BlissCo Reports First Quarter 2018 Financial Results: Fully Capitalized for Expansion to Continue Growing its Global Cannabis Ecosystem
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VANCOUVER, British Columbia, June 29, 2018 (GLOBE NEWSWIRE) -- BlissCo Cannabis Corp. (CSE:BLIS) (FRA:GQ4B), (“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."
About BlissCo Cannabis Corp.
BlissCo Cannabis Corp. (CSE:BLIS) (FRA:GQ4B) owns, through its wholly-owned subsidiary BlissCo Holdings Ltd., a license to produce marijuana under the Access to Cannabis for Medical Purposes Regulations (ACMPR) which was originally granted on March 29, 2018.
BlissCo began growing medical cannabis in early May 2018 and applied to Health Canada to amend its ACMPR license to include cannabis oil production in early June 2018. BlissCo’s cannabis oil extraction lab room has been built and based on ongoing communication with Health Canada the company is projected to earn it’s cannabis oil production license amendment in July 2018.
BlissCo is projected to submit it’s paper-based review for a section 39 amendment application to add activity of sale in mid-July 2018. The company is projected to host Health Canada inspectors for a pre-sales license inspection from Health Canada in August 2018 and earn a sales license in early October 2018 to sell dried cannabis.
BlissCo's value proposition is to be a brand focused high-volume distributor, processor and packager of medical cannabis and adult use cannabis when it is legal in Canada.
BlissCo will be processing and distributing cannabis purchased from multiple supply agreements and from cannabis grown at its own state of the art facility in Metro Vancouver, B.C. BlissCo’s first supply agreement is with The Supreme Cannabis Company Inc (TSX.V:FIRE) to purchase 3,000 kilograms of premium whole dried cannabis flower over two years.
BlissCo is actively exploring brand expansion opportunities in multiple international markets where medical cannabis is federally legal. BlissCo has signed an Letter of Intent to export 720 kilograms of medical cannabis annually to a German distribution partner. BlissCo is having an initial Good Manufacturing Practices (GMP) facility audit in July 2018 and is projected to earn Eudralex GMP facility certification in Q4 2018 which will allow the Company to earn an export certification.
Management is focused on establishing BlissCo as an iconic Canadian cannabis brand.
On Behalf of the Board of Directors
BLISSCO CANNABIS CORP.
Damian Kettlewell, CEO, Founder & Chair
For further information please contact:
Christina Rao, 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.
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