RavenQuest Completes First Cannabis Shipment to Wayland Group
VANCOUVER, British Columbia, April 15, 2019 (GLOBE NEWSWIRE) -- RavenQuest BioMed Inc. (CSE: RQB OTCQB: RVVQF Frankfurt: 1IT) (the “Company” or “RavenQuest”) a federally licensed producer of cannabis, is pleased to announce it has completed its first shipment of bulk cannabis to Wayland Group.
The shipment was made as part of a larger agreement between RavenQuest and Wayland group, whereby RavenQuest will supply up to 8,000 kg of bulk cannabis to Wayland Group. The agreement spans the entirety of calendar 2019.
CEO, George Robinson commented that
it has been a pleasure dealing with Ben Ward and the entire team at Wayland Group. We are very excited to complete this first shipment, which represents the beginning of our agreement as we fulfill our commitment to supply premium cannabis to our partners at Wayland
The new license at our Edmonton facility brings significantly more capacity onstream, dramatically increasing our revenue potential for 2019. In addition to this agreement, we have also signed an MOU to supply cannabis to the British Columbia Liquor Distribution Branch. Between these two distribution channels and based upon prevailing B2B market prices, we're confident we can ramp up revenue to north of the budgeted $44.5 million for 2019
For more information, view RavenQuest’s updated website at www.rqbglobal.com.
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RavenQuest BioMed Inc. is a diversified publicly traded cannabis company with divisions focused upon cannabis production, management services & consulting and specialized research & development. RavenQuest is a licensed producer with facilities located in Markham, Ontario and Edmonton, Alberta.
RavenQuest maintains a research partnership with McGill University focused upon cultivar (strain) recognition, plant stabilization and yield maximization of the cannabis plant. The Company focuses on partnerships with Indigenous communities.
On Behalf of the Board of Directors of
RAVENQUEST BIOMED INC.
Chief Executive Officer
For further information, please contact: Mathieu McDonald, Corporate Communications
Neither the Canadian Securities Exchange nor its Regulation Services 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.
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 anticipated production capacity. 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.
Readers are cautioned that budgeted revenue is based upon prevailing prices for the supply of cannabis products in business-to-business transactions, and assumes annual production of 11,000 kilograms of cannabis from the Company's Edmonton facility. A number of factors may cause actual results to differ materially from budgeted amounts, including changes in the market price and demand for cannabis products, interruptions in production and operations at the Company's facility and an evolving government and regulatory landscape.