hemp, and/or vape product licenses in its jurisdiction(s) of operation; (iii) expectations concerning political and governmental/regulatory changes in its jurisdiction(s) of operation; (iv) expectations concerning the size and growth of the cannabis, industrial hemp, and vape markets, and the effectiveness of Tantalus Labs' products and brand compared to its competitors' products and brands (v) ability to complete certain acquisitions and form certain strategic relationships, including its strategic relationship with Valens Groworks; and (vi) ability to design, develop, and commercialize its products and navigate potential growth opportunities.
Forward-looking information is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Tantalus Labs to be materially different from those expressed or implied by such forward-looking information, including without limitation: (i) Tantalus Labs' ability to secure and/or maintain all requisite cannabis, industrial hemp, and/or vape product licenses in its jurisdiction(s) of operation; (ii) the political and regulatory landscape governing the cannabis, industrial hemp, and vape product markets in Tantalus Labs' jurisdiction(s) of operation; (iii) continued growth of the cannabis, industrial hemp, and vape markets; and (iv) the effectiveness of Tantalus Labs' business strategy and its ability to bring its products to commercial production.
Readers are cautioned not to place undue reliance on the above forward-looking information, or any statements related thereto, which should not be construed as exhaustive and speak only as of the date of this News Release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking information is expressly qualified in its entirety by this cautionary statement.
SOURCE Tantalus Labs
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