2021-09-15 07:23 ET - News Release
EDMONTON, Alberta, Sept. 15, 2021 (GLOBE NEWSWIRE) -- Visionstate Corp. (TSXV: VIS) (“Visionstate”), is pleased to announce that Freedom Cannabis Inc. (“Freedom”), a portfolio company of Visionstate Corp., has received approval for retail distribution in two of the largest retail markets in Canada. The addition of the provinces of Alberta and Ontario to the Freedom portfolio of retail licences has paved the way for the company to brand its premium brand products across the country.
In the past 30 days, the company has been approved in four jurisdictions in Canada and is executing on delivering product to these important markets. The licences were granted on August 27, 2021.
“This is a significant turning point for the company,” explained Freedom Cannabis Inc. CEO John Frank Potestio. “The new retail licences will not only result in growing revenues but will provide opportunities to build our brand across Canada with greater retail exposure. For years, we have been focused on the wholesale B2B market, where our products are in high demand. These approvals allow us to reach the retail consumer directly and show off our consistent quality under the Freedom brand.”
During the month of August, Freedom also set a record for sales, which came in at approximately $700,000 in revenue with $445,000 in B2B sales, $227,000 in B2C sales and $37,000 in packaging. The strength in sales is reflected in the continued high-quality product being produced at the Freedom grow facility located on the outskirts of Edmonton, Alberta.
“As a premiere brand in the marketplace, Freedom Cannabis Inc. is poised to become a leader in the production of cannabis in Canada,” Potestio explained. “Our success is based on the high-quality product we supply, which includes our Slurricane and Secret Formula strains, that consistently test over 24% THC, and as high as 29% THC.”
Visionstate Corp. invested in Freedom Cannabis Inc. in 2019 and is now working with the company to develop Internet of Things solutions for the cannabis market. The technology will streamline operations and provide detailed analytics on performance and regulatory reporting.
About Visionstate Corp.
Visionstate Corp. (TSXV: VIS) is a growth-oriented company that invests in the research and development of promising new technology in the realm of the Internet of Things, big data and analytics, and sustainability. Through Visionstate Inc., it helps businesses improve operational efficiencies, reduce costs and elevate customer satisfaction with its state-of-the-art devices that track and monitor guest activities and requests. The footprint of its WANDA™ smart device now extends to hospitals, airports, shopping centres and other public facilities across and beyond North America. Through building-up a collection of synergistic technologies, Visionstate Corp. will continue to innovate, reduce environmental impact and transform consumer experiences.
Issued on behalf of the Board of Directors
“John A. Putters”
Visionstate Corp.