Beleave Announces Joint Venture with Volero Brands to Launch Cannabis 2.0 Products in Canada
Toronto, Ontario--(Newsfile Corp. - October 31, 2019) - Beleave Inc. (CSE: BE) (OTC: BLEVF) ("Beleave" or the "Company") and Volero Brands Inc. ("Volero") are pleased to announce that they have entered into a definitive agreement (the "Joint Venture Agreement") to form a joint venture (the "Joint Venture" or "Partnership") to develop, produce, and distribute cannabis extracts, topicals and edibles for the Canadian market.
"Innovation, strong leadership, and the ability to navigate the regulatory landscape are core capabilities required for differentiation and future success in the rapidly evolving Canadian cannabis market," said Jeannette VanderMarel, Beleave CEO. "We are thrilled to be working with Sean and the Volero team as they have an unparalleled depth of knowledge and experience in the cannabis space. Our partnership with Volero will allow us to effectively produce the quality products clients and patients have come to expect from Beleave."
"We're excited to partner with Beleave and bring an entirely new product category to the Canadian market. Our team knows that the best results are delivered when great people come together to collaborate with a common vision. This is exactly the environment we have right now with the team at Beleave," said Sean Trustham, Volero CEO. "This is just the beginning. As we continue to develop and introduce unique products in the coming months, we will keep setting ourselves and our brands apart to ensure that, in the end, we will have fully leveraged this opportunity to establish a leading position in the cannabis extracts markets."
Canadians are increasingly looking for new and safe ways to consume cannabis, and this partnership allows Beleave to meet that need while maintaining strict protocols and introducing standardized products with higher margins. Cannabis 2.0 regulations are in response to a significant and unmet demand in the legal medical cannabis market to provide more flexibility in how cannabis is consumed.
Leveraging Beleave's production capacity, scale, reach, and sales network to drive growth for new products in the Canadian market, the Partnership outlines plans for the roll-out of extracts, topicals and edibles throughout 2020, beginning with Flyte vape pens in December 2019. Launching with six flavours, Flyte pens and refill cartridges are the first of a broader line of cannabinoid-based products Beleave and Volero intend to launch in the future.
"The cannabis concentrate that will be sold in Flyte vapes will meet federal quality regulations as outlined by Health Canada," said Dr. Roger Ferreira, Beleave's Chief Science Officer. "When you extract and concentrate cannabis, you're able to deliver the active ingredient as a more potent formulation. We start with cannabis that is rigorously tested and free from pesticides and heavy metals to ensure a clean and safe end product. We work hard to produce high quality, standardized products to meet the demands of our clients and patients, with safety top of mind."
The first release of Flyte vape pen cartridges will be sold in 0.5 gram net weight units (kits include slim-form 100mAh batteries). Each cartridge will contain 300 mg of THC. Like all Beleave products, Flyte pens will come with publicly available, independent laboratory analysis reports on cannabinoid potency, terpene profiles, as well as pesticide and contaminant screening.
On October 30, Beleave announced it had received an amendment to its processing license from Health Canada to authorize the sale of cannabis extracts, topicals and edible cannabis products to provincially and territorially authorized retailers. The amendment allows Beleave to participate in the newly announced Cannabis 2.0 regulations that went into effect October 17, 2019. Companies must give notice to Health Canada about new products and Beleave has already submitted the required 60-day notification, with sales anticipated to begin this December through Beleave's existing sales and distribution channels.
About Volero Brands
Volero Brands is a privately held, British Columbia-based company engaged in the development of a family of cannabis brands and delivery systems for Canadian and international markets. The Company's flagship brand is Flyte, a suite of top-quality cannabis distillate products. The Flyte brand and expertise has been licensed in the state of Nevada for concentrates prepared from distillates of phytocannabinoids and packaged in vaporizer pen cartridges. The Company brings deep technical and brand expertise to extraction, formulation, development and marketing of cannabis distillate-based products.
About Beleave Inc.
Beleave is an ISO certified, Canadian cannabis company headquartered in the Greater Toronto Area that cultivates high-quality cannabis flower, oil and extracts for medical and recreational markets. Beleave is fully licenced to cultivate and sell medical and recreational cannabis and is leading the way through research partnerships with universities to develop pharma-grade extracts and derivatives.
Beleave is developing new product lines, including cannabis-infused products, oils, vape pens, and other novel cannabis delivery methods for 2019. Beleave has developed a network of medical cannabis clinics in Ontario and Quebec under the Medi-Green banner.
Investor Relations Contact:
Interim Chief Financial Officer
Phone: 1 (647) 449 - 7352
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. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. This information speaks 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49299