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RavenQuest Acquires Majority Stake in 1 Life Cannabis Corp.
VANCOUVER, British Columbia, Jan. 03, 2019 (GLOBE NEWSWIRE) -- RavenQuest BioMed Inc. (the “Company” or “RavenQuest”) – (CSE: RQB, OTCQB: RVVQF, Frankfurt: 1IT) is pleased to announce it has acquired a 51% interest in Abbotsford, British Columbia based 1 Life Cannabis Corporation (“1 Life”).
1 Life has deep roots in the craft cannabis community and focuses on premium, small batch artisan cannabis cultivation. 1 Life will use RavenQuest’s 24,000 square foot facility design which will become part of a license extension from RavenQuest’s Health Canada license. 1 Life has submitted plans to Health Canada which will include a large centralized extraction and processing facility as well as multiple small grow rooms ideal for unique, artisan growers to come together under one roof.
RavenQuest CEO, George Robinson, stated that, “It’s clear to us that there is a significant market for high quality, premium artisan offerings. Premium cannabis almost always comes from small batch, precision controlled indoor facilities. As is the case with the alcohol market, there is a lot of demand for boutique brands with unique characteristics. Adding 1 Life underscores RavenQuest’s continued commitment to becoming a central curator for high quality artisan cannabis, particularly from British Columbia where there is a rich history of premium micro-cultivation.”
“Being a consulting client of RavenQuest, 1 Life’s facility will be a RavenQuest design; their deep cultivation knowledge and unique genetics are a great complement for RavenQuest’s Orbital Garden technology,” Robinson continued.
1 Life CEO, Matt Fraser, stated, “We couldn’t be happier with our new licensed producer partner as we endeavour to produce artisan cannabis that is of the highest possible quality. RavenQuest’s facility design and Orbital Garden technology are absolutely world class. The precision control of their grow methodologies is a perfect fit for the high standards of our craft master growers.”
Under the terms of the transaction, RavenQuest will acquire a controlling interest (51%) in 1 Life for $1. This interest can be redeemed by 1 Life at any time after it receives a license to produce under the Cannabis Act, and in consideration RavenQuest will be granted an ongoing royalty of 15% of the gross revenue from production at 1 Life. Completion of the transaction with 1 Life is subject to completion of due diligence, the negotiation of definitive documentation and the receipt of any required regulatory approvals.
About RavenQuest BioMed Inc.
RavenQuest BioMed Inc. is a diversified publicly traded cannabis company with divisions focused upon cannabis production, management services & consulting and specialized research & development. RavenQuest is a licensed producer with facilities located in Markham, Ontario and Edmonton, Alberta. RavenQuest maintains a research partnership with Montreal’s McGill University focused upon cultivar (strain) recognition, plant stabilization and yield maximization of the cannabis plant. The Company focuses on partnerships with Indigenous communities.
On Behalf of the Board of Directors of
RAVENQUEST BIOMED INC.
Chief Executive Officer
For further information, please contact:
Mathieu McDonald, Corporate Communications – 604-484-1230
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to the Company within the meaning of applicable securities laws, including statements with respect to the approval and development of 1 Life’s licensed cannabis production and processing facility, RavenQuest becoming a central curator for high quality artisan cannabis, the grant to RavenQuest by 1 Life of a 15% royalty and the development of partnerships with Indigenous communities. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.