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The Partnership Seeks to Develop Cannabis-Based Products for the Treatment of Human Diseases, Beginning with Colon Cancer

VANCOUVER, British Columbia, Nov. 08, 2019 (GLOBE NEWSWIRE) -- Canadian Imperial Venture Corp. (TSXV:CQV.H) (the “Company”) is pleased to announce that Ikänik International, Inc. (“Ikänik International”), a wholly owned subsidiary of Ikänik Farms, Inc. ( “Ikänik Farms”), represented by its medical division in Colombia, Pideka SAS, has signed a two-year collaborative R&D agreement with Corporation for Biological Research (“CIB”), a non-profit Colombian scientific research corporation center, to develop cannabis-based products for the treatment of human diseases.

“CIB has a national reputation as a center of excellence for biological research,” said Brian Baca, CEO of Ikänik Farms. “We look forward to working with some of Colombia’s leading academics, including clinical and technological specialists, to advance the development of cannabis-based medical treatments.”

The initial objective will be focused on researching and developing cannabis-based products to help prevent and slow the growth of colon cancer cells with treatment of cannabinoids, through nanotechnology. Ikänik Farms will be responsible for producing cannabis plant material for CIB, collaborating on the research and by conducting tests on the derivatives of the cannabis plant material in order to evaluate the efficacy in the treatment of colon cancer.

Pending the successful completion of the testing phase, Ikänik Farms will work with CIB to apply formulation technologies to the derivatives (based upon technology developed by the Corporation for Biological Research) to create a colon cancer treatment model through pre-clinical and clinical studies.

“Ikänik Farms and CIB are collaborating on research aimed to develop cannabis-based products for the pharmaceutical market to treat diseases in humans, while increasing the scientific understanding of the cannabis plant and its use in future applications,” said Borja Sanz de Madrid, President of Ikänik International.

About CIB

The Corporation for Biological Research, “CIB”, is a scientific research institution classified by Colombian sciences as a research center of excellence specializing in health science biodiversity, agricultural and environmental biotechnology. Their work is based on research, clinical and technological developments in the area of ​​biological sciences collaborating with national and international partners. CIB seeks to build relationships with productive sectors through innovation and technology and currently participate in the training of researchers, the provision of specialized services and academic dissemination.

CIB is comprised of five participating universities; Universidad Pontificia Bolivariana (UPB), Universidad Nacional de Colombia sede Medellin (UN), Institucion Universitaria Colegio Mayor de Antioquia, Universidad de Santander (UDES) and Universidad de Antioquia. For further information regarding CIB, please refer to their website: http://cib.org.co/quienes-somos/

About Ikänik Farms

Ikänik Farms is creating a dynamic portfolio of cannabis lifestyle brands, deep rooted in action sports and entertainment and unified with passion. Ikänik Farms’ leadership brings decades of expertise in R&D, cultivation, retail, branding, and finance with the ambition to build the nation’s most iconic vertically integrated “seed-to-sale”, “MNO” Multi-National Operator. Ikänik Farm’s operations are currently located in California and Colombia.

The Company previously announced that it had entered into a business combination agreement with Ikänik Farms whereby the Company has agreed to acquire all of the issued and outstanding securities of Ikänik Farms and the business of Ikänik Farms by way of a three-cornered amalgamation (the “Transaction”). The Transaction will result in a reverse takeover of the Company by the security holders of Ikänik Farms.

About Pideka SAS

Pideka is a medicinal cannabis company authorized by the Colombian government to cultivate, produce, manufacture and export cannabis derivatives, extracts and seeds for medical and scientific purposes. In addition to being Colombia’s first licensed indoor cannabis producer, Pideka was responsible for opening Colombia’s first legal medicinal cannabis dispensary in 2014.

On behalf of the Board of Directors of Canadian Imperial Venture Corp.

Jacqueline M. Tucker

Jacqueline M. Tucker, Chief Executive Officer Phone: (403) 999-1393

For further information on Ikänik Farms, please contact:

Bill KeatingBrian Baca
Chief Operating OfficerChief Executive Officer
bkeating@Ikanikfarms.com bbaca@Ikanikfarms.com 
(905) 330-5002(775) 843-1051

Completion of the Transaction is subject to a number of conditions, including but not limited to, the requisite shareholder approvals, the acceptance by the TSX Venture Exchange of the voluntary delisting of the common shares of the Company, and the acceptance by the Canadian Securities Exchange of the listing of the resulting issuer’s subordinate voting shares. There can be no assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or listing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

The TSX Venture Exchange has in no way passed on the merits of the proposed Transaction and has neither approved nor disapproved the contents of this news release.

Forward Looking Statements

This news release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws (together, “forward-looking information). All information, other than statements of historical facts, included in this news release that address activities, events or developments that the Company expects or anticipates will or may occur in the future is forward-looking information. When used in this news release, words such as “will”, “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “believe”, “should”, and similar expressions, are forward-looking information, including, but not limited to, the success of the testing phase with respect to cannabis-based medicinal treatment.

Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: the inability to obtain the necessary regulatory and stock exchange approvals, changes in laws, a change in management, the inability to obtain additional financing, increased competition, hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and regulatory or political change.

There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in the forward-looking information may differ materially from actual results or events.

Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this news release is made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.