Vancouver, BC - Quadron Cannatech Corporation (CSE:QCC) (the "Company" or "Quadron"), is pleased to announce that it has entered into a letter of intent with Puriflor Enterprise Inc. ("Puriflor") regarding Puriflor's acquisition of an extraction and processing facility, and the formation of a joint venture between Quadron and Puriflor, whereby Quadron will acquire a one third interest in the Puriflor extraction and processing facility.
Puriflor, a privately-owned company based in Montreal, Quebec, is a late stage applicant with Health Canada to become a licensed producer and standard processor under the Cannabis Act in the Province of Quebec (the License). Puriflor's main areas of activities include cannabis cultivation, nursery/propagation, extraction/processing, research & development and clinical studies done in collaboration with universities.
Rosy Mondin, CEO of Quadron, states: "We are excited to announce this agreement with Puriflor in the province of Quebec. This joint venture is in keeping with Quadron's business model wherein we select strategic partners in which we take an interest in our joint venture partner companies and solidify revenue sharing agreements in licensed facilities. We believe these partnerships will allow us to establish Quadron as a leader in extraction, processing and end-product formulation, growing Quadron's market share, and increasing revenue and profitability for its shareholders."
Ramy Jabbour, CEO of Puriflor, states: "We are extremely pleased to announce this partnership with Quadron. The Puriflor team is looking forward to working in close collaboration with Quadron in order to develop a strong and inclusive extraction ecosystem in Quebec. Puriflor aims to become a full service hub for third-party licensed producers looking to create value and diversify their delivery platform offerings. Partnering up with relevant and established players is in line with our expansion philosophy and will help achieve our objective to produce the finest extracts available in the market.
Completion of the transaction is subject to the issuance of the respective licenses to Puriflor and finalizing the Definitive Agreement and related transaction documents.
About Puriflor:
Puriflor is a privately-owned company and a late-stage applicant under the Cannabis Act based in Montreal, Canada. Our indoor facility will bolster state-of-art climate controls and will be able to cultivate up to 8 different strains simultaneously to cater for the recreational and medical market. With its craft approach and vertically integrated business model, Puriflor aims to produce high-end cannabis for value-seeking customers looking for an uncompromising experience.
About Quadron:
Quadron, through its wholly owned subsidiaries, provides turn-key extraction and processing solutions for the cannabis industry including proprietary industrial grade equipment, custom build processing facilities, ancillary products, and scientific services. Quadron delivers streamlined, cost-effective and innovative solutions to help licensed growers, producers and processors develop market ready products all to achieve quicker ROI.
For more information, visit: www.quadroncannatech.com
On behalf of the Board of Directors ofQUADRON CANNATECH CORPORATION
Rosy MondinCEOrosy@quadroncannatech.co
Investor Relations Contact:KIN Communications IncCaleb Jeffries, VP, Investor Relation1-866-684-6730QCC@kincommunications.com
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Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.