Latest 1 Life Cannabis News
Jan 3, 2019
. 0 Message : *Required fields VANCOUVER, British Columbia, Jan. 03, 2019 (GLOBE NEWSWIRE) -- RavenQuest BioMed Inc. (the “Company” or “RavenQuest”) – (CSE: RQB, OTCQB: RVVQF, Frankfurt: 1IT) is pleased to announce it has acquired a 51% interest in Abbotsford, British Columbia based 1 Life Cannabis Corporation (“1 Life”). 1 Life has deep roots in the craft cannabis community and focuses on premium, small batch artisan cannabis cultivation. 1 Life will use RavenQuest’s 24,000 square foot facility design which will become part of a license extension from RavenQuest’s Health Canada license. 1 Life has submitted plans to Health Canada which will include a large centralized extraction and processing facility as well as multiple small grow rooms ideal for unique, artisan growers to come together under one roof. RavenQuest CEO, George Robinson, stated that, “It’s clear to us that there is a significant market for high quality, premium artisan offerings. Premium cannabis almost always comes from small batch, precision controlled indoor facilities. As is the case with the alcohol market, there is a lot of demand for boutique brands with unique characteristics. Adding 1 Life underscores RavenQuest’s continued commitment to becoming a central curator for high quality artisan cannabis, particularly from British Columbia where there is a rich history of premium micro-cultivation.” “Being a consulting client of RavenQuest, 1 Life’s facility will be a RavenQuest design; their deep cultivation knowledge and unique genetics are a great complement for RavenQuest’s Orbital Garden technology,” Robinson continued. 1 Life CEO, Matt Fraser, stated, “We couldn’t be happier with our new licensed producer partner as we endeavour to produce artisan cannabis that is of the highest possible quality. RavenQuest’s facility design and Orbital Garden technology are absolutely world class. The precision control of their grow methodologies is a perfect fit for the high standards of our craft master growers.” Under the terms of the transaction, RavenQuest will acquire a controlling interest (51%) in 1 Life for $1. This interest can be redeemed by 1 Life at any time after it receives a license to produce under the Cannabis Act, and in consideration RavenQuest will be granted an ongoing royalty of 15% of the gross revenue from production at 1 Life. Completion of the transaction with 1 Life is subject to completion of due diligence, the negotiation of definitive documentation and the receipt of any required regulatory approvals. About RavenQuest BioMed Inc. RavenQuest BioMed Inc. is a diversified publicly traded cannabis company with divisions focused upon cannabis production, management services & consulting and specialized research & development. RavenQuest is a licensed producer with facilities located in Markham, Ontario and Edmonton, Alberta. RavenQuest maintains a research partnership with Montreal’s McGill University focused upon cultivar (strain) recognition, plant stabilization and yield maximization of the cannabis plant. The Company focuses on partnerships with Indigenous communities. On Behalf of the Board of Directors of RAVENQUEST BIOMED INC.