NOT FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, Aug. 08, 2018 (GLOBE NEWSWIRE) — Kaneh Bosm BioTechnology Inc. (CSE:KBB) (FWB:8K51) (“Kaneh Bosm” or the “Company”) is pleased to announce that its recently acquired portfolio company EU Cannabis Corp. (“EU Cannabis”), is in the final stages of the application process for a Greek medical Cannabis licence.
EU Cannabis controls a 13-acre land package situated in Northern Greece, which upon receipt of the medicinal Cannabis licence will be dedicated to medical grade Cannabis cultivation, extraction, distribution, as well as research and development. In the coming days, EU Cannabis plans to commence the installation of fencing and security gates according to established best practice guidelines. While awaiting conditional approval from the Greek government, EU Cannabis will concurrently finalize an alarm, signage and security plan that is fully compliant with Greece’s current medical Cannabis regulatory environment.
Eugene Beukman, Chief Executive Officer of Kaneh Bosm states, “EU Cannabis affords Greece a turnkey service offering that will allow for the expedited development of a vertically integrated medical Cannabis facility. By leveraging access to capital, global connections and Cannabis expertise, EU Cannabis will act as a partner and advisor to the Greek government’s quest to establish a safe and sustainable medical Cannabis industry. EU Cannabis provides an unparalleled network of local partners and industry expertise necessary achieve a world-class Cannabis operation. EU Cannabis’ expanding cultivation capabilities will be complemented by Kaneh Bosm’s established distribution network of approximately 35,000 pharmacies throughout 16 countries”.
Upon receiving conditional approval from the appropriate Greek authorities, EU Cannabis plans to break ground on the construction of three separate structures with a total footprint of 97,000 square feet.
The flagship 34,000 square foot structure (the “Indoor Cultivation Facility”) will consist of the following:
- Six separate, self-contained flower rooms;
- Two separate, self-contained vegetation rooms;
- Self-contained mother room;
- Self-contained clone room;
- Waste and destruction facility, feed and storage unit and irrigation control centre;
- Two separate, self-contained drying rooms; and
- Reception area, meeting rooms, four office, shipping and receiving bay, electrical room, as well as a security and screening room.
A secondary 3,000 square foot structure (the “Laboratory Facility” or “Lab”) will consist of the following:
- Commercial food quality fridge, commercial food quality freezer and a ADA bath facility;
- Self-contained tissue culture lab;
- Proprietary carbon-dioxide and hydrocarbon extraction facility;
- Self-contained post production room;
- Main packaging facility;
- Commercial grade vault;
- Primary distribution bays; and
- Computer server room and compliance office.
A third 60,000 square foot structure will act as a polycarbonate covered greenhouse (the “Greenhouse”). The Greenhouse will be integrated with sophisticated irrigation systems, supplemental lighting, light deprivation systems, air filtration exchanges, CO2 dosing capabilities, odour control, dehumidification systems, as well as heating and cooling capabilities. EU Cannabis will also implement computerized automation controls to integrate the entire growing ecosystem with the specific requirements for each strain based on bench, and/or room configurations.
The proposed layout will allow for optimal expansion throughout the 13-acre property. EU Cannabis reserves the right to expand its cultivation and laboratory footprint in a discretionary nature.
Eugene Beukman Chief Executive Officer of Kaneh Bosm continued, “As illustrated in a variety of published case studies, the adoption of a legalized medicinal Cannabis industry can bolster tax revenues, spur organic job creation, as well as attract a substantial amount of investment from both domestic and transnational enterprises. Through collaboration with EU Cannabis, Greece is presented with a unique opportunity to expedite the realization of the benefits of a legalized Cannabis industry”.
On behalf of the Board of Directors of Kaneh Bosm Biotechnology Inc.
THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com