FOR IMMEDIATE RELEASE…Vancouver, British Columbia: RavenQuest BioMed Inc. (the “Company” or “RavenQuest”) – (CSE: RQB OTCQB: RVVQF Frankfurt: 1IT) .
We’re heading swiftly through the final quarter of 2018 and as CEO, I’d like to address RavenQuest’s progress on a number of fronts.
Let’s go through a thorough Q&A covering key areas of interest for shareholders!
WHATS HAPPENING WITH THE SALES LICENSE?
RavenQuest has moved through all of the rigorous application procedures Health Canada requires to obtain a license to sell cannabis legally in Canada. This includes two successful harvests which are carefully tested for Health Canada’s stringent biochemistry standards.
We’re ready to go.
Health Canada has experienced a busy period with the onset of legalization. Our dialogue with Health Canada has been very positive, our file is in active review and we are optimistic about the prospect of receiving our license near term.
HAVE YOU MISSED THE DEMAND WINDOW?
No, not at all.
It’s important to put this into perspective: both of RavenQuest’s facilities are built and grow rooms are full of healthy plants at the Markham facility. However inventory is limited at this time, meaning the existence of a sales license would bring some revenues immediately, but the substantial revenues we expect from cannabis sales will truly ramp up when harvests take place at Markham in the coming weeks.
RavenQuest has always maintained that our business model was to complete our facilities and ramp up to full capacity by the beginning of calendar 2019. I’m happy to report we are still on target for these goals. We are extremely excited to be one of the top 15 companies in the country in terms of built (not just funded) capacity.
WAS AN OCTOBER 17 SALES LICENSE A MISSED OPPORTUNITY?
The October 17 legalization date was important from a consumer perspective; as of that date you no longer need to worry about a criminal record for simple consumption. From that perspective, it was a ceremonial day worthy of celebration.
But from a “deadline” perspective, October 17 was just another day in our business plan as we ramp up for 2019.
Legalization date was never going to be the “Black Friday” type event that had industry wide dollar signs from the starting gun. That just simply wasn’t going to happen and we’ve been saying that for months now. If you take a look across the industry, it’s going to take some time. We have always factored this into our plans as we ramp up toward 2019 and this applies to our sales license as well.
IS THE EDMONTON FACILITY READY TO GO?
We are very close to receiving our cultivation license at the Edmonton facility and when that arrives, we will immediately populate our revolutionary Orbital Garden grow technology with plant genetics. It’s a beautiful thing to see these automated, vertically-stacked systems spinning in place throughout the facility and we can’t wait to show the world what we can do in terms of production per square foot and plant consistency. The world is watching and we’re ready to deliver.
CAN YOU SELL PRODUCTION FROM EDMONTON THROUGH A MARKHAM SALES LICENSE?
WHATS UP WITH THE SUPPLY MOU AT BCLDB?
The MOU will become a full supply agreement and RavenQuest will begin shipping product to BCLDB immediately upon receipt of the sales license at Markham.
WHAT ABOUT SUPPLYING OTHER PROVINCES OUTSIDE OF BC?
Yes that is a focus for this quarter. We have been contacted by provincial wholesalers from Alberta, Ontario and Quebec and will look forward to concluding those conversations swiftly upon receipt of our sales license.
WHAT ARE YOU MOST EXCITED FOR AS YOU LOOK AHEAD?
There is so much to look forward to at RavenQuest. Obviously we have two major license milestones on the near-term horizon. When you combine those with the potential for more supply arrangements with Canada’s heavily populated provinces, there is a lot to be excited about right now.
Our services division is firing on all cylinders with several incoming calls about our unique methodologies and consulting services on a daily basis. We anticipate this division will contribute a significant amount of revenue to our overall top line in 2019. In addition, it’s clear to us that there is significant demand worldwide for the unique knowledge we can bring to new cannabis producers in the international marketplace. Services will be a key growth driver for the Company as the industry matured worldwide.
Keep in mind we are on the verge of showing the world the unprecedented production capabilities of our Orbital Garden grow systems. I look forward to seeing cannabis inside the gardens and sharing that kind of revolutionary technology with the world. As the Company’s single largest shareholder, I can tell you it’s an exciting time to be a RavenQuest shareholder!
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 Canadian Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Stock 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 development of licensed cannabis production facilities, the production and supply of cannabis to the BCLDB, .the launch of consumer cannabis brands and the development of partnerships with Indigenous communities. 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.