EDMONTON, Alberta, Feb. 16, 2021 (GLOBE NEWSWIRE) – Visionstate Corp. (TSX-V: VIS) (“Visionstate” or “the Company”) is pleased to announce that Freedom Cannabis Inc., a portfolio company of Visionstate Corp., has received its “Processing License with Merchantability” from Health Canada on February 11, 2021.
The new license extends Freedom’s processing license to sell dried and fresh cannabis products to authorized distributors, retailers and registered patients in the province and territory.
Freedom Cannabis Inc. also holds sales (medicinal) and cultivation licenses. The processing license previously allowed the sale of plants and seeds. It also enables provincial and territorial applications in the Northwest Territories (NWT), Saskatchewan, Alberta, and Ontario for consumer sales.
This license strengthens Freedom’s ability to commercialize next generation cannabis products for drug and retail sales through vertically integrated seed sales. The company is now ready to immediately convert its vault inventory into marketable products, including pre-roll, extracts and dried cannabis in units of 3.5g, 7g, 14g and 28g. The company is now ready to use its automated packaging and processing systems to provide processing, packaging and sales services to other licensed manufacturers.
“This license allows us to now sell to the provinces and expand our distribution channels. We can now balance our business-to-business (B2B) sales with consumer-centric opportunities,” said Gianfranco Potestio, CEO of Freedom Cannabis Inc., “A service model for the company to process, package and distribute for other licensed manufacturers. Freedom will begin to leverage its packaging automation for these services.”
“This is an important milestone for the Freedom family that will greatly expand our market and sales opportunities and open up new and diversified revenue streams,” he continued. “This allows us to increase service and cultivation capacity and make bigger commitments than ever before. We are pleased with the scalability, flexibility and growth potential this approval enables. “
Visionstate Corp. invested in Freedom Cannabis in 2019 and is now working with the company to develop Internet of Things solutions for the cannabis market. The technology will streamline operations and provide detailed analytics on performance and reporting.
About Visionstate Corp.
Visionstate Corp. (TSX-V: VIS) is a growth-oriented company that invests in the research and development of promising new technologies in the fields of Internet of Things, big data and analytics, and sustainability. Visionstate Inc. enables companies to improve operational efficiencies, reduce costs and increase customer satisfaction with their state-of-the-art equipment that tracks and monitors guest activities and requests. The footprint of his WANDA ™ intelligent device now extends to hospitals, airports, shopping malls and other public institutions across North America. By building a collection of synergistic technologies, Visionstate Corp. continue to innovate, reduce environmental impact and transform the customer experience.
Issued on behalf of the Board of Directors
“John A. Putters”