Relevium’s Biocannabix Executes LOI to Acquire 30% Interest in Weedsense, a Late Stage Applicant for Standard Processing and Medical Sales License
MONTREAL, June 05, 2019 (GLOBE NEWSWIRE) -- Relevium Technologies Inc. (TSX.V: “RLV”, OTCQB: “RLLVF” and Frankfurt: “6BX”) (the “Company” or “Relevium”), is pleased to announce its wholly owned subsidiary Biocannabix Health Corporation (“Biocannabix”) has executed an LOI to acquire 30% of Weedsense Inc., a late stage applicant for standard processing and medical sales license.
WEEDSENSE STRATEGIC FIT FOR BIOCANNABIX ENDO-MEDICINAL BUSINESS
Weedsense Inc. (“Weedsense”) is building a wholesale and distribution business in Montreal, Québec. The Company’s business model includes wholesale and bulk products from licensed producers or processors and distributing directly to medical patients through a network of pharmacists or clinics. Weedsense will also service the recreational market by acting as a distributor to provincially-sanctioned wholesalers such as the Ontario Cannabis Store (OCS) or Société Québécoise du Cannabis (SQDC).
Weedsense can also provide secured third-party logistics (3PL) partner for other market participants who seek direct access to the Quebec market. Weedsense has applied for Standard Processing and Medical Sales licenses through Health Canada and is building a euGMP facility in Montreal. The late stage applicant “Weedsense Inc.” expects to be fully licensed no later than Q4 2019 and obtain euGMP certification shortly thereafter.
Biocannabix Health Corporation will entrust Weedsense with the storage, sales and distribution of its endo-medical nutraceuticals and medical food products for the Canadian marketplace including pharmacies and hospitals. Biocannabix mission is to become a leader in providing safe, organically sourced endo-medicinal products for pediatric care into the Canadian market.
Aurelio Useche, CEO of Relevium stated: “Our investment into Weedsense provides Biocannabix with the capability to import, export, warehouse, packaging and sell to pharmacies and hospitals in a secure and compliant manner. This is another milestone in our vertically integrated model for the Pediatrics market”
Dave Shepard, CEO and Co-Founder of Weedsense Inc. stated: “The idea behind Weedsense from the beginning has been to offer patients the best possible service: amazing products at a fair price, the best customer service possible and timely delivery. I have been successful building out this model already in the beauty space with beautysense.ca and it was clear that a patient centric wholesale/distribution platform was lacking in the cannabis market.”
Sasha Asgary, COO and Co-Founder of Weedsense Inc. stated: “We have had the luxury of building Weedsense after having observed market dynamics for the last two years. We are employing best in class cannabis consultants and engineering firms that have all won awards in their respective categories at industry events and guided us exceptionally well through our licensing process. There is no doubt in our minds that we are building a platform that will win the hearts of patients locally and nationally.”
Biocannabix has executed an LOI to invest CAD$1.5 million into Weedsense Inc. to obtain an initial 30% interest in the company. In addition to its initial investment, Biocannabix has secured an additional option to acquire 100% of the shares after the grant of the licenses by Health Canada and full construction of the facility for an additional CAD$3.5 million payable in shares of Biocannabix at a valuation equals to that of the eventual series “A” financing of the wholly-owned subsidiary.
The transaction is conditional to the grant of the said licenses by Health Canada, financing and is also subject to the approval to the TSXV Stock Exchange.
About Relevium Technologies
Relevium is a publicly-traded company that operates in the health and wellness industry, including legal cannabis, with a primary focus on online distribution. The principal business of the Company is the identification, evaluation, acquisition and operations of brands and businesses in the health and wellness markets and medical cannabis. The Company pursues its business strategy through an acquisition and partnership model in a holistic approach to encompass a wide range of health and wellness consumer products.
Relevium operates through two wholly owned subsidiaries:
BGX E-Health LLC (BGX), based in Orlando, Florida, markets dietary supplements, nutraceuticals, sports nutrition and cosmeceuticals primarily through its Bioganix® brand portfolio in the US and Europe. Relevium’s premium brands are sold at some of the world’s largest retailers including such as Walmart.com and Amazon.com.
Biocannabix Health Corporation (BCX), based in Montreal, Quebec, is a biopharma nutraceutical company focused on delivering pediatric endo-medicinal nutraceuticals for cannabinoid therapy.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, including the timing and completion of the proposed acquisitions, are forward-looking statements and contain forward-looking information. Generally, forward- looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including the assumptions that the Company will be able to apply for and ultimately obtain an ACMPR licence, the proposed business of Biocannabix will develop as anticipated, that the Company will raise sufficient funds to develop the Biocannabix business, and that the Company will obtain all requisite regulatory approvals. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, the risk that the proposed business developments may not occur as planned; the timing and receipt of requisite approvals and failure to raise sufficient funds.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward- looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
On Behalf of the Board of Directors
Aurelio Useche President and CEO
For more information about this press release: Tel: +1.888.528.8687
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