- Washington State operation grows by about 30%
VANCOUVER, BC, Aug. 5, 2020 /PRNewswire/ - Chemistree Technology Inc. (CSE: CHM and CHM.wt) (US OTCQB: CHMJF) (the "Company" or "Chemistree") is pleased to announce that the Washington State Liquor and Cannabis Board ("WSLCB") has approved the Company's expanded facility in Sedro Woolley for cultivation and processing operations. The expansion increases the size of the cultivation area by approximately 30%.
Chemistree commenced construction of the additional grow room in early March, but progress was delayed by the statewide restrictions brought-on by the Covid-19 pandemic. Management is pleased that the project was completed safely and expeditiously by all the contractors and sub-trades involved; always, keeping workers protected. The expanded space will now be turned over to the licensee, Sugarleaf for planting and active cannabis operations.
Travis Royce, Sugarleaf's General Manager stated "Due to our phenomenal crew and practices, our biggest hindrance since day one has been lack of material and growing space. With the WSLCB's final approval, we now can put our product in more consumers' hands while simultaneously strengthening our existing client relationships and opening new ones. This is an enormous moment for the Sugarleaf brand and we would absolutely not be in this position without the guidance and support from Chemistree."
Chemistree President Karl Kottmeier commented, "We have worked together with Sugarleaf to meet their requests for more operating space. I am most grateful that our team has been able to hand over a turnkey expansion customized to their specifications in the midst of a global pandemic. Washington State is a mature market in the US cannabis industry – and having a larger footprint will benefit Sugarleaf, its retailers and customers for years to come."
About Chemistree Technology Inc.
Chemistree Technology Inc. is an investment company dedicated to the U.S. cannabis sector, endeavoring to provide turn-key solutions for the regulated cannabis industry. The Company's corporate strategy is to acquire and develop vertically integrated cannabis assets and to invest in other cannabis-related opportunities, leveraging management's decades of expertise in the cannabis industry and corporate finance.
For more information, visit www.Chemistree.ca.
The Company wishes to inform shareholders that there are significant legal restrictions and regulations that govern the cannabis industry in both Canada and the United States.
Cannabis-related Practices or Activities are Illegal Under U.S. Federal Laws
The concepts of "medical cannabis" and "recreational cannabis" do not exist under U.S. federal law. The Federal Controlled Substances Act classifies "marihuana" as a Schedule I drug. Under U.S. federal law, a Schedule I drug or substance has a high potential for abuse, no accepted medical use in the United States, and a lack of safety for the use of the drug under medical supervision. As such, cannabis related practices or activities, including without limitation, the manufacture, importation, possession, use or distribution of cannabis are illegal under U.S. federal law. Strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under U.S. federal law, nor will it provide a defence to any federal proceeding which may be brought against the Company. Enforcement of U.S. federal laws will be a significant risk to the business of the Company and any such proceedings brought against the Company may adversely affect the Company's operations and financial performance.
Further information regarding the legal status of cannabis related activities and associated risk factors, including, but not limited to, risk of enforcement actions, risks that third-party service providers, such as banking or financial institutions cease providing services to the Company, and the risk that Company may not be able to distribute profits, if any, from U.S. operations up to the Company, are included in the Prospectus, the Company's annual information form and other documents incorporated by reference therein and in the Company's Form 2A listing statement filed with the CSE and available under the Company's profile on SEDAR at www.sedar.com.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Information set forth in this news release includes forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", "budget", "scheduled" and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein, without limitation, statements with respect to the expansion and reconfiguration of the Sedro Woolley facility, including the expected increase in the size of the cultivation area, the streamlining of pre- and post-production facilities.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risks identified in the Company's reports and filings with the applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.
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SOURCE Chemistree Technology Inc.