RavenQuest Signs MOU to Acquire Western AgriPharma Limited
Vancouver, British Columbia, April 03, 2018 (GLOBE NEWSWIRE) — RavenQuest BioMed Inc. (the “Company” or “RavenQuest”) – (CSE: RQB) (OTCQB: RVVQF) (Frankfurt: 1IT) is pleased to announce that it has signed a Memorandum of Understanding with Western AgriPharma Limited (“WAL”) pursuant to the acquisition of 100% of WAL’s outstanding shares.
Western AgriPharma Limited is a late stage applicant with Health Canada in the development of a 125,000 square foot facility, purpose-built for the production of cannabis in Port Mellon, on British Columbia’s Sunshine Coast.
The Western AgriPharma facility would be RavenQuest’s first 100% owned, purpose-built, large scale facility to incorporate our entire suite of proprietary grow technologies. Using our proprietary grow methodologies, 125,000 square feet is more like two or three times that footprint, when you factor in what our Orbital Gardening can produce in grams-per-square-foot.
George Robinson, CEO of RavenQuest
This MOU is the culmination of what began as a simple services contract which has evolved into a potentially transformative addition to our expanding portfolio of licensed facilities. It truly illustrates the power of our services division to generate deal flow for our investment division. We believe we can continue to execute on this strategy, moving forward.
“BC’s Sunshine Coast is located a short ferry ride away from Greater Vancouver, one of Canada’s largest cannabis markets, with over 2.5 million residents,” said Robinson. “With our significant presence in the Alberta and Ontario markets, adding a British Columbia facility is a perfect complement and a natural strategic fit,” he continued.
Kevin Smith, President & CEO of WAL, commented on the MOU, stating “RavenQuest has been a class-A partner from the start of our relationship. We have always had tremendous confidence in RavenQuest’s industry-leading expertise. That confidence has grown even more over time. We are very excited about the prospect of joining of a truly unique, top-tier cannabis company with unlimited potential.”
Completion of any transaction with WAL is subject to a number of conditions, including, but not limited to, completion of due diligence, negotiation of definitive agreements in respect of such a transaction, and the receipt of any required regulatory approvals. A transaction cannot be completed until these conditions are satisfied, and there can be no assurance that such a transaction will be completed at all. Readers are cautioned that the memorandum of understanding entered into with WAL does not set forth the terms of a potential transaction nor have such terms been negotiated or finalized.
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.