VANCOUVER, BC, June 8, 2020 /PRNewswire/ - Chemistree Technology Inc. (CSE: CHM) (CSE: CHM.WT) (OTCQB: CHMJF) (the "Company" or "Chemistree"), is pleased to provide stakeholders with an update on the Company's Washington State assets.
Despite the significant challenges and delays posed by the on-going COVID-19 pandemic, Chemistree is pleased to inform that its Washington state licensee partner has persevered with its existing operations and the expansion of the cultivation area and general optimization of all operations.
Sedro Wooley facility general manager Travis Royce commented: "We are looking are looking forward to taking over operational control of the new expansion here at Sugarleaf by the end of June and anticipate that cultivation will be underway shortly thereafter, once all State approvals have been received."
Chief Cannabis Officer Sheldon Aberman commented, "Once again the management and staff at Sugarleaf Washington have had a fantastic month of sales, handled the expansion of the facility in the face of numerous delays in an impressive and professional manner and continued to produce a market-leading cultivated product that literally sells out every month. Chemistree is grateful to all of these people for doing such a great job. I am also pleased to report that Chemistree and Sugarleaf Washington are actively engaged in identifying new opportunities for growth in Washington state and I am looking forward to providing regular updates as this process develops."
Engagement of Sauvage Publishing Inc.
Chemistree is pleased to announce that it has retained Sauvage Publishing, Inc. of Ft. Lauderdale, Florida, USA, to provide investor education and marketing engagement services to the Company. Sauvage is a new, highly specialized digital publishing company that leverages their unprecedented digital platform to connect companies with their network of capital market participants and retail investors. Using proprietary platform data, Sauvage provides a new medium for clients to educate, inform and engage. Sauvage Publishing has been engaged for US$210,000 for their services and has not been granted any shares by Chemistree as compensation.
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, leveraging management's decades of expertise in the cannabis industry and corporate finance to own and operate licensed cultivation, processing, distribution and retail facilities.
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. These statements, other than statements of historical fact, include herein without limitation, statements with respect to the expansion and reconfiguration of the Sedro Woolley facility and the engagement of Sauvage Publishing.
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.
SOURCE Chemistree Technology Inc.