VANCOUVER, Jan. 16, 2018 /PRNewswire/ - Anandia Laboratories Inc. ("Anandia Labs" or the "Company"), a leading cannabis biotechnology and testing company, is pleased to announce that it has closed a private placement financing of common shares (the "Financing") of CAD$13.4 million at a post-money valuation of CAD$63 million. Lead investors in the financing were Green Acre Capital and York Plains Investment Corp. Anandia Labs is Canada's leading independent cannabis analytics, testing and genetics company. With one of 33 Health Canada-issued Dealers Licenses, Anandia Labs is able to cultivate, extract, test, import and export cannabis in any form. The company also uses genomics and modern plant breeding technologies to develop innovative products and next generation cannabis varieties.
Dr. Jonathan Page, Anandia Labs' co-founder and CEO stated, "this Financing will enable us to take Anandia Labs to the next level. We anticipate significant growth over the next few years as we expand our licensed R&D and product development facilities and testing capabilities to meet the growing needs of the Canadian and global cannabis industry. We greatly appreciate the strong support that we have received from our new and diverse shareholders. Anandia Labs continues to position itself as a Canadian leader in cannabis testing and genetics. I see significant growth ahead for the Company both in Canada, as the market shifts to a recreational adult-use framework later this year, and globally, as the demand for Canadian medical cannabis continues to grow."
"A partnership with Anandia was important to us given they are the gold standard in quality assurance testing for licensed producers. We are very excited to see them further develop the cannabis industry in Canada and abroad with their creative work in genetics, tissue culture, extractions and processing," added Tyler Stuart, Managing Director of Green Acre Capital.
Anandia Labs is Canada's leading independent cannabis analytics and genetics testing company, with approximately a 20% market share under the Access to Cannabis for Medical Purposes Regulations (ACMPR). The Company operates out of a 5,400 square foot facility in Vancouver, British Columbia and has plans to construct a 40,000 square foot purpose-built cannabis innovation centre in British Columbia during 2018. The Financing will fund the land purchase and construction of the initial phase of Anandia Labs' Cannabis Innovation Centre, including a 20,000 square foot R&D cultivation facility and a 20,000 square foot building to house tissue culture and extraction infrastructure, including the equipment required for its breeding, laboratory analysis and commercial scale extraction activities.
About Anandia Labs
Anandia Labs is a biotechnology company focused exclusively on cannabis, with the aim of bringing the best of modern science to the cannabis industry for the benefit of growers and consumers. Anandia Labs provides industry leading analytical testing services including potency, pesticides, microbes and terpenes to Licenced Producers and patients. In addition, Anandia Labs uses its cannabis-specific scientific expertise to assist its customers in the analysis of their testing results and resolution of any detected non-conformities.
Anandia Labs has also completed extensive research into cannabis genetics and has built a significant collection of cannabis germplasm. The Company uses modern plant breeding approaches to develop next generation cannabis varieties. Anandia Labs holds a Dealers Licence by Health Canada pursuant to the provisions of the Controlled Drugs and Substances Act and the Narcotic Control Regulations. The Dealers Licence permits Anandia Labs to analyze and extract cannabis, as well as cultivate cannabis for breeding and strain improvement.
Cautionary Statement on Forward-Looking Information
Certain information contained in this press release, including any information as to Anandia Laboratories Inc.'s (the "Corporation") strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "will", "expect", "continue", "assess", "anticipate" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions; including material estimates and assumptions that, while considered reasonable by the Corporation as at the date of this press release in light of each of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information.
Any forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Although management of the Corporation believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.
SOURCE Anandia Laboratories Inc.