March 23, 2017 – Vancouver – British Columbia - Vodis Pharmaceuticals Inc. (CSE: VP / FSE: 1JV1) ("Vodis" or the "Company") announces today they have received municipal building permits to complete construction to the full 10,000 square foot of production canopy space of their Bellingham facility tenanted to Tier 2 cannabis licensee, Our Church International LLC (“OCI”).
This follows less than two months after OCI received official Phase 2 expansion approval by the Washington State Liquor and Cannabis Board ("WSLCB"), allowing a production increase to 55% of their Tier 2 license capacity.
Vodis CEO, Ivan Miliovski states: “Completion of the Bellingham facility will be a significant milestone for the company. The completion of the facility will substantially increase revenue to Vodis, increase shareholder value, and fuel further US expansion. Both as management and major shareholders, the Vodis team is committed to the success of the Vodis model and the continued growth of the company.”
Miliovski further states: “We have successfully demonstrated the value of the Vodis business model and interest is growing among other undercapitalized I-502 license producers. We are actively moving ahead with plans to replicate our successful model in the near term."
All architectural and engineering drawings and specifications for the Bellingham facility expansion are approved, all materials are on order and construction has begun.
Completion of the Bellingham facility expansion is scheduled for August 31, 2017 and tenant / licensee, OCI is anticipating their first expanded harvest ready for shipment to retail by December 1, 2017.
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 US 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 BC 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 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.
For further information please contact:
Vodis Pharmaceuticals Inc.
8788 River Road
Delta, BC V4G 1B5
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward- looking terminology such as "expects" or "it is expected", or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the use of proceeds of this financing. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws.
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.
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