VANCOUVER, June 5, 2019 /CNW/ - Vapen MJ Ventures Corporation (CSE: VAPN) ("Vapen MJ") a fully integrated agricultural technology, services and property management company in the regulated cannabis industry announced today that it is bringing its extraction expertise to a Kentucky partnership for CBD extraction. First harvest and initial extraction production is anticipated in fall of 2019 and expected to generate approximately CAD$24 million in wholesale refined, high purity CBD oil in the first year of operation.
Vapen MJ and Emerald Point Hemp will form a new entity, Vapen-Kentucky LLC ("Vapen-Kentucky"). Emerald Pointe Hemp is an eighth-generation family-owned, farming business, that has a proven record of growing hemp for many years. Emerald Pointe Hemp has initially dedicated 100 acres of their 6,000-acre farm to the cultivation of hemp specifically dedicated to Vapen-Kentucky, for its extraction and wholesale distribution operations. Vapen-Kentucky will process hemp for refined, high purity CBD oil, utilizing the industrial hemp grown by Emerald Pointe. Vapen MJ and Emerald Pointe Hemp will share equally in the net profits generated from the CBD extraction and wholesale distribution business of Vapen-Kentucky. All products produced through Vapen-Kentucky will bear the "Vapen" brand.
Thai Nguyen, chief executive officer of Vapen MJ commented that "Our multi-state expansion strategy includes partnering with cannabis license holders as well as hemp producers with our THC and CBD extraction expertise. Through our relationship with Emerald Pointe Hemp, we will have direct control over raw materials for our Vapen CBD products and with that the unlimited capacity to expand our sales strategies for CBD domestically and internationally."
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Vapen MJ's periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements related to future developments and the business and operations of Vapen MJ.
Although Vapen MJ has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; are engaged in activities currently considered illegal under U.S. Federal laws; change in laws; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Because of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Vapen MJ disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Vapen MJ does not assume any liability for disclosure relating to any other company mentioned herein.
SOURCE Vapen MJ Ventures Corporation
For further information: Bob Brilon, President and CFO, T: 602-620-9725, [email protected]