EDMONTON, Alberta, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Visionstate Corp. (TSX-V: VIS) (“Visionstate” or “the Company”), is pleased to announce that Freedom Cannabis Inc., a portfolio company of Visionstate Corp., has received its “Processing Licence with Ability for Sale” from Health Canada on February 11, 2021.
The new licence expands Freedom’s Processing Licence sales authorization to include selling dried and fresh cannabis products to provincial and territorial authorized distributors, retailers, and registered patients.
Freedom Cannabis Inc. also holds Sale (Medical) and Cultivation licences. The Processing licence previously allowed sales of plants and seeds. It further allows for provincial and territorial applications in the Northwest Territories (NWT), Saskatchewan, Alberta, and Ontario for consumer sales.
This licence solidifies Freedom’s ability to market next-generation cannabis products for medicinal and retail sale through vertically integrated seed to sale operations. The Company is now ready to immediately convert its vault inventory into market-ready products, including pre-roll, extracts, and dried cannabis in 3.5g, 7g, 14g, and 28g units. The Company is now poised to leverage its automated packaging and processing systems to provide processing, packaging, and sale services to other licenced producers.
"This licence allows us to now sell to the provinces and adds to our sales channels. We can now offset our business to business (B2B) sales with consumer-focused opportunities,” said Freedom Cannabis Inc. CEO Gianfranco Potestio. “The amendment adds a service model to the company to process, package and distribute for other Licenced Producers. Freedom will begin to leverage its packaging automation towards these services.”
“This is a major milestone for the Freedom family, significantly expanding our market and sales opportunities, unlocking new and diversified revenue streams,” he continued. “It allows us to increase service and cultivation capacity and pursue larger commitments than ever before. We are excited about the scalability, flexibility, and growth potential this approval enables.”
Visionstate Corp. invested in Freedom Cannabis 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. (TSX-V: 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.