October 2, 2014 - Vancouver, British Columbia – Vodis Pharmaceuticals Inc. (the “Company” or “Vodis”) (CSE: VP / FSE: 1JV) is pleased to announce that the Company has formed a Washington State-based wholly owned subsidiary, Vodis USA, Inc., to invest in and develop real estate in Washington State for the purpose of serving licensed I-502 production and processing businesses. Vodis USA, Inc. intends to acquire real estate, retrofit buildings and provide production ready facilities to qualified I-502 cannabis tier 3 production and processing license holders.
In addition to providing specialized facilities to I-502 producers and processors, the Company will license its award winning, pharmaceutical grade growing techniques, standard operating procedures and innovative manufacturing practices to further assist license holders with their production and processing operations. The Company believes these services will create synergies and advantages that will provide for significant and long-term revenue for the license holder and, in turn, to Vodis USA, Inc.
ABOUT THE WASHINGTON I-502 MARIJUANA MARKET
In November, 2012, the Washington State Liquor Control Board (WSLCB) passed Initiative 502 (I-502) pursuant to a vote by the people of the State of Washington. I-502 authorized the WSLCB to regulate and tax recreational marijuana products for persons over twenty-one years of age and thereby, created a new industry for the growing, processing and selling of Washington State-regulated recreational marijuana products. A recent WSLCB commissioned report by the Rand organization suggests that there are currently up to 650,000 recreational marijuana users in Washington State worth approximately $1.25 - $1.5 Billion USD in annual sales.
ABOUT VODIS PHARMACEUTICALS
Vodis is one of Canada’s foremost brand names in the medical marijuana business. Its master grow teams have consistently won or placed at each competition they have entered. The company is awaiting a Health Canada inspection to begin production at its state-of-the-art 12,000 square foot facility in Canada, which will have a theoretical capacity of up to 200 pounds per month or up to $8.7 million in annual revenue.
For further information please contact:
CFO & Director
104-1037 West Broadway
Vancouver, BC V6H 1E3
direct: 1-866-210-1420 ext. 106
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions, and include that our subsidiary plans to acquire real estate, retrofit buildings and provide production ready facilities to i-502 cannabis production licensees; that our operating procedures and innovative manufacturing practices can ensure the success of the licensee’s production, which will provide for long-term revenue; and that we are only waiting for a Health Canada inspection to begin production at our 12,000 square foot facility, which will have a theoretical capacity of up to 200 pounds per month or up to $8.7 million in annual revenue . Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Factors which could delay or prevent these forward looking statements from coming to fruition include that we don’t get regulatory approval for establishment of US operations; that we are prohibited because of Washington State law from providing the kind of services we envision to growers; that we don’t find any suitable real estate to acquire; that we lack the financing to carry out our plans or our operations; that we lost key employees whose knowledge is crucial for our operations; that we are turned down for a license to grow in Canada; that zoning laws don’t permit us to carry out our plans; that our theories of growing capacity or revenues are not realistic as a result of miscalculation or changing markets. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting any person to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
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