VANCOUVER, British Columbia, Sept. 03, 2019 (GLOBE NEWSWIRE) -- RavenQuest BioMed Inc. (CSE: RQB OTCQB: RVVQF Frankfurt: 1IT) (the “Company” or “RavenQuest”), one of Canada’s most innovative cannabis producers, is pleased to announce it has signed a Joint Venture Agreement with Cannabis Biocare to construct cannabis cultivation facilities with planned capacity to produce 35,000 kilograms of medical cannabis in Europe.
The Joint Venture plans to initially build two cannabis cultivation facilities in Portugal, with an option for further expansion across Europe and beyond. Two sites have been selected, both of which are well-suited for retrofit, in the Portuguese towns of Vila Nogueira de Azeitao and Porto. RavenQuest owns a 50% stake in the Joint Venture, which is expected to be called “RQBeu”.
Under the terms of the Joint Venture Agreement, Cannabis Biocare will endeavor to obtain full funding for cannabis production facility build-outs and cannabis technologies, including orbital gardens, and start-up expenses for the Joint Venture.
RavenQuest will grant the Joint Venture use of its Orbital Garden grow technology, cultivation expertise, intellectual property and beneficial microbes developed by RavenQuest in connection with its partnership involving McGill University.
Commenting on the deal, RavenQuest CEO, George Robinson, stated, “We are very pleased to enter into this Joint Venture. Europe is a huge marketplace with over 700 million residents and a progressive attitude toward cannabis legalization. Many European nations already allow for medical cannabis consumption, with many more moving toward adult use legalization. Portugal is one of the most attractive of these nations, and an excellent fit to establish RavenQuest’s first European facilities.
“Our plans to produce 35,000 kilograms in Europe are now taking shape in the form of a definitive agreement with our partners at Cannabis Biocare and the identification of two existing buildings, which are ready for immediate retrofit. Our partner is responsible for providing 100% of the funding for the Joint Venture, which allows for non-dilutive expansion into this burgeoning market. In addition, Cannabis Biocare’s political relationships across Europe, North Africa and the Gulf States brings the potential for future expansion as these markets mature,” Robinson continued.
For more information, access RavenQuest’s investor presentation, fact sheet and videos here.
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 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|
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. Examples of such statements include statements with respect to the construction of cannabis facilities in Europe and the cannabis production capacity and location of such facilities, the name of the joint venture and the funding of the Joint Venture by the Company’s Joint Venture partner (which is under no obligation to provide funding). 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 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.