BOGOTÁ, Colombia, Feb. 19, 2020 (GLOBE NEWSWIRE) — Medcolcanna Organics Inc. (TSX-V: MCCN) (“Medcolcanna” or the “Company”), a Canadian medical cannabis company with operations in Colombia, is pleased to announce that it has signed two (2) separate letters of intent (“LOIs”) with Dona Blanca Limited (“Dona Blanca”), an Australian based cannabis company with operations in Colombia.
Pursuant to the first LOI, Dona Blanca will invest approximately $1,000,000 USD ($1,330,000 CAD), to build an additional two (2) hectares of greenhouses on Medcolcanna’s fully licensed cultivation property to earn a 70% working interest of economic rights in the output from such greenhouses. Pursuant to the second LOI, Dona Blanca will invest $1,500,000 USD ($2,000,000 CAD) for a 15% ownership stake in Extralia Labs S.A.S. (“Extralia Labs”), Medcolcanna’s wholly-owned subsidiary designed to have annualized extraction capacity of 300,000 kilograms of dried flower in Colombia and its operations include providing services for MCCN, Dona Blanca and third parties.“The signing of this agreement is recognition of MCCN’s operational effectiveness at our Cota, Colombia facility. The experienced management team of a partner such as Dona Blanca, entrusting MCCN to operate their facilities, confirms MCCN’s ability to deliver low cost, high-quality cannabinoid oils and extracts. Construction on the additional 2.0 hectares will begin immediately, the licensing process has already been completed, we expect to have our first revenues from the new facilities in the fourth quarter of 2020,” commented Felipe de la Vega, CEO of MCCN.“We are pleased to execute these LOIs with Dona Blanca and look forward to executing the definitive agreements. These agreements are expected to provide Medcolcanna with a non-dilutive source of financing, will boost our treasury and also give us additional capital and assist Medcolcanna in getting to our goal to become a self-sustaining leading cannabis company in 2020,” commented Chris Reid, CFO of Medcolcanna. “The additional greenhouse cultivation area that Medcolcanna operates under its partnership with Dona Blanca, will reduce fixed costs per unit of production over its entire cultivation area, as well as generate additional revenue from the extended 2.0 hectares, of which a net 0.6 hectares benefit Medcolcanna based on the 30% interest pursuant to the joint venture,” Mr. Reid continued.“MCCN is pleased to have Dona Blanca as its partner, we believe they will be valuable in assisting in sourcing high impact sales channels, in the European and Asian emerging markets,” added Medcolcanna Chief Corporate Development Officer, Daniel Herrera.“Dona Blanca is pleased to execute these LOIs and move towards finalizing these agreements with Medcolcanna. Following our visits to the Medcolcanna facilities and meeting its professional team, Dona Blanca looks forward to partnering with Medcolcanna and getting access to its world class cultivation facilities in Cota, Colombia. Dona Blanca is also excited about the potential to be involved with a third-party extraction facility that is expected to be a leading facility in Colombia. The fact that the facility will have four different state-of-the-art extraction methods, plus the structure proposed by MCCN allowing low cost service for the partnership and competitive pricing for third parties, will be attractive to many Colombian cultivation companies,” commented Rob Dzisiak Managing Director, Dona Blanca.HIGHLIGHTS OF THE AGREEMENTSJOINT VENTURE AGREEMENT WITH DONA BLANCAMedcolcanna is to construct an additional 2.0 hectares (215,278 square feet) of greenhouse space at its El Candil farm located in Cota, Colombia.Medcolcanna to provide 2.0 hectares of fully licensed farmland, next to its current three (3) hectare farm at its El Candil location, which will allow Medcolcanna the ability to provide seamless operations and synergies with current operations. This land space is already fully licensed for cultivation and manufacturing streamlining the path to commercialization.Dona Blanca will fund 100% of capital expenditures, start-up operational costs and administration costs, to earn a 70% working interest in the newly constructed 2.0 hectares of commercial greenhouse space. Medcolcanna will retain a 30% working interest in the associated economic rights.The first cultivation is expected to begin in two months, with the first harvest in six months and revenue on the additional 2.0 hectares beginning in approximately seven months.These new facilities are conservatively estimated to be capable of producing approximately 1,300,000 grams of CBD/THC oil per year.Dona Blanca has advanced to Medcolcanna a $25,000 USD ($33,250 CAD) non-refundable deposit and a $175,000 USD ($232,750 CAD) refundable deposit in order to begin construction immediately.INVESTMENT IN EXTRALIA LABS MEDCOLCANNA’S 100% OWNED SUBSIDIARYDona Blanca will invest $1,500,000 USD ($2,000,000 CAD) to purchase a fifteen percent (15%) ownership in Medcolcanna’s wholly owned subsidiary Extralia Labs, a leading extraction contract manufacturing organization in Colombia.Extralia Labs’ operations feature four extraction methods; enzyme, ethanol, rosin and butane, and have the capacity of extracting 300,000 kilograms of dried flower per year.Medcolcanna and Dona Blanca’s partnership in Extralia Labs is expected to position the Company to become a large extraction provider for third party cannabis cultivation companies to purchase extracted product for further wholesale and/or value-added products.Dona Blanca will receive “at cost” pricing for all of its extraction costs related to the joint venture with Medcolcanna.This transaction is expected to allow Extralia Labs to have extraction and value-added contract manufacturing revenue as well as white label manufacturing of finished products such as capsules, tinctures, topicals, edibles, beverages, etc.Dona Blanca has paid an additional $25,000 USD ($33,250 CAD) non-refundable deposit with the execution of the letter of intent together with an additional $175,000 USD ($232,750 CAD) refundable deposit, which will be refunded if a definitive agreement is not executed.The consummation of the transactions noted above are both conditional on the signing of definitive agreements by the agreed upon period of six weeks from the signing of these LOIs, as well as other customary conditions for such transactions, including a due diligence review by each party of the other and the receipt of any and all director, shareholder and/or regulatory approvals. Further details of these transactions, including any commissions or finders’ fees payable in connection with the execution of the definitive agreements will be provided in future news releases.ABOUT DONA BLANCA LIMITEDDona Blanca is a private Australian company that operates in Colombia through its wholly owned subsidiary Extractos Don Blanca S.A.S. The Company has the cultivation licenses and extraction licenses on 5.1 hectares of land near Santa Rosa de Cabal. Dona Blanca completed its first capital raise in October of 2019.ABOUT MEDCOLCANNAMedcolcanna is a Canadian integrated medical cannabis company, whose fully licensed operations are based in Colombia. Led by a proven and successful management team, Medcolcanna has facilities in optimal growing locations which positions the Company to become a global leader in the medical cannabis market.Medcolcanna employs state of the art organic agricultural technology and innovative pharmaceutical processes to produce high-quality products. The Company’s scalable production model and network of pharmaceutical partnerships globally ensures that they remain at the forefront of the medical cannabis industry.If you would like to receive News Releases via e-mail as soon as they are published, please subscribe here: https://medcolcanna.com/contact-us/Additional information about Medcolcanna can be found on its web site at: www.medcolcanna.comNeither the TSX Venture Exchange Inc. nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Investor Relations Contact:
Chris Reid, CFO
Carrera 49b # 93-62
Email: firstname.lastname@example.orgFelipe de la Vega, CEO
Carrera 49b # 93-62
Email: email@example.comForward-Looking StatementsThis news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. 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. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder or regulatory approvals. 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 the forward-looking statements and information contained in this news release.Medcolcanna assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Innocan’s Over-The-Counter Pain Relief Spray Receives FDA’s Technical Validation for Marketing in the USA
Herzliya, Israel and Calgary, Alberta–(Newsfile Corp. – July 13, 2020) – Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (the “Company” or “Innocan“), is pleased to announce that it has received notice from the FDA that Innocan’s over-the-counter Relief & Go Pain Relief spray product has successfully received technical validation and approval to commence marketing in the USA. Innocan’s pain relief formulation contains a combination of Magnesium oil, Methyl salicylate, Menthol and CBD. The Relief & GO Pain Relief spray is designed to target pain-related muscle and provide relief for joint pain. The unique formulation is administered with a simple dose of spray, roll-on or lotion.
To view an enhanced version of Figure 1, please visit:
“We are excited to receive the approval from the FDA to market our flagship pain relief product in the USA” Iris Bincovich, co-founder and CEO of Innocan states and she continues: “This represents the Company’s ability to develop and practice breakthrough technologies to create new CBD based products for the growing pain relief market.”
According to the American Academy of Pain Medicine chronic pain affects approximately 1.5 billion people worldwide, and research by Prescient & Strategic Intelligence reported that “Chronic Pain Treatment Market to Reach US $105.9 Billion by 2024”.
The Company, through its wholly owned subsidiary, Innocan Pharma Ltd. (“Innocan Pharma Israel”), is a pharmaceutical tech company that focuses on the development of several drug delivery platforms combining cannabidiol (“CBD”). InnoCan and Ramot at Tel Aviv University are collaborating on a new, revolutionary exosome-based technology that targets both central nervous system (CNS) indications and the Covid-19 Corona Virus. CBD-Loaded Exosomes hold the potential to provide a highly synergistic effect of anti-inflammatory properties and help in the recovery of infected lung cells. This product, which is expected to be administrated by inhalation, will be tested against a variety of lung infections.
The Company signed on a worldwide exclusive license agreement with Yissum, the commercial arm of the Hebrew University of Jerusalem to develop CBD drug delivery platform based on a unique-controlled release Liposome to be administrated by Injection. The company plans, together with Prof. Berenholtz, Head of the Laboratory of Membrane and Liposome Research of the Hebrew University to test the Liposome platform on several potential indications. The company is also working on a dermal product integrating CBD with other pharmaceutical ingredients as well as the development and sale of CBD-integrated pharmaceuticals, including, but not limited to, topical treatments for relief of psoriasis symptoms as well as the treatment of muscle pain and rheumatic pain. The founders and officers of InnoCan have commercially successful track records in the pharmaceutical and technology sectors in Israel and globally.
For further information, please contact:
For InnoCan Pharma Corporation:
Iris Bincovich, CEO
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Caution regarding forward-looking information
Certain information set forth in this news release, including, without limitation, the effectiveness and safety of the Company’s products, , information regarding the markets, requisite regulatory approvals and the anticipated timing for market entry, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond InnoCan’s control. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by InnoCan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of requisite production and distribution arrangements. Forward-looking information is subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: general global and local (national) economic, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import / export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner) and availability in each market of product inputs and finished products. The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release concerning the timing of launch of product distribution. A comprehensive discussion of other risks that impact InnoCan can also be found in InnoCan’s public reports and filings which are available under InnoCan’s profile at www.sedar.com.
Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. InnoCan Pharma does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59564
TransCanna Receives State-Wide Operating License
Now owns largest known fully licensed cannabis facilities in California
Vancouver, British Columbia–(Newsfile Corp. – July 11, 2020) – TransCanna Holdings Inc. (CSE: TCAN) (FSE: XETR) (“TransCanna” or the “Company”) is pleased to announce that its wholly-owned subsidiary, Lyfted Farms, Inc. (“Lyfted”), was successfully granted a Type 11 ‘Distributor’ license by the California Bureau of Cannabis Control for its 196,000 square foot Daly Avenue Facility.
This long-anticipated milestone marks the completion of all state and local licenses required for the Company to begin operations at its flagship cannabis processing facility in Modesto, California.
This state-wide license represents Lyfted’s most major milestone to date in meeting the distribution and production capabilities needed to meet the escalating demand for its products in the world’s largest cannabis market. The license was granted after three levels of approvals were achieved at the county and state level and will allow for the commencement of packaging, transport, wholesale, pre-roll assembly, labeling, testing, contract packaging (white-labeling), and of course distribution of cannabis products to all licensed retailers across the state.
“This is the most exciting development in our history and what everyone has been working towards,” says Bob Blink, TransCanna CEO. “Being granted a license at the state level is a long, costly, and complex process, and one that requires navigating and understanding a complex regulatory process. It’s a significant barrier to entry for most companies, so this marks a huge turning point for us. We are delighted to have achieved our biggest goal to date and excited to be able to better serve the demands of the California cannabis market.”
The Company is currently completing upgrades to the flagship Daly Facility. Commercial cannabis activities are expected to commence at Daly August 2020, via the deployment of a 16,000 square foot cannabis distribution center (Phase 1). To date, Lyfted has been able to process in excess of $1M USD/month in wholesale cannabis transactions out of a distribution space of 1,000 square feet from its Jerusalem Court facility. These upgrades will mean the Company now has 16,000 square feet of distribution space at its disposal as of August 2020.
“This exponential increase in capacity is incredibly exciting for investors,” says Blink, adding the Company has been focused on building out its wholesale and distribution business while awaiting its final license. “Having processed a million dollars’ worth of product out of a single one-thousand square foot facility, we are anticipating significant growth now that our 196,000 square foot operation is online.”
Lyfted anticipates hiring up to 250 full-time employees at the flagship site with a strong focus placed on social equity and a diverse workforce that is reflective of the communities it serves and operates in.
About TransCanna Holdings Inc.
TransCanna Holdings Inc. is a California based, Canadian listed company building cannabis-focused brands for the California lifestyle, through its wholly-owned California subsidiaries.
On behalf of the Board of Directors
Bob Blink, CEO
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 release.
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs regarding future events of management of the Company. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation estimates and forecasts and statements as to management’s expectations for growth and the commencement of operations of the Company’s Daly facility.
The forward-looking information in this press release is based upon certain assumptions that management considers reasonable in the circumstances, including that operations will commence at the Company’s Daly facility in Modesto, California, as and when expected.
These forward‐looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially from any future results, events or developments expressed or implied by such forward-looking statements. Risks and uncertainties associated with the forward-looking information in this news release include, among others, dependence on obtaining and maintaining regulatory approvals, including state, local or other licenses and any inability to obtain all necessary governmental approvals licenses and permits to complete upgrades to its Daly facility in a timely manner; engaging in activities which currently are illegal under U.S. federal law and the uncertainty of existing protection from U.S. federal or other prosecution; regulatory or political change such as changes in applicable laws and regulations, including U.S. state-law legalization, particularly in California, due to inconsistent public opinion, perception of the medical-use and adult-use marijuana industry, bureaucratic delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth;; reliance on management; and the effect of capital market conditions and other factors (including those related to the COVID-19 pandemic) on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with customers and suppliers.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 and forward-looking information. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look, except in accordance with applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59555
PURA Cannabis Cultivation Spinoff and Dividend Breaking News Update
Dallas, Texas–(Newsfile Corp. – July 10, 2020) – Puration, Inc. (OTC Pink: PURA) now has the following update to the press release published this morning about the management buyout of a separate public company that will in turn purchase PURA’s cannabis cultivation spinoff in exchange for common stock scheduled to close today. The management buyout has been executed by all parties. The purchase is scheduled to be funded on Monday. The management/owner team plans to make a formal announcement on Tuesday, July 14, 2020 (the formal announcement was previously expected on Monday, but to ensure funding is complete first, the announcement is now scheduled for the next day).
PURA – Logo
To view an enhanced version of this graphic, please visit:
The common stock issued in exchange for the PURA spinoff is intended to be issued to PURA shareholders in a dividend distribution.
NCM Biotech, a subsidiary of Kali-Extracts (OTC Pink: KALY) will also be acquired and merged with PURA’s cannabis spinoff.
The management team purchasing control of the target public company is expected to confirm the planned acquisitions of PURA’s cannabis cultivation company and KALY’s NCM Biotech in the announcement now scheduled for Tuesday, July 14, 2020.
PURA’s cannabis cultivation operation is thriving. The operation has recently purchased and relocated to a new property from its former leased property. Texas lawmakers have recently implemented hemp friendly farming regulations and in so doing, universities within the State of Texas have initiated hemp farming research programs. PURA’s cannabis cultivation spinoff has initiated a number of joint research applications with Texas universities.
NCM Biotech is focused on medical research and the development of treatments derived from its patented cannabis extraction process. See a recent research report on CBD extracts derived from NCM Biotech’s patented extraction process: Journal of Cannabis Research.
For more information on Puration, visit http://www.purationinc.com
This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur. These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure, or prevent any disease.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59533
Cannabis4 weeks ago
RETRANSMISSION: Hemp, Inc. Announces that Its First Ever Great American Hempathon is in Full Swing
Cannabis4 weeks ago
Banksy Collection Becomes Permanent Installation at Toronto’s Newest Cannabis Store
Cannabis4 weeks ago
Hemp, Inc. Announces Newly Enhanced King of Hemp Website
Cannabis4 weeks ago
XPhyto Therapeutics Corp.: Infectious Disease Oral Screening Test Advancement
Cannabis4 weeks ago
MustGrow Imports Bio-Pesticide into Colombia for Testing on “Panama Disease”: Existential Threat to Bananas
Cannabis3 weeks ago
CYIOS Corp’s Wholly Owned Subsidiary Choice Wellness Officially Launches New Online Store for Its DR’s CHOICE CBD and “24” Hand Sanitizer Brands
Cannabis3 weeks ago
MediPharm Labs Australia Enters Into New Supply Agreement With VIVO Cannabis and Prepares to Commence Sales
Cannabis3 weeks ago
These Psychedelic Drugs May Be Key to Revolutionizing Weight Loss Treatment