BCC and MJardin Enter Into Strategic Partnership for U.S. Cannabis Expansion
TORONTO and DENVER, Aug. 10, 2017 (GLOBE NEWSWIRE) -- The Canadian Bioceutical Corporation (the “Company” or “BCC”) (CSE:BCC) (OTC:CBICF) today announced the signing of a strategic partnership agreement with MJardin, a professional cannabis management company that provides turnkey cultivation, processing and related services.
Under the terms of the strategic partnership, MJardin will provide turnkey cultivation, processing and project management services for several of BCC’s licensed facilities, including ones in Massachusetts and Nevada, once the acquisition of the latter has been completed.
“This partnership adds important operational capacity and know-how to the BCC platform that will help us accelerate growth as we expand our footprint,” said Beth Stavola, President of U.S. operations for BCC. “Based on MJardin’s track record at other sites under their management, we believe the partnership will further improve operational efficiencies, contributing to profitability growth at our facilities.”
“MJardin has built considerable brand equity within the cannabis sector, which we intend to leverage as we expand our wholesale operations,” added Scott Boyes, CEO of BCC. “Additionally, the partnership opens up new avenues to explore expansion opportunities in states we are not yet active in.”
“As BCC continues to execute well on its aggressive expansion strategy, MJardin will bring its proven operational and management expertise to a number of the licensed facilities supported and/or operated by the Company to provide the highest quality cannabis and operational efficiencies,” said James Lowe, MJardin’s Co-Founder and Chief Cultivation Officer.
MJardin has an exceptional track record in operating cannabis facilities, and currently manages over 30 licensed facilities with a footprint in 13 U.S. states and 2 countries. MJardin has produced well over 60,000 kilograms of consistently high quality finished product since the Company’s inception in 2014, making it one of the largest cultivators of legal cannabis in the world.
BCC, through its wholly owned subsidiary CGX Life Sciences, Inc. provides management services, staffing, procurement, advisory, financial, real estate rental, logistics, and administrative services to two medicinal cannabis enterprises in Arizona (third under development), and one in Massachusetts. BCC also is in the process of acquiring outright a cultivation, production, and wholesale cannabis business in Las Vegas, Nevada, which is anticipated to be completed shortly, as well as a fourth operation in Arizona and up to three dispensaries in Maryland.
MJardin’s exceptional track record in improving operational efficiencies is due largely to its approach to R&D. MJardin’s R&D department has access to the most up-to-date horticultural technology through various collaborations with institutions of higher learning, horticultural technology companies, agricultural suppliers, lighting companies, and third-party cultivation management companies. These relationships also provide access to confidential information on developmental products, prototypes, and technologies that have not yet been released to the market.
MJardin is a professional cannabis management company that provides turnkey cultivation, processing and related services, as well as day-to-day facility management, to select cannabis businesses in the United States and international legal markets. MJardin sta?s and manages the cannabis facilities through its in-house operational infrastructure and human capital resources. MJardin’s interests are aligned with its clients through a partnership business model that focuses on long-term solutions to drive significant enterprise value for all stakeholders. For more information, please visit www.MJardin.com.
About The Canadian Bioceutical Corporation
BCC, an Ontario corporation, through its wholly owned subsidiaries in the U.S., provides substantial management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to two medicinal cannabis enterprises in Arizona operating under the Health for Life (dispensaries) and MPX (high-margin concentrates wholesale) brands. The successful Health for Life (“H4L”) brand operates in the rapidly growing Phoenix Metropolitan Statistical Area (MSA) with a population of 4.6 million people. The award winning Melting Point Extracts (“MPX”) brand is carried by over 40% of Arizona dispensaries. The Company also owns assets in Massachusetts, supporting cultivation, production and up to three dispensaries in Massachusetts, as well as is supporting development of a third licensed dispensary in Arizona.
BCC continues to expand its U.S. footprint, being in the process of acquiring a cultivation and production wholesale business in Las Vegas, Nevada, and three dispensaries and a production license in Maryland. The Company also leases a property in Owen Sound, Ontario, for which an application to Health Canada has been made for a cannabis production and sales license. In addition, the Company will continue its efforts to develop its legacy nutraceuticals business.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the Transaction and BCC's objectives and intentions. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in BCC's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although BCC believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, BCC disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
On behalf of the Board of Directors
The Canadian Bioceuticals Corporation
Scott Boyes, CEO
For further information please contact:
For the Canadian Bioceutical Corporation
T: +1 416 848 1397