VANCOUVER, British Columbia, Dec. 18, 2018 (GLOBE NEWSWIRE) -- RavenQuest BioMed Inc. (the “Company” or “RavenQuest”) – (CSE: RQB OTCQB: RVVQF Frankfurt: 1IT) and Wayland Group (WAYL.CN) (75M.F) (MRRCF) (“Wayland”) are pleased to announce that they have entered into a supply agreement whereby Wayland will purchase up to 8,000 kg of dried flower cannabis from RavenQuest in 2019. The total quantity will be shipped periodically throughout 2019 as product becomes available.
As part of the supply agreement, Wayland will immediately make a one-time payment of $2 million to RavenQuest in anticipation of the first major shipment of cannabis flower in March 2019. Pricing for the transaction is comparable with prevailing wholesale cannabis prices.
“RavenQuest is very excited to be working with Wayland as we both do our part to meet the huge demand for cannabis across Canada,” stated George Robinson, CEO of RavenQuest. “Negotiations were smooth and without major challenges; Ben Ward and his team at Wayland are a pleasure to work with. This supply agreement is a significant win for both sides of the transaction. For RavenQuest’s part, 8,000 kg represents about 80% of our estimated production for 2019, meaning this transaction provides us much more certainty when it comes to selling our 2019 production at competitive prices,” Robinson continued.
“We are thrilled to be working with George and his team at RavenQuest to provide their specialty indoor product to recreational cannabis consumers across Canada through our existing distribution network. This agreement provides for efficiencies for both companies, constructively working together to meet Canadian demand through our existing resources. At the same time, this allows us to channel our existing supply to the European market,” stated Ben Ward, CEO of Wayland.
Maricann Group Inc., through its subsidiaries, is operating under the Wayland Group name. For further details see the press release dated September 24, 2018.
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.
About Wayland Group
Wayland is a vertically integrated cultivator and processor of cannabis. The Company was founded in 2013 and is based in Burlington, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario where it operates a cannabis cultivation, extraction, formulation, and distribution business under federal licenses from the Government of Canada. The Company also has production operations in Dresden, Saxony, Germany, Regensdorf, Switzerland, Allesandria, Piedmont, Italy, Ibague, Colombia, London, UK and now Argentina. Wayland will continue to pursue new opportunities globally in its effort to enhance lives through cannabis.
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 fulfillment of cannabis orders and payment therefore pursuant to the supply agreement with Maricann, the first shipment of cannabis flower in March 2019 and its estimated 2019 cannabis production. 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.