VANCOUVER, British Columbia, Oct. 16, 2018 (GLOBE NEWSWIRE) -- Chemistree Technology Inc. (Canadian Securities Exchange: CHM) (US OTCQB: CHMJF) (the “Company” or “Chemistree”) is pleased to report the results of the 2018 Annual General Meeting of Shareholders as held October 15, 2018. All matters presented and recommended by management were ratified by the shareholders.
The business of the meeting included the reelection of Justin Chorbajian, Karl Kottmeier and Douglas Ford as directors; plus, the addition of Sheldon Aberman as a director. Davidson & Company LLP, Chartered Professional Accountants were reappointed as auditors of the Company.
Mr. Aberman brings over 15-years of U.S. cannabis industry experience to Chemistree. Since formally entering the industry in 2003 by operating an indoor gardening store in Chicago, he became a sales rep and then Director of US Sales for one of the industry’s leading nutrient lines. Following several other successful forays in the United States, including Quantum Horticulture, C.A.P Controllers and R&M Supply, Mr. Aberman formed Cannabis Consulting Co. and over the years, has designed thousands of grows across the globe, earning him a reputation as one of the world’s leading experts on commercial cannabis manufacturing. Currently, Mr. Aberman is overseeing the start-up of large-scale facilities in Michigan, California, Nevada, and Washington.
Karl Kottmeier, Chemistree’s President commented “I am really pleased to announce the addition of Sheldon to our board. Sheldon is truly a world leader in cannabis cultivation, processing, facility design and construction. His depth of knowledge and vast network of associates, clients and industry contacts are a huge asset to Chemistree and have already been impactful in our Desert Hot Springs land purchase and planning process. I am looking forward to continuing to work closely with Sheldon as we expand Chemistree into California.
On behalf of all shareholders, upon their retirement from the Board of Directors - the Company wishes to thank Martin Schultz and Edward Ford for their years of service as directors.
Mr. Kottmeier went-on to comment “I’d like to thank Ed in particular. He has been a tremendous mentor to management, and a valuable board contributor since this corporation was founded over ten years ago. To both Martin and Ed, we wish you well in your future endeavors”.
About Chemistree Technology Inc.
Chemistree Technology Inc. is an investment company dedicated to the U.S. and international cannabis sector, providing 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. The Company currently owns assets in Washington State used to operate the Sugarleaf brand, prospective cannabis cultivation lands in California, a first investment in the Canadian cannabis sector through Pasha Brands and has a robust pipeline of assets to grow its base of business. For more information, visit www.chemistree.ca.
Advisory
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 defense 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 following the completion of the acquisitions, 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 Form 2A listing statement filed with the CSE.
“Karl Kottmeier”
President
| For further information please contact: | |
| Chemistree Technology Inc. Karl Kottmeier, President Phone: 604-678-8941 Email: info@chemistree.ca | |
| For investor relations please contact: | |
| Contact Financial Corp. Kirk Gamley Phone: 604-689-7422 Email: kirk@contactfinancial.com | Contact Financial Corp. Frederick Chabot Phone: 438-863-7071 Email: frederick@contactfinancial.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 may involve 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. All statements, other than statements of historical fact, included herein including, without limitation, statements about adding clients, building on the Company’s initial product offerings, entry into of definitive agreements. 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 respective companies 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.