World-Class Extractions Enters the Legal Recreational Market for Cannabis Extracts and Signs Joint Venture Agreement
25 Septembre 2019 - 2:43PM
InvestorsHub NewsWire
World-Class
Extractions Enters the Legal Recreational Market for Cannabis
Extracts and Signs Joint Venture Agreement to Deploy Full Cannabis
and Hemp Extraction & Processing
Facility
TORONTO, ON --
September 25, 2019 -- InvestorsHub NewsWire
-- World-Class Extractions Inc. ("World-Class")
(CSE:PUMP) (FRA:WCF) announces its first
multi-year joint venture agreement (the "Joint
Venture") with FV Pharma Inc. (HUGE) (FSDDF) (0K9), a whollyowned subsidiary of FSD
Pharma Inc. ("FSD"). Under the direction of FV
Pharma, World-Class will setup and manage the operations of
"Cobra", a large capacity extraction and processing facility in
Cobourg, Ontario, owned by FSD Pharma (the
"Facility") to extract various cannabinoids and
other valuable elements from cannabis and hemp plants.
The Facility will be deployed in multiple phases to satisfy the
increasing market demand as the legal recreational market for
cannabis extracts and extract-based products rapidly approaches.
World-Class and FSD each have a 50% interest in the Joint Venture.
The initial phase, which is scheduled to commence production in
December 2019, is comprised of several BOSS CO2 Extraction Systems
as well as WCE's BEAST Ethanol Extraction System, along with all
the ancillary equipment required for the preparation of the
biomass, as well as refining and distillation processes. With ample
room to expand, the Facility will initially have an extraction and
processing capacity of up 5,000 pounds of biomass per day. As
market demand increases, additional equipment will be deployed to
accommodate the extraction and processing of up to 75,000 pounds
per day.
The 620,000 sq. ft. facility, formerly Kraft Canada's production
facility, is located about a one hour drive from Toronto. Equipped
with numerous on-site resources, the Facility was built with
logistical advantages, making the property a favourable location
for third-party toll processing contracts. The Joint Venture will
provide World-Class ongoing revenue.
This announcement marks a significant milestone for World-Class as
the first multi-year joint venture agreement in preparation for the
legalization of recreational cannabis extracts, edibles, and
topical products which will be available to consumers in upcoming
months. This agreement positions World-Class to quickly scale an
operation as the BOSS CO2 Extraction System is delivered from Soma
Labs Scientific pre-assembled.
Rosy Mondin CEO of World-Class stated, "World-Class is thrilled to
be the official extractor of FV Pharma, while opening up our
processing operations to other Canadian producers. The toll
processing model is economical as license holders can create
valued-added cannabis oil derivative products under their corporate
brand(s) without major expenditures on in-house extraction
machinery or requiring a processing license. This milestone is
incredibly significant as World-Class is now ready to accept new
tolling contracts and officially begin to generate revenue in the
near term."
Raza Bokhari MD, Executive Co-Chairman and CEO of FSD Pharma
stated, "This is an important development for FSD Pharma, allowing
FSD and World-Class to establish a processing center for on-site
extraction of oil-based products and extracts at our Facility in
Cobourg in 2019. Using FV Pharma's processing license, the Joint
Venture can begin processing once the Boss Extraction Systems
are installed and our agreement is finalized. This Joint Venture
provides us with additional revenue opportunities as we process our
pharmaceutical-grade cannabis flower into high-quality oil-based
products to meet the increasing demand for such products in the
medicinal space."
About World-Class
World-Class Extractions provides scalable extraction and processing
solutions for the cannabis and hemp industries through two
wholly-owned subsidiaries - Soma Labs Scientific and Greenmantle
Products. World-Class develops advanced technology and processes
for streamlined cannabis extraction, formulation and product
development. World-Class is set to become an international leader
and developer of industrial scale extraction and processing systems
to produce high margin, quality cannabis products and premium
consumer brands - from Green to Gold.
About FSD Pharma
FSD Pharma is focused on the research and development of novel
cannabinoid-based treatments for several central nervous system
disorders including chronic pain, fibromyalgia and irritable bowel
syndrome, and on the development of the highest quality indoor
grown, pharmaceuticalgrade cannabis. The Company is licensed to
cultivate cannabis in approximately 25,000 square feet.
FSD's wholly-owned subsidiary, FV Pharma, is a licensed producer
under the Cannabis Act and Regulations, having received its
cultivation license on October 13, 2017, and its full Sale for
Medical Purposes license on June 21, 2019. FV Pharma intends to
cover all aspects of the cannabis industry, including cultivation,
legal, processing, manufacturing, extracts and research and
development.
Investor Contact – World-Class
Christina Rao & Daniel Mogil
World Class Investor Relations
1-604-723-7480
ir@worldclassextractions.com
Cautionary Note Regarding Forward-Looking
Statements:
Certain information set forth in this news release may contain
forward-looking statements that involve substantial known and
unknown risks and uncertainties, certain of which are beyond the
control of the Company. Forward-looking statements are frequently
characterized by words such as "plan", "continue", "expect",
"project", "intend", "believe", "anticipate", "estimate", "may",
"will", "potential", "proposed" and other similar words, or
statements that certain events or conditions "may" or "will" occur.
These statements are only predictions. Readers are cautioned that
the assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not
be placed on forward-looking statements. Forward-looking
statements include, but are not limited to, the anticipated closing
of any acquisitions by the Company, the continued growth and
expansion of the Company's operations, and the receipt of
regulatory approvals, including the approval of the CSE. The
Company assumes no obligation to update forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
Neither the CSE nor its Market Regulator (as that term is defined
in the policies of the CSE) accepts responsibility for the adequacy
or accuracy of this release.
SOURCE: World-Class Extractions
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