Osoyoos' Extraction Systems Now Commissioned and Approved
Toronto, Ontario--(Newsfile Corp. - May 26, 2020) - Osoyoos Cannabis Inc. (CSE: OSO) ("Osoyoos" or the "Company") is pleased to announced that both of the Company's Vitalis Q-180 Series extraction systems (the "Extraction Systems") have been commissioned for operation and all requisite approvals from the federal and provincial regulators have been received for both processing and sale of materials.
As previously disclosed in the Company's release, dated April 21, 2020, the Extraction Systems are located with a private licensed producer (the "LP") in Barrie, Ontario. One of the Extraction Systems is under a lease agreement with the LP and revenue has commenced under that leasing arrangement. The other Extraction System is part of a joint-venture agreement with the LP, whereby the Company shall receive 50% of the net profits derived from third-party tolling services.
Mr. Graham Simmonds, Chief Executive Officer of Osoyoos, commented, "We are very excited to be officially up and running with our Extraction Systems." He continued, "We are also very pleased with the relationship we have developed with our LP partner and we strongly believe we will jointly be able to build a successful business with meaningful revenues. We are working with the LP's management team on our joint-venture business launch and marketing strategy and we hope to announce this in the near future."
About Osoyoos Cannabis Inc.
Osoyoos Cannabis Inc. has a joint-venture agreement with a private, vertically-integrated licensed producer under the Cannabis Act (Canada) to offer contract tolling extraction services to third-party businesses. The Company is also seeking out other opportunities within the cannabis industry both in Canada and internationally.
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Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "may", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the execution of the Company's business plan. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include regulatory and other third-party approvals; licensing and other risks. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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