TORONTO, Jan. 17, 2019 /PRNewswire/ - Beleave Inc. (CSE: BE) (OTCQX: BLEVF) ("Beleave" or the "Company") is pleased to provide an update on its participation and cooperation regarding the ongoing investigation by the British Colombia Securities Commission ("BCSC").
As previously announced, Beleave was named as a respondent in a temporary order dated November 26, 2018 (the "Temporary Order") issued by the Executive Director of the BCSC in connection with distributions to certain individuals connected to the "BridgeMark Group". The respondents named in the Temporary Order (the "Respondents") were restricted from purchasing and distributing securities in reliance on the consultant exemption to distribute securities without a prospectus (the "Consultant Exemption"). The Executive Director of the BCSC sought an extension of the Temporary Order (the "Extension Request") pending the conclusion of the BCSC's investigation into the Respondents' reliance on the Consultant Exemption. On December 7, 2018, the BCSC held a hearing to consider the Extension Request and, on January 15, 2019, the BCSC issued a decision approving the Extension Request in the case of certain of the Respondents. As a result of the decision, Beleave is no longer subject to the Temporary Order or the terms of the Extension Request.
The BCSC's investigation is ongoing. Beleave will continue to cooperate with the BCSC in its investigation.
ABOUT BELEAVE INC.
Beleave is a vertically-integrated Canadian cannabis company headquartered in Oakville, Ontario, that cultivates high-quality cannabis flower, oil and extracts.
Beleave is fully-licenced to cultivate and sell medical and recreational cannabis and is leading the way through research partnerships with universities to develop pharma-grade extracts and derivatives. Beleave has developed new product lines, including cannabis-infused powder and sugar products for 2019 as the recreational market is expected to allow for food and beverage-based cannabis products.
Beleave has also developed a network of medical cannabis clinics in Ontario and Quebec under the Medi-Green banner. Through its majority ownership of Procannmed S.A.S., Beleave is fully licensed to cultivate, produce, extract and distribute medical cannabis in Colombia to capitalize on exports and the expanding Latin American market. In a strategic initiative to penetrate the European medical market, the Company has partnered with Canymed GmbH to supply the German market with medical cannabis.
This news release contains "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). The use of any of the words "plan", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking information. These statements are only predictions. Although the Company believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. This information speaks 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.
SOURCE Beleave Inc.