Beleave Inc. Announces Successful Selection to Operate a Cannabis Retail Store in Saskatchewan
TORONTO, June 4, 2018 /PRNewswire/ - Beleave Inc. (CSE: BE; OTCQX: BLEVF) ("Beleave" or the "Company"), a diversified biotech company with a purpose-built ACMPR licensed cannabis facility near Hamilton, Ontario and patient services clinics operating across Ontario under the Medi-Green brand, is pleased to announce that the Company has been selected to operate one of Saskatchewan's upcoming cannabis retail stores.
The Company was selected through a two phase Request for Proposal ("RFP") process that began in March. The first phase involved a screening for qualifications focused on financial and sales/inventory tracking systems. All those that qualified entered the second phase of the process which was a lottery draw to select the successful operators. KPMG was engaged to provide oversight and monitor the entire RFP process.
Cannabis retail stores in the province must be standalone operations, selling only cannabis, cannabis accessories and ancillary items as defined by Saskatchewan Liquor and Gaming Authority ("SLGA"). Beleave has 45 days to begin the permitting process. As a condition of the permit, the Company must be operating within 12 months of legalization. The permit will not take effect until legalization occurs, expected later this year.
"This announcement confirms our commitment to expand the reach of Beleave's product and service offerings throughout our Canadian network, whether it be through retail stores or online sales and shipping," said Beleave CEO Andrew Wnek. "We're excited about being a part of the Saskatchewan community, and we thank the SLGA for including us in the province's upcoming cannabis retail system."
Beleave Inc. is a biotech company and Beleave's wholly-owned subsidiary Beleave Kannabis Corp. (formerly First Access Medical Inc.) is a licensed producer pursuant to the ACMPR. Beleave's purpose-built facility is located in Hamilton, Ontario.
This news release contains "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). The use of any of the words "plan", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking information. These statements are only predictions. Although the Company believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. These risks and uncertainties include, but are not limited to, the Company's ability to satisfy the conditions associated with its cultivation license, the Company's ability to obtain a sales license and the related timing considerations, the availability of further financing, consumer interest in its products, competition, regulation, operational and technological risks, and anticipated and unanticipated costs and delays. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. This information speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com.
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SOURCE Beleave Inc.