RavenQuest Signs MOU With Fort McMurray #468 First Nation
VANCOUVER, British Columbia, March 19, 2018 (GLOBE NEWSWIRE) — RavenQuest BioMed Inc. (the “Company” or “RavenQuest”) – (CSE: RQB) (OTC: RVVQF) (Frankfurt: 1IT) is proud to announce that it has signed a Memorandum of Understanding with Fort McMurray #468 First Nation (“FM 468”) to collaborate in the development, operation and financing of a purpose-built facility for the production of cannabis on lands controlled by FM 468.
RavenQuest has developed an indigenous-centered, end-to-end solution for cannabis production and sale on sovereign land. RavenQuest will provide its expertise to deliver the technical know-how, staff resources, and financing opportunities as they relate to the development of the Production Facility, initially sized at 24,000 square feet. In consideration, RavenQuest will receive a thirty percent (30%) ownership interest in such a facility.
The parties intend that the Production Facility will rapidly expand from its initial development to a maximum of 250,000 square feet. Under such an arrangement RavenQuest will be granted the rights to a perpetual stream of a portion of cannabis produced at the Production Facility. Any joint venture arrangement will include provisions for the continued development and expansion of the production facility.
This MOU represents a key milestone for our organization. We intend to emerge as the trusted provider of choice for Indigenous Peoples’ Cannabis industry partnerships across Canada. Our work in this area reflects a high level of understanding of the concerns and issues facing Indigenous communities across Canada.
George Robinson, CEO of RavenQuest
With the right partners, we see cannabis as a tremendous opportunity for economic diversification, self-reliance, employment and harm reduction within Indigenous communities. This agreement is designed to deliver on all of these fronts, providing for a mutually beneficial arrangement for FM 468 and RavenQuest moving forward.
“By participating in the cannabis sector, it will allow Fort McMurray #468 First Nation to take one step closer to being a self-sufficient Nation for the next seven generations and providing world-class services to the Citizens,” said Chief Ron Kreutzer.
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.