RE:BlissCo Amendment to ACMPR expected late Sept for Sales
ORIGINAL: InvestmentPitch Media Video Discusses BlissCo Cannabis' Receipt of Initial Shipment of Dried Cannabis from Supreme Cannabis and Amendment to ACMPR to Include Sales - Video Available on Investmentpitch.com
2018-06-26 09:10 ET - News Release
Vancouver, British Columbia--(Newsfile Corp. - June 26, 2018) - BlissCo Cannabis (CSE:BLIS) (FSE:GQ4B), which began trading on the CSE in March, and is one of the lowest capitalized companies in the cannabis space, announced that it is expecting to receive its first shipment of premium dried cannabis from Supreme Cannabis this week, just days after recreational use of cannabis was legalized in Canada.
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This will be the first shipment from Supreme Cannabis (TSXV: FIRE) as part of a two-year supply agreement with BlissCo purchasing a total of 3,000 kilograms or 3 million grams of premium whole dried cannabis flower. This dried cannabis will be packaged into five, ten, and thirty gram containers, which will allow BlissCo to, in mid-July, apply for an amendment to its ACMPR license to allow dried cannabis sales in domestic markets and apply for export permits for international markets.
John Fowler, CEO of Supreme Cannabis, stated: "We have been watching the development of BlissCo for some time and have been impressed by Mr. Kettlewell's retail and distribution strength, industry connectivity and vision for the cannabis industry in British Columbia and Western Canada. Like Supreme, British Columbians have a passion for high-quality cannabis and we look forward to [continuing our work with] Mr. Kettlewell and his team at BlissCo."
Supreme, by the way, completed a $3,000,000 strategic equity investment in BlissCo at the time of its listing - giving Supreme a 10% equity ownership.
Damian Kettlewell, CEO, stated: "We are right on schedule with the submission of this application to receive an amendment to our ACMPR license to permit us to begin sales in late September. The transition to significant revenue growth is the key milestone that we have been focused on as we have laid the groundwork for almost five years. We continue to make positive steps towards realizing our vision of creating an iconic Canadian cannabis brand."
BlissCo, through its wholly-owned subsidiary, BlissCo Holdings, was granted its initial license to produce marijuana under the Access to Cannabis for Medical Purposes Regulations (ACMPR) on March 29, 2018, just 2 weeks after submitting its video evidence package. By early May, the company was growing cannabis in its state of the art 12,600 square foot industrial facility in Metro Vancouver, and by early June had applied to Health Canada to amend its ACMPR license to include cannabis oil production.
The most recent sales data from Health Canada shows that cannabis oil sales overtook dried cannabis sales in May 2017 and as of December 2017 cannabis oil sales are 50% higher than dried cannabis sales. To address this market, BlissCo announced that it was bringing the first Midas Co2 extractor to Canada, which allows the company to extract therapeutic cannabis terpenes along with the healing whole plant oils, offering a full spectrum of benefits to customers.
Management anticipates its sales license inspection from Health Canada in August, to be followed by receipt of its license to sell dried cannabis in late September.
On June 21st, the company signed a non-binding Letter of Intent to sell 720 kilos of dried cannabis flower to a German biomedical and distribution company, which will require an export permit from Health Canada as well as a Good Manufacturing Practice certification under European Union regulations. With federal health insurance coverage for medical cannabis and population of nearly 82 million, Germany has become one of the largest legal medical cannabis markets in the world. It is estimated that cannabis demand in Germany could reach 126,000 kilograms per year, and with domestic production set to grow to only 6,600 kilograms by 2022, BlissCo management believes Germany could become a substantial export partner.
According to Stats Canada, Canada exported $1.2 billion worth of illegal cannabis in 2017, and it is estimated that the global market for medical cannabis exports could be worth $200 billion.
For more information, please visit the company's website at www.blissco.com, contact Damian Kettlewell, CEO, at 604-484-9119 ext 3 or email damian.kettlewell@blissco.com.
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