KELOWNA, BC, Jan. 17, 2019 /PRNewswire/ - Liht Cannabis Corp. (CSE: LIHT) (OTCQX: LIHTF) or the "Company") is pleased to announce that its wholly-owned subsidiary, Full Spectrum Medicinals ("FSM"), has completed the securing of the exclusive rights to the S5 Agro Technology Suite (the "S5-ATS") proprietary technology. The Company will use this technology in its cultivation facilities in Canada.
In order to address and solve the challenges currently facing commercial cultivation, which has lead to the destruction of failed crops in Canada, estimated to be approximately 8 kilos of destroyed product for every 1 kilo consumed. https://news.vice.com/en_ca/article/vbnby3/canadas-weed-growers-destroy-a-lot-of-cannabis The Company is completing the aquisition for the exclusive rights to a suite of the following: Quick Response Holographic Labeling System, Agro-View, Agrowavetech, Agro-Array.
The incorporation of this technology will save millions of dollars in potential losses and has been specifically designed to increase organic plant health, vibrancy, yield production and enable efficient propagation of target seeds and strains. A robust secure cloud-based holographic data labeling system will manage and store all valuable crop morphology data and historical information.
The S5-ATS instruments are so advanced that they have the potential to revolutionize a new standard in agricultural analysis allowing crop insurance to be secured.
Historically, full analysis of plant matter could only be completed on dead plant material. In the S5 system, living material can be analyzed in its natural or man-made environment. Comparisons and real-time interactive analysis can be performed down to a cell and molecular level. This is a fully integrated, non-invasive and non-destructive ground-breaking system.
Agrowavetech is an acoustic based technology utilizing specially designed devices which disperse unique electromagnetic signals to the plants using frequency which stimulates the stomata of the plants to open and efficiently absorb hydration and nutrients required. This accelerates plant growth, increasing vital nutrient content, oil and terpene quality production, while greatly reducing the time and cost to harvest.
Equipped with sensors and data loggers, which are connected to the Quick Response Holographic Labeling System (the "QR HOLO-Label"), each unit carries a secure encrypted label for the recording and tracking of each plants historical data.
The QR HOLO-Label identifies each plant down to a genetic level and is a secure means for labeling and tracking from seed-to-sale. The QR HOLO-Label provides for memory storage on each labeled seed and plant to archive historical data, such as, its geographic origin and supplier source data. It can also be used to provide federal and provincial compliance data for reporting.
Agro-View is a hyper spectral imaging system which provides critical information on seeds, seedlings or a mature plant's health, by determining and monitoring hydration and nutrient levels, and detecting blights, fungus, or insect infestations and soil inconsistencies.
These instruments are used within the grow facility, or mounted on a drone for surveying outdoor crops, providing critical, real time information for protecting and maintaining crop health and productivity.
Agro-Array is an advanced, self-contained incubator with microfluidic channels to deliver targeted nutrients and hydration to promote cell viability, enabling cultivators to monitor and accelerate the plants cell culture at a microscopic level, and to deduce the optimum growth conditions such as temperature, medium and light to obtain specific plant yield characteristics. This allows for the determining of the sex of a seed at a cellular level.
The purchase price for the technology is approximately $1.56M USD in cash with installment payments due over the next 8 months. 1.5% of the gross product revenue will be paid quarterly commencing the last quarter of 2019, as an annual license fee. In addition, 1.5% earn out bonus override to be paid upon the success of accomplishing any of the following: Determining sex of the seed, determining the content of plant, certification of the plant, Insurance carrier that will provide Director and Officer insurance or crop insurance, determine sex of plant tissue and or hybridize sample, establishing parameters acceptable to open a cannabis futures group.
ABOUT LIHT CANNABIS CORP.
Liht Cannabis Corp. is a publicly traded company investing in the medical and recreational cannabis space, since 2014. Liht has rapidly expanded to include cultivation, production and dispensary locations in the key North American states of Washington, Nevada, and California, and are seeking expansion opportunities worldwide.
Liht trades in Canada, ticker symbol LIHT on the CSE, in the United States, ticker symbol LIHTF on the OTCQX.
Neither the CSE nor its Regulation Services Provider, nor the OTCQX® has approved nor disapproved the contents of this press release. Neither the CSE nor the OTCQX® accepts responsibility for the adequacy or accuracy of this release.
MARIJUANA INDUSTRY INVOLVEMENT:
Canadian listings (CSE) will remain in good standing as long as they provide the disclosure that is rightly required by regulators and complying with applicable licensing requirements and the regulatory framework enacted by the applicable state in which they operate.
Liht owns marijuana licenses in California and Nevada. Marijuana is legal in each state however marijuana remains illegal under US federal law and the approach to enforcement of US federal law against marijuana is subject to change. Shareholders and investors need to be aware that adverse enforcement actions could affect their investments and that Liht's ability to access private and public capital could be affected and or could not be available to support continuing operations.
Liht's business is conducted in a manner consistent with state law and is in compliance with licensing requirements.
Copies of licenses are posted on Liht's website. Liht has internal compliance procedures in place and has compliance focused attorneys engaged in jurisdictions to monitor changes in laws for compliance with US federal and state law on an ongoing basis. These law firms inform any necessary changes to our policies and procedures for compliance in Canada and the US.
FORWARD - LOOKING STATEMENTS:
Certain statements in this release are forward-looking statements, which includes, the expected outcomes of its business, technology, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, present and future business strategies, the environment in which the Company will operate in the future, and other factors, many of which are beyond the control of the Company. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks.
Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: that laws and regulations may become more onerous; the ability of the Company to obtain necessary financing; the economy generally; the future growth, results of operations, performance and business prospectus and opportunities; changes in and the effect of government policies; demand for products; competition; anticipated and unanticipated costs; reliance on management; claims and legal proceedings; conflicts of interest; and market price and volatility of the Common Shares. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, technology failures, failure to obtain a license from Health Canada or from other government agencies, failure to develop new and innovative products, failure of counterparties to perform their contractual obligations and fees charged by service providers. Important factors that could cause actual results to differ materially from the Company's expectations include, litigation, global economic climate, loss of key employees and consultants, additional funding requirements, changes in laws, competition, and failure of counterparties to perform their contractual obligations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. The Canadian Securities Exchange has not reviewed, nor approved the contents of this news release.
SOURCE Liht Cannabis Corporation