Business
CanadaBis Capital Inc. and 1926360 Alberta Ltd. (dba Stigma Pharmaceuticals) in the Final Stages of Proposed Amalgamation
CALGARY, AB / ACCESSWIRE / March 21, 2019 / CanadaBis Capital Inc. " TSXV: CANB.P " (" C...
About this update from Canadabis Capital, Inc.
[{"type":"text","content":"CanadaBis Capital Inc. and 1926360 Alberta Ltd. (dba Stigma Pharmaceuticals) in the Final Stages of Proposed AmalgamationCALGARY, AB / ACCESSWIRE / March 21, 2019 / CanadaBis Capital Inc. \"TSXV: CANB.P\" (\"CanadaBis\" or the \"Company\"), an Alberta capital pool corporation listed on the TSX Venture Exchange, and 1926360 Alberta Ltd. doing business as Stigma Pharmaceuticals (\"Stigma\"), a recreational and medical cannabis and cannabis products company with a facility located in Red Deer, Alberta, are pleased to announce they are in the final stages of completing their amalgamation (the \"Amalgamation\"). This Amalgamation will constitute a Qualifying Transaction of CanadaBis and upon completion thereof CanadaBis will be a Tier 2 Life Sciences Issuer. Under the CPC Policies, CanadaBis was to have completed its Qualifying Transaction by March 11, 2019. The recent announcement relating to the suspension of trading relates to CanadaBis missing this deadline. However, CanadaBis has an additional 90 days from that date and fully intends to complete the above noted transaction. Trading of the shares of CanadaBis will remain suspended until the Qualifying Transaction is completed.About Stigma - Stigma has developed a commercial \"craft cannabis\" grow facility located on land it purchased in the Red Deer County. Stigma currently has 42 proprietary cannabis varieties with a wide range of terpene and potency profiles. It holds a lease and option to purchase a 66,000sq ft facility located on its lands. The facility has currently been built out for 22,000sq ft of cultivation to meet demands of recreational cannabis, as well as medicinal consumption needs. The facility is currently set up for multiple grow rooms, drying rooms, a packaging and processing room, a shipping area and a secure product storage area.Stigma recently received a Cultivation License and a Processing License for cannabis from Health Canada. \"Phase 1\" of the facility is designed to produce 1,500 kg per annum. \"Phase 2\" will involve the raising and investment of additional capital and an expansion to 16,000 kgs per annum. The founders of Stigma have invested over 2 years of research and development to determine optimal cannabinoid profiles and yield. Stigma has also applied for a Sales License. Stigma Pharmaceuticals looks to become one of the few vertically integra...