2015-05-07 05:00 PT - News Release
VP Close 2015-05-06 C$ 0.30
Mr. Otto Folprecht reports
VODIS PROVIDES CONSTRUCTION UPDATE OF ITS WASHINGTON STATE MARIJUANA FACILITY
May 7, 2015- Vancouver, British Columbia – Vodis Pharmaceuticals Inc. (CSE: VP / FSE: 1JV /Q:VDQSF) (“Vodis” or “the Company”) is pleased to announce that its wholly owned subsidiary, VODIS USA, Inc., has commenced the first of three phases of construction at its Washington State facility, which is designed to meet the needs of the tenant.
Once complete, the growing and processing area will require inspection by the Washington State Liquor Control Board (WSLCB), and once it passes inspection, Vodis’ tenant will become a licensed producer and processor. Completion of Phase I will provide the tenant the ability to competitively enter Washington State’s I-502 market. The processing room will be able to process up to 5 times the capacity of the initial plant canopy.
Once the facility passes inspection, the Company will then start receiving rental income from the tenant. In addition, Vodis will commence earning consulting and advisory fees.
Otto Folprecht, CEO and Director of Vodis states: “We are pleased that construction is underway and our local Bellingham contractors are running ahead of schedule and within budget. We expect the license holder to initiate production by mid-July.”
As the State of Washington continues on the transition from the medical program to the new I-502 legislation, retail stores over the past six months have reported as much as a 100% increase in sales as a result of the State of Washington initiatives. Vodis Pharmaceuticals and its subsidiary, Vodis USA, are also identifying innovative growing techniques that would lower costs while at the same time increase production yields, allowing the Company’s tenant to better meet the increased demand.
About Vodis Pharmaceutics Inc.
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 with their “VIP” brand. The Company, with facilities in BC and Washington State, is also actively looking into expansion opportunities in other countries and US states.
For further information please contact:
Head of Corporate Communications
Vodis Pharmaceuticals Inc.
8788 River Road
Delta, BC V4G 1B5
Direct: 1-866-210-1420 ext. 110
While Vodis Pharmaceuticals and its subsidiaries cannot have any interest whatsoever in any proceeds as a result of production, processing or retail activities in the United States, it can license its brand, production and consulting services to approved Washington State license holders to ensure that all products produced under the Vodis Pharmaceuticals program and/or associated under the VIP brand meet or exceed the Vodis brand quality standards.
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. 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. All of the forward-looking statements made in this news release and any accompanying graphic links are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. 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 an offer 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.