NANAIMO, British Columbia, Dec. 07, 2018 (GLOBE NEWSWIRE) — Salvation Botanicals Ltd. (“Salvation” or the “Company”) (Private Company) announced today that they have received the amendment to their Industrial hemp license to allow the sale and distribution of flowering heads, leaves, and branches. This means that for the first time, outdoor grown cannabinoids can be sold for ultimate use in the Canadian regulated cannabis market.
The company is now able to purchase the leaves and flowers from partner hemp farmers, in turn preparing them for extraction by mechanically removing stems, leaves, and other excess materials. The “cleaned” material is then sold for extraction and processing. According to a new report by Grand View Research, Inc., the global industrial hemp market size is expected to reach USD $10.6 billion by 2025.
“Receiving this license creates an exciting opportunity for the hemp farmers that we have been working with over the past few years,” said Cliff Wiltshire, CEO, founder, and director of Salvation Botanicals Ltd. “The benefit to our partner farmers is clear – we can clean the flowering heads to remove a large portion of plant matter and produce a biomass that is in much demand for the Canadian market. Our post-harvest technology will be deployed in the coming weeks, and we will be working around the clock to help to relieve the current shortages being experienced across the country.”
Wiltshire added: “We have been planning for this inevitability for several years, and have developed harvest and post-harvest technology, as well as extraction, formulation and production techniques specifically geared to industrial hemp. Earlier this year we entered into contracts for over 3,000 acres and are now excited to begin to open the pipeline.”
ABOUT SALVATION BOTANICALS LTD.
Salvation Botanicals is a private company based in Vancouver Island, British Columbia, that is dedicated to the testing and production of high-quality standardized cannabinoid products for the international cannabis market. Salvation operates one of the first analytics laboratories in Canada, licensed by Health Canada to test cannabis and derivatives.
Salvation Botanicals holds a Dealer’s License under the Controlled Substances Act, with authority to extract and produce oil within Health Canada guidelines. In 2016 Health Canada granted Salvation a Hemp Processing License (HPL) permitting production and sale and export of seed & grain and its derivatives. The Company is a late stage applicant for ACMPR Licensed Producer.
Salvation Botanicals Ltd has plans to trade publicly on the CSE early in 2019.
For more information about Salvation Botanicals Ltd, please go to www.salvationbotanicals.ca
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION
Certain statements within this press release relating to the Company constitute “forward-looking statements”, within the meaning of applicable securities laws, including without limitation, statements regarding future estimates, business plans and/or objectives, sales programs, forecasts and projections, assumptions, expectations, and/or beliefs of future performance, are “forward-looking statements.”
Such “forward-looking statements” involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements. These risks and uncertainties relate to, among other things, to the Company’s historical experience with medical cannabis operations, regulatory changes, timeliness of government approvals for the granting of permits and licenses, changes in medical cannabis prices, actual operating performance of facilities, risks associated with completion of the acquisition, including the availability of sufficient financing to complete the acquisition and fund the business of the combined company, other risks relating to the roll-out and intended expansion of a clinical wellness business, business integration risks, competitive risks, and other risks relevant to the medical cannabis and clinical wellness industries in general and to the Company in particular.
The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. There can be no assurance that Salvation Botanicals’ medical cannabis license application will be approved by Health Canada.
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