BlissCo Cannabis Corp Announces License Amendment Application to Produce Cannabis Oil
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- BlissCo applies for ACMPR cannabis oil license amendment
- BlissCo to produce 420 kilos of cannabis oil in phase one
- BlissCo brings the first Midas XII Co2 extractor to Canada
VANCOUVER, June 13, 2018 /CNW/ - BlissCo Cannabis Corp. (CSE: BLIS) (FRA: GQ4B), ("BlissCo") submitted a license amendment application to Health Canada to produce cannabis oil on June 6, 2018.
"The BlissCo team with the support of two international partners has designed a state of the art cannabis oil extraction lab, that in phase one will be able to produce 420 kilograms of cannabis oil annually. These 420 kilograms of cannabis oil will be used to create cannabis oil tinctures and capsules to service Canadian medical patients and international distribution partners," said BlissCo CEO Damian Kettlewell.
The most recent sales data from Health Canada shows that cannabis oil sales overtook dried cannabis sales in May 2017 and as of December 2017 cannabis oil sales are 50% higher than dried cannabis sales.
"BlissCo is focused on creating value added, high margin cannabis products for the medical market and the recreational market in Canada when it is legal. Our international supply chain partnerships will ensure that BlissCo has access to rapidly evolving cannabis consumer and product data," said Kettlewell.
One such partnership gives BlissCo access to medical-grade cannabis oil through the MIDAS XII Co2 extraction system created by Oregon-based, Vanguard Scientific Systems. Created with the user and final patient in mind, a proprietary two-column design makes the MIDAS one of the only systems in the world with the ability to safely extract therapeutic cannabis terpenes along with the healing whole plant oils, offering a full spectrum of benefits to users.
"BlissCo is excited to bring the first Midas Co2 extractor to Canada and introduce innovative and compliant cannabis oil products to our medical patients and adult users when legal," said Kettlewell.
The MIDAS represents a significant investment in the BlissCo extraction lab, allowing the company to utilize dozens of cannabis components that were previously inaccessible. As a result, the 420 kilograms of cannabis oil have the potential to generate tens of millions in sales annually for BlissCo depending on the final products that are created and on the evolution of the cannabis extract market.
"The MIDAS Co2 extractor is the culmination of six years of research by scientists and technology pioneers from around the world," says Vanguard CEO, Matthew Anderson. "We are excited to help bring a new level of plant-based therapeutics to Canadians across the country with the partnership of BlissCo and the forward-thinking support of the Canadian federal government. Extracting cannabis oil can be extremely complex, but with the patented design of the MIDAS, Canadians will soon have access to the world's purest cannabis oil."
Stock Option Grant
The Company announces that it has granted 450,000 stock options (the "Options") to employees and Consultants, at an exercise price of $0.33 per Option. Each Option will have an exercise term of up to three (3) years and vesting will be determined by management.
About BlissCo Cannabis Corp
BlissCo (CSE: BLIS) (FRA: GQ4B) owns through its wholly-owned subsidiary BlissCo Holdings Ltd., a license to produce marijuana under the Access to Cannabis for Medical Purposes Regulations (ACMPR) which was originally granted on March 29, 2018.
BlissCo began growing medical cannabis in early May 2018 and applied to Health Canada to amend its ACMPR license to include cannabis oil production in early June 2018.
BlissCo is projected to have a sales license inspection from Health Canada in August 2018 and earn a sales license in September 2018 to sell dried cannabis.
BlissCo's value proposition is to be a brand focused high-volume distributor, processor and packager of medical cannabis and adult use cannabis when it is legal in Canada.
BlissCo will be processing and distributing cannabis purchased from multiple supply agreements and from cannabis grown at its own start of the art facility in Metro Vancouver, B.C. Currently, BlissCo has a two-year supply agreement with The Supreme Cannabis Company Inc (TSX.V: FIRE) to purchase 3,000 kilograms of premium whole dried cannabis flower.
BlissCo is currently exploring brand expansion opportunities in multiple international markets where medical cannabis is federally legal.
Management is focused on establishing BlissCo as an iconic Canadian cannabis brand.
On Behalf of the Board of Directors
BLISSCO CANNABIS CORP.
Damian Kettlewell, CEO, Founder & Chair
Cautionary Statement
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of any of the word "will" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This news release contains forward-looking statements and assumptions pertaining to the following: the ability to execute on our strategic plans and the impact on our future operations, capital expenditures, receipt of a cannabis oil license and a license to sell dried cannabis and other objectives, the production capacity of our cannabis oil extraction lab, our access to consumer and market data, and our ability to generate sales from cannabis oil. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
SOURCE BlissCo Cannabis Corp.
Damian Kettlewell, CEO, (604) 484 9119, ext. 3, [email protected]
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