Doja Cannabis Company Limited Reports Third Quarter 2017 Results
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DISSEMINATION IN THE UNITED STATES/
KELOWNA, BC, Nov. 29, 2017 /CNW/ - DOJA Cannabis Company Limited (CSE: DOJA) ("DOJA" or the "Company"), a cannabis lifestyle brand and federally licensed producer of handcrafted premium cannabis flower, is pleased to announce that it has filed its financial statements and related Management's Discussion and Analysis ("MD&A") for the three and six month periods ended September 30, 2017 on SEDAR. The financial statements and MD&A will be available at www.sedar.com.
Trent Kitsch, CEO of DOJA commented, "I am very proud of our team's year-to-date accomplishments, we have reached a number of milestones in less time and for less investment than originally budgeted."
Highlights from the past six months include:
- DOJA's wholly owned subsidiary secured a License to Cultivate Medical Cannabis under the ACMPR on June 16th;
- Completed a public listing on the Canadian Securities Exchange on August 9th;
- Began cultivation of DOJA's first four cannabis strains in July 2017;
- Harvested and cured the Company's first batches of premium handcrafted cannabis flower in October;
- Opened the first DOJA Culture Café, a cannabis information center and artisanal coffee shop;
- Purchased a 22,580 square foot building, the DOJA FUTURE LAB, bringing total potential production capacity to 5,000 kg/yr;
- Requested a Pre-Sales Inspection from Health Canada on October 31st, the last step prior to being issued a License to Sell; and
- Commenced construction of the FUTURE LAB's 2,000 square foot state-of-the-art extraction facility and lab.
"DOJA has an ambitious goal of becoming the leading lifestyle cannabis brand in Canada. We know that iconic brands are backed by iconic products, so our attention has been placed firmly on the art of growing, trimming and curing to ensure the quality and consistency of our handcrafted cannabis flower. Looking to the future there are a number of initiatives that we plan on executing that will further differentiate the DOJA brand and create value for our shareholders," commented Trent Kitsch.
Leading up to legalization of cannabis for adult use in Canada, DOJA has set the following key goals for the Company:
- Obtaining a License to Sell Medical Cannabis under the ACMPR;
- Complete build-out phase of the extraction lab and a license to produce cannabis oil;
- Securing access to a cannabis supply source for extraction feedstock;
- Expanding DOJA's retail presence in Western Canada; and
- Expanding cannabis production capacity or securing a supply source.
The Company also announces that it has agreed to issue an aggregate of 674,666 common shares in the capital of the Company (the "Common Shares") to two of the Company's creditors in satisfaction of certain debt obligations. The issuance of the Common Shares in satisfaction of the debt is subject to the receipt of all requisite approvals, including, without limitation, the approval of the Canadian Securities Exchange.
ABOUT DOJA
DOJA™ is a premium cannabis lifestyle brand growing high-quality handcrafted cannabis flower. DOJA's wholly owned subsidiary is a licensed producer of cannabis under the ACMPR that has requested its Pre-Sales License Inspection, the last step prior to receiving a license to sell cannabis under the ACMPR. DOJA's state-of-the-art ACMPR licensed production facility is located in the heart of British Columbia's picturesque Okanagan Valley. DOJA was founded by the proven entrepreneurial team that started SAXX Underwear®.
ON BEHALF OF THE BOARD OF DIRECTORS
"Trent Kitsch"
Trent Kitsch
Chief Executive Officer and Chairman of the Board
CONTACT INFORMATION
The DOJA team also encourages readers to visit the website at www.doja.life to learn more about DOJA and to sign up for DOJA news updates.
You can also follow us @doja.lifestyle on Instagram.
Statement Regarding Forward-Looking Information
This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause DOJA's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Forward-looking statements in this document include statements regarding DOJA's plan to obtain a license to distribute medical cannabis under the ACMPR, its intention to build-out the FUTURE LAB and matters pertaining to the build-out of that facility, including with respect to the planned extraction lab, DOJA's expectations regarding receiving a license to produce cannabis oil and securing access to a cannabis supply source for extraction feedstock; and DOJA's expectations regarding the issuance of common shares in satisfaction of outstanding debt and receipt of regulatory approval therefor.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks:
- there is no assurance that DOJA will obtain the requisite regulatory approvals, including those required from Health Canada and the Canadian Securities Exchange; and
- new laws or regulations could adversely impact DOJA's business plans, including with respect to the build-out of the FUTURE LAB and the planned extraction lab.
DOJA cautions that the foregoing list of material factors is not exhaustive. When relying on the DOJA's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. DOJA has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. DOJA undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release.
SOURCE DOJA Cannabis Company Limited
please contact Jeff Barber, Chief Financial Officer by email at [email protected] or by phone at 1-(877) 763-DOJA extension 101.
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