November 27, 2018, Vancouver, British Columbia - Vodis Pharmaceuticals Inc. (CSE: VP, FSE: 1JV1) (“Vodis” or the “Company”) is pleased to announce it has completed and submitted to Health Canada its Confirmation of Readiness Evidence Package for a licence under the Cannabis Regulations. The evidence package is a comprehensive set of reports, photos and videos that detail the good production practices and security measures in place at the Company’s Delta, British Columbia facility. Submission of the Confirmation of Readiness Evidence Package is the final stage before obtaining a cultivation licence from Health Canada.
Dr. Earl Oliver states: “The package provides conclusive evidence that the Company’s Delta facility is ready to produce cannabis in accordance with the highest security and production quality standards. The package is primarily concerned with the physical security measures in place at the facility. The facility’s security measures meet, and in many cases exceed, the current requirements under the Cannabis Regulations. No detail of the evidence package has been omitted to ensure the issuance of a licence from Health Canada.”
The Company is also pleased to report that on November 7, 2018, Health Canada introduced a series of ‘Transitional Measures’ to fast-track late-stage applicants through the licencing process. Vodis is among the set of late-stage applicants to benefit from the Transitional Measures.
The Company is announcing the resignation of Mr. Ovagemov from the Board of Directors. Under Section 50(b) of the Cannabis Regulations that came into effect on October 17, 2018, all Directors and Officers of a controlling parent company must hold a valid security clearance from Health Canada. The Company asked Mr. Ovagemov, a non-Canadian resident, to resign his position on the Board of Directors to avoid unnecessary delays in obtaining licences from Health Canada. Mr. Ovagemov will remain as a member of the Company’s Board of Advisors until the necessary security clearances have been obtained. Mr. Ovagemov will also remain as a Director of the Company’s subsidiary, Vodis USA Inc.
About Vodis Pharmaceuticals Inc.
Vodis is one of North America’s foremost brand names in the medical and recreational marijuana business with operations in both the United States and Canada. Its master grow teams have consistently won or placed at each Canadian competition they have entered with their “VIP” brand. The Company, with facilities in British Columbia and Washington State, is also actively looking into expansion opportunities in other countries and throughout the United States.
While Vodis 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 licence holders to ensure that all products produced under the Vodis Pharmaceuticals program and/or associated under the VIP brand meet or exceed Vodis-brand quality standards.
For further information please contact:
Ivan Miliovski, Chief Executive Officer
Vodis Pharmaceuticals Inc.
Vodis Pharmaceuticals Inc.
8788 River Road
Delta, BC V4G 1B4
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 information” within the meaning of applicable securities laws including statements relating to the outlook of the business of the Company, the Company’s intention to complete the private placement financing, the potential granting of a cultivation licence by Health Canada, and planned expenditures for upgrades and other renovations at the Company’s Delta, BC, and Washington facilities. Although the Company believes considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them as the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements, depending on, among other things, the risks that the private placement financing may not close for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities) or that the terms of the private placement financing may differ from those that currently are contemplated. The statements in this news release are made as of the date of this release. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.