VANCOUVER, BC / ACCESSWIRE / March 3, 2020 / World-Class Extractions Inc. (PUMP.CN) (WCF.F) (WCEXF) (the "Company" or "World-Class"), an innovation-driven company that deploys and manages purpose-built cannabis and hemp extraction and processing centres, congratulates Canntab Therapeutics Limited (CSE:PILL.CN) ("Canntab") on receiving its Cannabis Standard Processing and Sales for Medical Purposes License.
This achievement represents a significant milestone in the relationship between Canntab and World-Class, allowing the parties to move forward with their previously announced agreement to deploy and operate a World-Class cannabis and hemp extraction and processing centre at Canntab's licensed facility in Markham, Ontario.
World-Class and Canntab expect to generate revenue from the extraction and processing of cannabis and hemp supplied by Canntab and other third-parties using World-Class's biomass extraction and processing systems. World-Class has commenced the deployment of the BOSS C02 Extraction Systems along with peripheral equipment to Canntab's Markham facility. A BOSS System can process up to 200 pounds of biomass per day into high-potency cannabis and hemp concentrates. Canntab's Markham facility is scalable and further BOSS systems are expected to be deployed as demand increases.
Rosy Mondin, CEO of World-Class, remarked, "Our team at World-Class wishes to congratulate Canntab on its achievement, and we look forward to supporting Canntab's growth as we work to deploy and manage our processing systems and technology within the Canntab facility. Together, Canntab and World-Class are targeting a multi-billion dollar high-growth market characterized by considerable barriers to entry and increased outsourcing need. Our relationship represents a long-term opportunity, and both Canntab and World-Class expect to generate revenue from these operations in 2020."
Jeff Renwick, Chief Executive Officer at Canntab stated, "The agreement with World-Class will give Canntab the ability to do extensive work on fractional distillation and isolation for our cutting-edge formulation with individual cannabinoids using chromatography, paving the way for problem-solving medications."
About World-Class Extractions Inc.
World-Class develops, deploys and manages custom-built extraction centers for licensed cannabis and hemp processors. Utilizing its custom technology and processes, World-Class enables its licensed partners to efficiently produce high-margin cannabis and hemp concentrates and oils. Through its relationships with licensed partners, World-Class also has the ability to offer toll processing of cannabis and hemp to licensed third parties that lack the expertise and equipment required to produce high-quality cannabis and hemp concentrates and end-products. With over half of a decade spent in research and development, the Company allows licensed producers to access the technology required to create value-added products in the expanding concentrate market.
About Canntab Therapeutics Limited
Canntab Therapeutics is a Canadian biopharmaceutical company focused on the manufacturing and distribution of a suite of hard pill cannabinoid formulations in multiple doses and timed-release combinations. Canntab's proprietary hard pill cannabinoid formulations provide doctors, patients and consumers with medical grade solutions which incorporate all of the features one would expect from prescription or over the counter medication sold in Canadian pharmacies. Canntab holds a Cannabis Standard Processing & Sales for Medical Purposes Licence, a Cannabis Research Licence and an Industrial Hemp Licence from Health Canada.
Neither the Canadian Securities Exchange nor its Regulation Service 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 of the Company.
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 with respect to the successful deployment of the Company's cannabis and hemp processing centres at Canntab's Markham facility, the ability of the Company and/or Canntab to generate revenue from such processing centre and the ability of its partners to produce high-margin cannabis products. 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.
SOURCE: World-Class Extractions Inc.
View source version on accesswire.com: