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RavenQuest Signs European Joint Venture With Cannabis Biocare
RavenQuest Signs European Joint Venture With Cannabis Biocare.
About this update from Ravenquest Biomed Inc
[{"type":"text","content":"\n VANCOUVER, British Columbia, Sept. 03, 2019 (GLOBE NEWSWIRE) -- RavenQuest BioMed Inc. (CSE: RQB OTCQB: RVVQF Frankfurt: 1IT) (the “Company” or “RavenQuest”), one of Canada’s most innovative cannabis producers, is pleased to announce it has signed a Joint Venture Agreement with Cannabis Biocare to construct cannabis cultivation facilities with planned capacity to produce 35,000 kilograms of medical cannabis in Europe. The Joint Venture plans to initially build two cannabis cultivation facilities in Portugal, with an option for further expansion across Europe and beyond.  Two sites have been selected, both of which are well-suited for retrofit, in the Portuguese towns of Vila Nogueira de Azeitao and Porto.  RavenQuest owns a 50% stake in the Joint Venture, which is expected to be called “RQBeu”. Under the terms of the Joint Venture Agreement, Cannabis Biocare will endeavor to obtain full funding for cannabis production facility build-outs and cannabis technologies, including orbital gardens, and start-up expenses for the Joint Venture. RavenQuest will grant the Joint Venture use of its Orbital Garden grow technology, cultivation expertise, intellectual property and beneficial microbes developed by RavenQuest in connection with its partnership involving McGill University. Commenting on the deal, RavenQuest CEO, George Robinson, stated, “We are very pleased to enter into this Joint Venture.  Europe is a huge marketplace with over 700 million residents and a progressive attitude toward cannabis legalization.  Many European nations already allow for medical cannabis consumption, with many more moving toward adult use legalization.  Portugal is one of the most attractive of these nations, and an excellent fit to establish RavenQuest’s first European facilities. “Our plans to produce 35,000 kilograms in Europe are now taking shape in the form of a definitive agreement with our partners at Cannabis Biocare and the identification of two existing buildings, which are ready for immediate retrofit.  Our partner is responsible for providing 100% of the funding for the Joint Venture, which allows for non-dilutive expansion into this burgeoning market. In addition, Cannabis Biocare’s political relationships across Europe, North Africa and the Gul...