Vancouver, British Columbia - June 11, 2020 - Vodis Pharmaceuticals Inc. (CSE:VP) (CNSX:VP.CN) (FSE:1JV1) (OTC:VDQSF) ("Vodis" or the "Company") is pleased to report the successful harvest of its first crop from a broad spectrum of its genetics bank at its 12,000 sqft indoor facility in Delta, British Columbia.
Upon licensing earlier this year by both Health Canada and the Canada Revenue Agency, the Company began cultivation of 37 varieties to test the optimal conditions in the facility suited to each of the proprietary live cultivars. The focus of this crop whilst meeting the initial evaluation requirement of Health Canada, was to test our production ready, nutrient delivery systems as well as optimize growth medium, lighting configuration, and operational processes. Our next crop consisting of 3 cultivars is scheduled for harvest around mid-August.
As a small-batch, craft cannabis producer, the Company is focused on offering Canadian consumers unique products that are not currently found in the legal recreational cannabis market. The Company's dried flower products are hand harvested, hang dried, and hand trimmed for the most discerning cannabis consumer. The Company has also begun its transition to living soil, which we believe is a more environmentally and economically sustainable growing methodology. Cannabis grown in biologically diverse living soil often exhibits a more flavourful terpene profile than cannabis grown using alternative method.
In addition, the company has furthered its evaluation of co-packaging and processing options with other industry partners to maximize revenue from the Delta facility and leverage the synergies from working with experienced industry leaders. The Company has also begun the process of applying for a Dealer's Licence, which would allow it to utilize its Level 8 vault to possess, distribute, and sell psychedelic substances to support Canada's emerging psychedelic market.
For further information please contact:
Mark Lotz, Chief Executive Officer and CFO
Vodis Pharmaceuticals Inc.
Dr. Earl Oliver
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Forward-Looking Information: 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 planned expenditures for upgrades and other renovations at the Company's facilities in Delta, BC. 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 financings 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.
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