BlissCo is currently trading on the following stock exchanges:
Frankfurt Stock Exchange (FRA) as GQ4B:GR
BlissCo Reports First Quarter 2018 Financial Results: Fully Capitalized for Expansion with $3.3M to Continue Growing its Global Cannabis Ecosystem
Not for distribution in the U.S. or to U.S. newswire services.
Vancouver, British Columbia – June 29, 2018 – BlissCo Cannabis Corp. (FRA: GQ4B) (CSE: BLIS), (“BlissCo”) is pleased to announce its first quarter 2018 financial results.
"Q1 was a breakthrough quarter for the BlissCo's ecosystem. We closed our RTO transaction and had an oversubscribed $5.6m investment round, started trading on the CSE, completed our construction and earned our ACMPR licensing by the end of March,” said Damian Kettlewell, CEO of BlissCo Cannabis Corp.
Throughout April, BlissCo scaled up its facility and team to enable the company to meet its goal to start growing cannabis in early May. This milestone was achieved and the team also welcomed prominent advisors to assist the company expand its ecosystem and enter markets such as the projected $196.87 billion global Complementary and Alternative Medicine market.
In Q1 2018, the company completed its $2.9 million construction project at its 12,600 sq. ft. Langley, BC facility which is owned by the company. In Q1 BlissCo allocated $900,000 to complete this construction project. The facility is vertically integrated and optimized to be focused on distribution, branding and processing.
With its existing capital the company will complete the outfitting of its top-of-the-line extraction lab which will produce cannabis oils, tinctures and other high-quality products. This capital will also be used to purchase bulk cannabis for processing and distribution to medical patients and appropriate recreational jurisdictions in Canada.
The company has also initiated partnerships globally to bolster its expansion efforts worldwide.
“The company is well capitalized for the next 20 months; our current monthly cash burn is $100k and we are projected to earn our sales license amendment in early October 2018. Thus, we anticipate revenue from medical and recreational cannabis sales to commence in October 2018 which will generate respectable revenues before our January 31, 2019 year,” added Kettlewell. “We are confident we can generate significant shareholder return without diluting the current equity in the company."
On Behalf of the Board of Directors
BLISSCO CANNABIS CORP.
Damian Kettlewell, CEO, Founder & Chair
For further information please contact:
Ariel Jack Lewinski, Business Development & Investor Relations
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the word “will” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This news release contains forward-looking statements and assumptions pertaining to the following: the ability to execute on our strategic plans and the impact on our future operations, capital expenditures, receipt of a cannabis oil license and a license to sell dried cannabis and other objectives. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
The CSE has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
As Canada is primed as a global leader and first mover in the cannabis industry, BlissCo is uniquely poised in the rapidly growing multi-billion dollar market and in various international markets as cannabis regulations progress.
BlissCo, founded in 2013, is a Canadian vertically integrated cultivation, extraction and distribution focused cannabis brand that earned its Access to Cannabis for Medical Purposes Regulations (ACMPR) license to cultivate from Health Canada on March 29, 2018.
BlissCo's state-of-the-art production facility, located in Metro Vancouver, is purposefully designed as a hub for research, cultivation, processing, extraction, packaging and distribution.
Now with the ACMPR license to cultivate, BlissCo will commence its operation to harvest premium cannabis within its' urban facility in Metro Vancouver. BlissCo also has a multi-year supply agreement in place with a Canadian Licensed Producer of characteristically sun-grown premium medicinal cannabis to purchase supply in large volumes (news release). This premium bulk cannabis will be brought to our secure and pristine facility in British Columbia for processing and then be packaged for sale and distribution to our growing patient list when BlissCo has appropriately received its license for sale.
BlissCo was founded with the assistance of a team of advisors, including medical and naturopathic doctors, has intentionally engaged with the medical community to understand how to contribute to improved patient health with medicinal cannabis products. A large part of our strategy for growth centres on how to securely integrate and collaborate with the healthcare system.
The BlissCo team has deep domain expertise in the critical category success areas:
- Multi-province controlled substance distribution (BC and Alberta)
- Cultivation and product safety, consistency and security
- Indoor cultivation, controlled environments ensuring high standards & consistent products.
- Quality assurance, product safety, 3rd Party GMP Audits & Certifications.
Strategic partnership with the Supreme Cannabis Company
Trading on Canadian Securities Exchange (CSE:BLIS)
ACMPR License to Produce earned
Cannabis plant starting material to arrive at BlissCo's facility and growing commences.
ACMPR Cannabis Oil Extraction License application submitted
Sign agreement to export 720 kilograms of medical cannabis to Germany
ACMPR License to Sell application submitted
Sign supply agreement with GreenSeal Cannabis
Sign e-commerce and technology service agreement with Namaste Technologies (TSXV: N)
Confirmation of Readiness for Inspection received from Health Canada
Confirmation of Readiness for License from Health Canada
Close on purchasing facility for $2.4m
Earn Building Permit from Township of Langley
ACMPR Licensed Submitted