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VANCOUVER, British Columbia, Oct. 11, 2018 (GLOBE NEWSWIRE) -- BlissCo Cannabis Corp. (CSE: BLIS) (OTCQB: HSTRF) (FRA: GQ4B), (“BlissCo”) or the (“Company”) is pleased to announce that it has signed a letter of intent (LOI) to purchase CannaTel Cannabis Corporation (“CannaTel”), which has secured pre-approval for a medical cannabis cultivation license in Israel in partnership with local farmer Mr. Yoel Dub. BlissCo will pay $3,000,000 CAN in BlissCo shares to CannaTel paid in installments tied to specific milestones being met. BlissCo will work in partnership with local farmer Mr. Yoel Dub, who has earned a pre-approval for a medical cannabis production license from Israel’s Ministry of Health.
CannaTel’s principals have a sublease agreement with local farmer Mr. Yoel Dub to grow medical cannabis until December 13, 2041 or for 23 years.
BlissCo Cannabis Corp., through its wholly owned subsidiary BlissCo Israel R&D Corp. (“BlissCo Israel”), will own the pre-approval license that Mr. Yoel Dub has secured from Israel’s Ministry of Health, Medical Cannabis Unit. BlissCo Israel plans to fund and build a 100,000 sq. ft. GMP compliant medical cannabis production and R&D facility to service the rapidly growing medical cannabis patient base in Israel.
BlissCo Israel R&D Corp. will develop innovative wellness products for domestic use as well as products for international distribution when the Israeli government allows exports.
“Israel is where modern medical cannabis research was born in the late '60s. Israel has the world’s largest medical cannabis patient trials and continues to drive innovation in the medical cannabis sector. With the regulator guidance of Israel’s Ministry of Health, Medical Cannabis Unit, BlissCo Israel R&D Corp. will position BlissCo as a leader in the medical cannabis industry on a global level while also opening the door to international distribution in Europe pending appropriate legislation,” said Damian Kettlewell, CEO of BlissCo Cannabis Corp.
Israel is a world leader of medical cannabis R&D and innovator of patient focused applications.
“It has been a pleasure to engage with BlissCo CEO and Founder Damian Kettlewell, the BlissCo team and their capital market partners. BlissCo is a respected Health Canada ACMPR Licensed Producer licensed to cultivate medical cannabis and produce medical cannabis oil from their facility in Vancouver, B.C., Canada. We are optimistic that BlissCo will be able to use their successful licensing experience with Health Canada to oversee the construction of a production facility in Israel and earn a medical cannabis production license from Israel’s Ministry of Health. We will produce 6,500 kilos of medical cannabis annually at BlissCo Israel’s facility,” said CannaTel Director Israel Moreson.
About CannaTel Cannabis Corporation
CannaTel Cannabis Corporation is a Canadian company founded in 2018. In December 2017 one of CannaTel’s principals, Israel Moreson, signed a 24 year sublease agreement on a 150,000 sq. ft. farm outside of Jerusalem where Israel’s Ministry of Health has provided preliminary approval for medical cannabis production for Mr. Yoel Dub. CannaTel Cannabis Corporation was set up in Canada to seek a ACMPR licensed partner who would provide licensing, finance and commercialization experience.
About BlissCo Cannabis Corp.
BlissCo Cannabis Corp. (CSE: BLIS) (OTCQB: HSTRF) (FRA: GQ4B) is a wellness-focused, ACMPR licensed producer and future distributor of ultra-premium cannabis. The company sits at the heart of an international ecosystem and is focused on the success of its domestic and global partnerships.
BlissCo leverages the latest technology and is continuously developing its network of top-tier industry experts to drive the success of its brand and channels, moving premium Canadian cannabis to local and international markets.
BlissCo is backed by an experienced team that is deeply in tune and integrated with industry partners and BlissCo's future patients and customers.
Learn more: BlissCo.com
On Behalf of the Board of Directors
BLISSCO CANNABIS CORP.
Damian Kettlewell, CEO, Founder & Chair
For further information please contact:
Ariel Jack Lewinski, Business Development & Investor Relations
# 1-604-377-7533
ariel.lewinski@blissco.com
Cautionary Statement
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the word “will” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This news release contains forward-looking statements and assumptions pertaining to the following: the ability to execute on our strategic plans and the impact on our future operations, capital expenditures, receipt of a cannabis oil license and a license to sell dried cannabis and other objectives. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
The CSE has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.