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RavenQuest Receives Migrated License From Health Canada Permitting B2B Sales of Cannabis
VANCOUVER, British Columbia, Nov. 13, 2018 (GLOBE NEWSWIRE) -- RavenQuest BioMed Inc. (the “Company” or “RavenQuest”) – (CSE: RQB OTCQB: RVVQF Frankfurt: 1IT) is pleased to announce that its wholly owned subsidiary, Bloomera Inc. (“Bloomera”), has received its business to business (“B2B”) sales license from Health Canada (the “B2B Licence”). The B2B License immediately permits RavenQuest to sell dried cannabis, plants and seeds to other standard cultivators (licensed producers).
The B2B License, issued under Health Canada’s Cannabis Act (“CA”) and Cannabis Regulations (“CR”), was received on November 9, 2018 and demonstrates the Company’s continued compliance with Health Canada’s regulations.
Importantly, the B2B License also paves the way for RavenQuest’s full sales license, which would allow cannabis sales both medically and recreationally.
The B2B License permits sales of cannabis between federal license holders which includes sales of both bulk cannabis and pre-packaged, labelled and tested cannabis products. Effective immediately, the Company is authorized to sell cannabis in accordance with subsection 11(5) of the CR. Specifically, these activities include:
- the sale and distribution of dried cannabis, fresh cannabis, cannabis plants and cannabis seeds to licensed micro and standard cultivators, processors, analytical testing labs, researchers or cannabis drug manufacturers;
- sale and distribution of cannabis plants and cannabis plant seeds to a licensed nursery;
- the sale and distribution of cannabis plants and cannabis plant seeds, that are cannabis products to a holder of a license for sale, or a person authorized to sell cannabis under a provincial Act that authorizes the sale of cannabis by reason of subsection 69(1) of the CA; and,
- the sale and delivery of cannabis plants and cannabis plant seeds, that are cannabis products, to the purchaser of the products at the request of: a person authorized to sell cannabis under a provincial Act that authorizes the sale of cannabis by reason of subsection 69(1) of the CA, or a holder of a license for sale.
The new B2B License allows Bloomera to immediately engage in B2B sales to other qualified license holders under the CA and CR.
"This is a key milestone for RavenQuest and its stakeholders because it transitions our company from a non-selling producer into a company that can generate revenue through the sale of cannabis nationwide, on a B2B basis at this time,” stated George Robinson, CEO. “Importantly, this updated license gives us great confidence that our full sales license is now not far off,” Robinson continued.
RavenQuest 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 timing and likelihood of the acquisition of a full cannabis sales license. 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.