Calgary, Alberta--(Newsfile Corp. - December 4, 2019) - MedXtractor Corp. (CSE: MXT) ("MXT" or the "Corporation") announces an strong increase in extractor unit sales.
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Mr. Jim Durward, CEO, states "While our unit sales have been trending upward over the past year, we believe that the Q3, 2020 jump is primarily due to seasonal harvest demand and that the trend may normalize in Q4. This said, the combination of US-Federal Hemp/CBD legalization, medical demand for extract purity due to the vape diluent issue and general demand for small-scale CO2-based extractors from the craft medical horizontal, is expected to support increasing organic growth going forward. With greater than 70% of sales now originating internationally, our growth prospects are worldwide and independent of the Canadian market. We focus on the craft medical horizontal, a generally overlooked market sector that we believe consists of a much larger number of potential customers than the far narrower corporate grower/extractor sector. For example, Health Canada reports that there were greater than 28,000 personal production licenses (June, 2019) vs. less than 300 large Licensed Producers. These craft growers are also not restricted as to the potency of their extracts and can use full-strength extracts without the addition of any diluents. MXT is uniquely positioned to support this horizontal with its affordable, small-scale CO2 extractors designed specifically for craft growers. While the capital markets have recently tightened for cannabis-related companies, our tight expense control means we don't require financing to execute our current business plan. I believe that our organic growth, combined with one of the lowest market capitalizations of any public cannabis-related company, makes MXT an excellent addition to any cannabis-related portfolio."
ABOUT MEDXTRACTOR CORP.:
The Corporation is a Calgary-based company that manufactures patented, proprietary craft-scale carbon dioxide-based extractors that are used to extract essential oils and compounds from a variety of botanical materials. Growing demand is from the premium craft medical cannabis market as these growers respond to the shift toward high-purity oils and concentrates as the base for a multitude of products such as vapes, dabs, edibles, lotions, sprays, and suppositories. The ongoing worldwide cannabis legalization movement is expected to further increase demand for extracts and the Corporation has installations in multiple countries worldwide. The Corporation owns the US patent, and the Canadian Patent application, on its CO2-based extraction process.
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This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Corporation believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
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