RavenQuest BioMed Inc. (the “Company” or “RavenQuest”) –
(CSE: RQB OTCQB: RVVQF Frankfurt: 1IT) is
pleased to provide the following full update on all aspects of the
Company’s production, distribution and expansion plans for 2019 and
beyond.
RavenQuest is gearing up for rapid growth in
Canada as well as in Europe. Canadian production will accelerate to
full capacity by summer 2019 and our European expansion is swiftly
taking shape. We anticipate profitable operations in the near term,
driven by our focused approach outlined herein.
Canadian Production
Both of our two ultra-modern grow facilities are
built and producing cannabis now. RavenQuest boasts a full license
to sell cannabis and two completed and licensed cannabis facilities
located in Markham, Ontario and Edmonton, Alberta.
With an eye on prudence, Edmonton production
began cautiously to ensure the success of our disruptive Orbital
Garden technology. The extensive science behind Orbital Gardening
results in a unique cannabis plant, one which expresses as a much
more efficient plant with very little wasted leaf (fan leaf) and
instead produces almost entirely large buds (image shown below). We
are very excited with the results, and as we near completion of the
first harvest, we are now comfortable with our processes and are in
the midst of rapidly ramping production. The shorter 8-week grow
cycle of the Orbital Gardens (compared to 12-14 week cycles for
flat table growing) further adds to annual yield. We expect the
Edmonton facility to reach full capacity by this summer (2019),
placing RavenQuest’s Canadian production run-rate at about 11,000
kg per annum.
Photos accompanying this announcement are available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/8afc2871-793c-4a19-bdc0-7cb7c1492944https://www.globenewswire.com/NewsRoom/AttachmentNg/31bdfb14-f980-484f-82f7-0dca7999993fhttps://www.globenewswire.com/NewsRoom/AttachmentNg/ff0a5167-f99e-4083-b662-56e63c4d27a3
Markham production is ramping up nicely with the
addition of Dr. Simerjeet Kaur, PhD (McGill) demonstrating her
value as a plant science leader. RavenQuest plans to convert the
Markham facility to Orbital Gardens in mid-2019.
From a production standpoint, we see 2019 as an
inflection year for our Company as we accelerate from nominal
production in 2018 to an expected run-rate of approximately 11,000
kg per year by mid-summer 2019.
Canadian Sales &
Distribution
RavenQuest has a business-to-business supply
agreement in place for up to 8,000 kg in 2019.
In addition, RavenQuest has signed an MOU
(Memorandum of Understanding) with the province of British Columbia
to supply approximately 2,000 kg. We are currently engaged with
several other provinces with a view toward diversifying our
geographic footprint with the potential for supply agreements with
additional provinces in the near future.
With our business-to-business supply agreement
and potential sales to British Columbia, our Company has pre-sold
the bulk of our production for 2019, and are working on similar
arrangements in both the B2B and recreational markets for 2020 as
well.
The cannabis market remains in short supply and
we expect this dynamic to persist well into 2020, especially for
high quality, indoor grown dried flower or full plant extracts,
which is an area of focus for our Company.
We see the evidence in other cannabis markets
that dried flower and vaporizers are still a preferred delivery
method even after the introduction of edibles and concentrates.
Dried flower and vaporizers still account for upwards of 65% of the
marketplace in many fully legal edibles environments. We anticipate
adding an elegant and disposable vaporized product to our portfolio
leading into Cannabis 2.0 (legalization of edibles). We believe
strongly in the concept of the “entourage effect”, or the “full
plant experience” for cannabis enthusiasts and our vaporizers will
carry this same emphasis on the “full plant extract”. We think in
terms of the “Fresh Squeezed Orange Juice” of cannabis, rather than
the “Tang” or “Kool-Aid” approach, which tends to focus upon
fractional distillates.
It has been evidenced that those companies with
a more simplified approach are having the greatest on-the-ground as
well as financial success, and we intend to walk this path as well.
We have a select number of high-quality SKUs, a conservative
branding budget and a laser focus upon delivering quality product
in simple, biodegradable packaging that emphasizes moisture and
quality. We believe this is the pathway to success and this has
been demonstrated by a select peer group thus far in the broader
market. In our view, quality and consistency will outpace volume
and advertising as we address our consumer base. We anticipate
profitable operations near term as a result of this focused,
sensible approach to the business of cannabis.
European Expansion
RavenQuest sees tremendous opportunity in
Europe, and has announced a Heads of Agreement toward a Joint
Venture with Norway’s Biocare, which intends to produce upwards of
35,000 kg per year, split on a 50/50 basis between RavenQuest and
Biocare.
Of note is that funding of the expansion is
anticipated to come from Biocare, while RavenQuest brings its
technology, facility design and expertise.
Europe has a population of over 700 million and
a growing acceptance of cannabis as both a medicine and a
recreational product. RavenQuest has aggressive expansion plans in
Europe with our partner, Biocare.
Led by Gerhardt Ludvigsen and his team from
Petronor/Hemla, our Norwegian partners completed an extensive due
diligence process, which included some of the largest players in
the cannabis space. Ultimately, they decided to partner with
RavenQuest because our organization has placed the foundation of
our business into science and innovation. Our Orbital Gardens can
produce far greater quantities of cannabis on a per-square-foot
basis than virtually anyone else in the space, and at greater
economic efficiencies due to the substantial savings on input costs
of the automated system – a system which requires only five
grow-room visits per cycle. All of these benefits contribute to
profitability while producing some of the most consistent,
repeatable and high-quality cannabis anywhere.
We are delighted to be working alongside such an
esteemed group with global reach, who also see the tremendous value
in RavenQuest, a company that thoroughly understands the science
behind growing the cannabis plant properly and at scale.
The first facility is expected to be constructed
in Portugal, and the final stages of site selection are ongoing as
we write this new release. We anticipate finalizing our agreement
by summer 2019 and moving toward breaking ground shortly
thereafter.
Operational Summary
Between our Canadian ramp-up and European
expansion, its an exciting time for us at RavenQuest. We’re now
producing cannabis at scale, accelerating production rapidly and
have begun selling cannabis and realizing revenues.
Now that our Orbital Garden technology has been
proven inside our Edmonton facility, our relationship with Biocare
is expected allow us to take production to scale in Europe.
For more information, access RavenQuest’s
investor presentation, fact sheet and videos here.
Follow RavenQuest on Twitter
@RQBGlobal.
About RavenQuest BioMed
Inc.
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.
“George Robinson”Chief Executive Officer
For further information, please contact:Mathieu
McDonald, Corporate Communications –-877-282-1586
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 production at our Edmonton and Markham
facilities, the supply of cannabis to the Province or British
Columbia pursuant to the MOU, the state of the cannabis market, our
expansion into Europe, statements with respect to the execution of
a definitive JV agreement between RavenQuest and Cannabis BioCare,
the construction of cannabis production facilities in certain
geographic regions and the production capacity of those facilities.
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.
RavenQuest BioMed (CSE:RQB)
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RavenQuest BioMed (CSE:RQB)
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