RavenQuest Provides Shareholder Update
VANCOUVER, British Columbia, Aug. 07, 2019 (GLOBE NEWSWIRE) -- RavenQuest BioMed Inc. (the “Company” or “RavenQuest”) – (CSE: RQB OTCQB: RVVQF Frankfurt: 1IT), one of Canada’s most innovative cannabis companies, provides the following update on recent developments.
Product Testing
After the inaugural harvest at our Edmonton facility, Orbital Gardens have now successfully produced six cultivars including Brooklyn Sunrise, The Ultimate, CBD Compassion, CBD Kush, Charlottes Angel and CBD Skunk Haze. All of these cultivars passed analytical tests otherwise known as the COA (Certificate of Analysis) as required by Health Canada and came back with no detected pesticides or Aflatoxins, a reading that is exceedingly rare thus far from Canadian licensed producers. We are very excited to see the low microbial readings which serve as further evidence that we have a repeatable and safe product. Also the microbial counts indicate that our facility cleanliness is pristine and the airflow inside the Orbital Gardens is doing its job.
Health Canada Inspections
Both of our two ultra-modern grow facilities in Markham and Edmonton were recently visited by Health Canada inspectors. Inspectors were on site for two days at each facility and Health Canada found no major issues at either.
Health Canada did spend additional time reviewing the Edmonton facility with a particular focus on the Company’s main technological innovations, namely Orbital Gardens and Harter pharmaceutical dryers. Health Canada found no issues with the Orbital Gardens or our drying technology.
Supply Agreement
RavenQuest continues to ship product to Wayland Group, and we continue to maintain an open and transparent dialogue with them during their transitional period. RavenQuest also continues to negotiate supply deals with other parties including - but not limited to - several provincial wholesalers and export markets. These discussions are prudent with a view toward customer diversification and have no bearing on shipments to the Wayland Group.
Summary
After a thorough Health Canada review of our cannabis production processes, particularly with the Orbital Gardens at our Edmonton facility, it’s clear that the process is working, producing an extremely clean and safe end-product and passing compliance. This is an important and timely validation of RavenQuest’s production facilities, particularly in the wake of recent compliance violations by major industry participants.
Of equal importance is the proof of concept from RavenQuest’s revolutionary Orbital Garden technology. Our Company has now successfully taken the technology from a concept, through engineering, into a built facility, then to successfully producing some of the cleanest cannabis industry wide, in under 24 months.
Now that our concept has been proven, passed all lab testing and scrutiny of Health Canada, the next steps will be to rapidly scale up production at Edmonton and simultaneously move our European expansion plans forward.
About RavenQuest BioMed Inc.
RavenQuest BioMed Inc. is a diversified publicly traded cannabis company with divisions focused upon cannabis production, management services & consulting and specialized research & development.
On Behalf of the Board of Directors of
RAVENQUEST BIOMED INC.
“George Robinson”
Chief Executive Officer
For further information, please contact:
Mathieu McDonald, Corporate Communications – 604-484-1230
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws, including statements with respect to the production of cannabis from the Company’s facilities, and plans for further expansion. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in the Company’s public filings under the Company’s SEDAR profile at . Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
