Tags: Medicinal Marijuana
VANCOUVER, BRITISH COLUMBIA / TheNewswire / June 14, 2018 – Stone Ridge Exploration Corp. (CSE:SO) ("Stone Ridge" or the "Company") is pleased to provide the following update further to its press release dated February 8, 2018, with respect to a proposed reverse takeover transaction with Sproutly Inc. ("Sproutly").
The Company is pleased to announce that Sproutly, via its wholly-owned subsidiary Toronto Herbal Remedies Inc. ("THR"), has received its Access to Cannabis for Medical Purposes Regulations ("ACMPR") license from Health Canada to cultivate cannabis (the "Cultivation License"). Following the granting of the license, Sproutly is now permitted to cultivate cannabis at its 16,600 sq ft. facility strategically located in the Greater Toronto Area.
Keith Dolo, Chief Executive Officer of Sproutly, commented, "Achieving our Cultivation License is a significant milestone and key to implementing our strategy to become a leading vertically integrated cannabis consumer products company, bringing together pharma-grade cultivation, secured distribution solutions, and advanced technologies to redefine the cannabis industry."
This announcement follows shortly after Sproutly entered into non-binding letters of intent to acquire Infusion Biosciences Canada Inc., a biotech company possessing the rights to Infusion Biosciences Inc.’s technology which is able to recover water soluble cannabinoids as well as the plant’s oil-based bioactive materials using a patent pending process, proprietary reagents and trade secrets ("APP Technology") and SSM Partners Inc.
About Sproutly Inc.
Sproutly is an ACMPR Licensed Producer of cannabis that strives to meet the evolving needs of cannabis consumers across Canada. Its mission is to become a vertically integrated cannabis consumer products company, bringing together pharma-grade cultivation, secured distribution solutions, and advanced technologies to redefine the cannabis industry. Sproutly currently owns and operates a 16,600 sq. ft. production facility located centrally in the GTA utilizing state-of-the-art production technology and methods designed to pharma-grade standards. Sproutly’s strategy is focused on developing and deploying novel technologies to formulate and market unique cannabis products in a rapidly evolving consumer market.
For more information on Sproutly please visit www.sproutly.ca.
For further information please contact:
Keith Dolo, Chief Executive Officer of Sproutly
Phone: (778) 945-6860
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Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including the Proposed Acquisition, the timing of completion of the Proposed Acquisition, the intention of Sproutly to become a provider of cannabis beverages, the granting of regulatory approval, and the legalization of the recreational use of marijuana in Canada are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that Sproutly will be successful in completing the Proposed Acquisition in the time expected, or at all, including obtaining Canadian Securities Exchange approval of the Proposed Acquisition, that Sproutly will be successful in the development of cannabis beverages, regulatory approval of the sale of cannabis beverages will be obtained, and the legalization of the recreational use of marijuana in Canada will occur as expected. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, Sproutly will not be successful in completing the Proposed Acquisition in the time expected or at all, Sproutly will not be successful in development a cannabis beverage, regulatory approval will not be granted as anticipated and the legalization of the recreational use of marijuana in Canada will not occur at all or as expected. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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