VANCOUVER, British Columbia, March 19, 2018 (GLOBE NEWSWIRE) — RavenQuest BioMed Inc. (the “Company” or “RavenQuest”) – (CSE:RQB) (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,” said George Robinson, CEO of RavenQuest. “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. 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.
On Behalf of the Board of Directors of
RAVENQUEST BIOMED INC.
Chief Executive Officer
For further information, please contact:
Mathieu McDonald, Corporate Communications – 604-484-1230
Neither Canadian Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Stock Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to the Company within the meaning of applicable securities laws, including statements with respect to the development of a licensed cannabis production facility and anticipated production from such a facility. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.