Relevium Technologies Inc. (TSX.V: “RLV”, OTCQB: “RLLVF” and Frankfurt: “6BX”) (the “Company” or “Relevium”), is pleased to announce its wholly owned subsidiary Biocannabix Health Corporation (“Biocannabix”) has executed an LOI to acquire 30% of Weedsense Inc., a late stage applicant for standard processing and medical sales license.
WEEDSENSE STRATEGIC FIT FOR BIOCANNABIX ENDO-MEDICINAL BUSINESS
Weedsense Inc. (“Weedsense”) is building a wholesale and distribution business in Montreal, Québec. The Company’s business model includes wholesale and bulk products from licensed producers or processors and distributing directly to medical patients through a network of pharmacists or clinics. Weedsense will also service the recreational market by acting as a distributor to provincially-sanctioned wholesalers such as the Ontario Cannabis Store (OCS) or Société Québécoise du Cannabis (SQDC).
Weedsense can also provide secured third-party logistics (3PL) partner for other market participants who seek direct access to the Quebec market. Weedsense has applied for Standard Processing and Medical Sales licenses through Health Canada and is building a euGMP facility in Montreal. The late stage applicant “Weedsense Inc.” expects to be fully licensed no later than Q4 2019 and obtain euGMP certification shortly thereafter.
Biocannabix Health Corporation will entrust Weedsense with the storage, sales and distribution of its endo-medical nutraceuticals and medical food products for the Canadian marketplace including pharmacies and hospitals. Biocannabix mission is to become a leader in providing safe, organically sourced endo-medicinal products for pediatric care into the Canadian market.
Aurelio Useche, CEO of Relevium stated: “Our investment into Weedsense provides Biocannabix with the capability to import, export, warehouse, packaging and sell to pharmacies and hospitals in a secure and compliant manner. This is another milestone in our vertically integrated model for the Pediatrics market”
Dave Shepard, CEO and Co-Founder of Weedsense Inc. stated: “The idea behind Weedsense from the beginning has been to offer patients the best possible service: amazing products at a fair price, the best customer service possible and timely delivery. I have been successful building out this model already in the beauty space with beautysense.ca and it was clear that a patient centric wholesale/distribution platform was lacking in the cannabis market.”
Sasha Asgary, COO and Co-Founder of Weedsense Inc. stated: “We have had the luxury of building Weedsense after having observed market dynamics for the last two years. We are employing best in class cannabis consultants and engineering firms that have all won awards in their respective categories at industry events and guided us exceptionally well through our licensing process. There is no doubt in our minds that we are building a platform that will win the hearts of patients locally and nationally.”
Biocannabix has executed an LOI to invest CAD$1.5 million into Weedsense Inc. to obtain an initial 30% interest in the company. In addition to its initial investment, Biocannabix has secured an additional option to acquire 100% of the shares after the grant of the licenses by Health Canada and full construction of the facility for an additional CAD$3.5 million payable in shares of Biocannabix at a valuation equals to that of the eventual series “A” financing of the wholly-owned subsidiary.
The transaction is conditional to the grant of the said licenses by Health Canada, financing and is also subject to the approval to the TSXV Stock Exchange.
About Relevium Technologies
Relevium is a publicly-traded company that operates in the health and wellness industry, including legal cannabis, with a primary focus on online distribution. The principal business of the Company is the identification, evaluation, acquisition and operations of brands and businesses in the health and wellness markets and medical cannabis. The Company pursues its business strategy through an acquisition and partnership model in a holistic approach to encompass a wide range of health and wellness consumer products. Relevium operates through two wholly owned subsidiaries: