...Victory Square portfolio company to promote quality assurance and drive continuous improvement in the Cannabis Industry
VANCOUVER, British Columbia, Nov. 13, 2018 (GLOBE NEWSWIRE) -- In a move aimed at accelerating innovation, promoting quality assurance, and driving continuous improvement in the Canadian cannabis industry, Cannabis Wise, Inc., a portfolio company of Victory Square Technologies Inc. ("Victory Square" or the "Company") (CSE:VST) (VSQTF) (6F6.F) is launching Canada’s first national certification program.
The newly-established National Cannabis Certification Program is driven by a product review panel and consumer guidance group responsible for assigning the '’Cannabis Wise” seal of approval for products grown across Canada. The seal lets Canadian consumers know with certainty that products are produced to the highest grade of quality and meet the strictest Health Canada safety standards.
“We’re proud of the leadership role being played by Cannabis Wise and are very pleased to see the introduction of this National Cannabis Certification Program,” said Shafin Diamond Tejani, CEO of Victory Square Technologies. “Product quality is one of the market’s top priorities, and the quality assurance focus of the Cannabis Wise program will help Canada remain a global leader in the cannabis sector. As incubators and accelerators, we are thrilled to work with entrepreneurs who are making bold changes within the cannabis industry; changes that not only benefit Canadian consumers but have the potential to significantly impact the global market.”
Designed to complement the existing regulatory system, Cannabis Wise certification is a voluntary program that promotes quality assurance and drives continuous improvement in the cannabis industry. It will help producers set themselves and their products apart on the strength of the higher standards upheld by the National Cannabis Certification Program.
“Consumers demand quality when it comes to the products they consume,” said Barinder Rasode, Co-Founder of Cannabis Wise and CEO of the National Institute for Cannabis Health and Education (NICHE). “It’s not enough to just produce a good quality product. People need to believe that quality exists.”
Program standards include defining ‘craft’ or ‘high quality’ cannabis with specific scientifically determined markers, establishing clear quality parameters and providing the public with non-biased quality assessment reports.
“Companies must be active in contributing to perceptions of quality, because it is those perceptions that encourage people to choose one product over another,” explained Rasode. “That connection creates a reason to buy and a reason to stay loyal.”
Rasode believes that customers are willing to pay more for products they believe best meet their needs, but it takes effort and resources to create that much sought-after customer loyalty.
“In this initiative around quality control, improvement and innovation, we’re proud to be part of the Victory Square family, especially given VST’s global reputation for driving influence and fostering growth,” said Rasode. “This partnership will help us create a trusted brand, unlock new opportunities and set the global standard for cannabis quality.”
Applicants to the National Cannabis Certification Program will provide batch specific terpene, cannabinoid and moisture content analysis from a Health Canada certified laboratory. All products are reviewed by a panel of experts who remain anonymous.
Once a sample has passed analytical testing and basic visual/olfactory analysis, it will be blind taste tested by at least one member of the Cannabis Wise tasting panel. Products that pass eligibility standards and tastings will be given one of three Cannabis Wise certifications.
For further information about the Company, please contact:
Investor Relations Contact - Prit Singh
Media Relations Contact – Shafin Diamond Director
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square Technologies (VST) is an accelerator with 20+ portfolio companies focused on emerging technologies such as: Blockchain, Machine Learning, Artificial Intelligence and VR/AR. We have a proven process for identifying and investing in extraordinary start-ups who are working on innovative and disruptive projects in every sector of the global economy, including Finance, Health, Real Estate, Insurance, Entertainment and Education. We use our experience, expertise and resources to help grow and scale these portfolio companies, which results in explosive returns for VST and its shareholders. For more information, please visit www.victorysquare.com.
ABOUT CANNABIS WISE
Cannabis Wise has developed a product quality certification program. We've formed a product review panel and consumer guidance group responsible for assigning the 'Cannabis Wise' seal of approval. Designed to complement the existing regulatory federal system, Cannabis Wise product certification indicates to the public which specific flowers have been grown, processed and cured to meet the traditional quality standards expected by the experienced consumer.
ABOUT THE CANADIAN SECURITIES EXCHANGE (CSE)
The Canadian Securities Exchange, or CSE, is operated by CNSX Markets Inc. Recognized as a stock exchange in 2004, the CSE began operations in 2003 to provide a modern and efficient alternative for companies looking to access the Canadian public capital markets.
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, statements relating to the completion of the acquisition of an interest in Limitless Blockchain and the timing, cost and terms thereof, the impact of the acquisition on the Company, the strategic direction of the Company, and its goal of broadening its portfolio of interests in innovative companies. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical fact contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
To learn more about the Cannabis Wise program and the application process, visit www.cannabiswise.com.