VANCOUVER, British Columbia, Dec. 02, 2020 (GLOBE NEWSWIRE) -- BC Craft Supply Co. Ltd. (the “Company” or “BC Craft”) (CSE: CRFT) (OTC:CRFTF) (FSE:ZZD1) is pleased to announce that it has acquired (the “Acquisition”) a 100% interest in Olympic View Botanicals Ltd. (“OVB”), a Vancouver Island, British Columbia based company. OVB is currently in the process of building an indoor micro cannabis cultivation facility, while it concurrently submits an application to Health Canada for a Micro Cultivation License (“MC License”). As part of the application process for a MC License, Health Canada allows applicants to utilize a one-time declaration for cannabis genetics that will allow OVB to bring in highly sought after west coast genetics that the Canadian cannabis market has yet to experience.
OVB has signed a purchase and processing agreement with Sitka Weed Works Inc. a cannabis processing facility also located on Vancouver Island. These agreements in place will allow for increased cultivation and processing capacity for BC Craft’s supply chain.
Matthew Watters, CEO of BC Craft stated, “I look forward to working with the team at OVB and am excited to integrate their catalogue of exotic strains into the current market that is begging for quality over quantity.”
The consideration paid to the vendors of OVB consists of an aggregate of 15 million common shares in the capital of the Company (the “Consideration Shares”) issued at a deemed value of $0.08 per Consideration Share. The Vendors are arm’s-length to one another, and none of them, individually, holds 10% or more of the issued and outstanding shares of the Company on a non-diluted basis. The Company relied on the take-over bid exemption under Section 2.16 of National Instrument 45-106 – Prospectus Exemptions to issue the Consideration Shares. In this regard, the Consideration Shares are not subject to a four month and one day hold period.
For further information please contact Matthew Watters, Director, at (604) 687-2038.
About BC Craft Supply Co. Ltd.
Based in Vancouver, British Columbia, BC Craft Supply Co. has aggregated the best legacy-era talent from Canada's craft cannabis industry, which boasts an international reputation. The team at BC Craft supports the most trusted cannabis cultivators in Canada to transition into their supply chain, bringing with them their unique cultivars and years of experience with the plant. In exchange for support with licensing, compliance and distribution, cultivators will sign on as a BC Craft supplier. This makes BC Craft uniquely positioned to be the premium cannabis brand in Canada.
BC Craft’s subsidiary, Medcann Health Products Ltd., is a Health Canada licensed cultivator and processor with a license to sell medical cannabis products in Canada.
Matthew Watters, Director
Neither the 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.
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation.Forward-looking information in this press release includes statements relating to Olympic View Botanicalsbuilding an indoor micro cannabis cultivation facility and the submission ofan application to Health Canada for a Micro Cultivation License, the Company’s plan to offer new cannabis strains to the market, and anticipatedincreased cultivation and processing capacity.Although the Company believes that the material factors, expectations and assumptions expressed in such forward- looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Accordingly, readers should not place undue reliance on forward-looking statements. BC Craft disclaims anyintention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
© 2020 GlobeNewswire, Inc. All Rights Reserved.