Business
CanadaBis Capital Provides Clarification of Acquisition Terms for "Full Spectrum Labs"
CALGARY, AB / ACCESSWIRE / August 2, 2019 / CanadaBis Capital Inc. (“CanadaBis&#x...
About this update from Canadabis Capital, Inc.
[{"type":"text","content":"CanadaBis Capital Provides Clarification of Acquisition Terms for “Full Spectrum Labs”CALGARY, AB / ACCESSWIRE / August 2, 2019 / CanadaBis Capital Inc. (“CanadaBis” or “the Company”) announced on July 24, 2019, the acquisition of Full Spectrum Labs Ltd., a private corporation which holds intellectual property (IP) and the physical equipment for an extraction methodology to preserve all of the phytocannabinoids and terpenes from cannabis by utilizing an extreme low-temperature process to create the Company’s future concentrates. CanadaBis wishes to clarify the news release by adding that the Agreement is also subject to an Earned out Payment of $100,000 which shall be paid no later than the date of first commercial sale by CanadaBis of cannabis extracts or cannabis topicals or any other products that become available for purchase pursuant to the amended regulations to the Cannabis Act (S.C. 2018, C.16) which are expected to come into force on October 17, 2019. The Company intends to submit its notice to produce and sell these products as soon as possible upon legalization.Stigma Grow currently operates 22,000 sq/ft of production space and plans to expand this area to 66,000 sq/ft later this year. The Company received a standard cultivation and processing license from Health Canada on March 8, 2019 and has recently harvested its second crop. Stigma is currently working on developing and promoting a strong Alberta brand focused on catering to high-quality experiences. Proudly offering a craft product with optimal cannabinoid profiles, Stigma is the first Health Canada-licensed producer operating in the Red Deer area.For more information on CanadaBis Capital, or 1998643 (Stigma Grow), or INDICAtive Collection (the Company’s retail brand) please visit www.canadabis.com or contact:Investor [email protected] STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to our business and operations including development and expansion plans, filing Health Canada notices, entering into third party processing agreements, getting products to market and t...