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OTTAWA, ONTARIO -- (Marketwired) -- 07/23/15 -- GrowPros Cannabis Ventures Inc. ("GrowPros" or the "Company") (CSE: GCI) is pleased to provide shareholders with the following corporate update in regard to several of the Company's initiatives.
Status of MMPR Application
GrowPros MMP Inc. (the Company's wholly-owned subsidiary) had submitted an application under the Marihuana for Medical Purposes Regulations ("MMPR") for a proposed production facility north of Ottawa, Ontario. The application was submitted in November 2014 and the Company continues to work through the application process. Grow Pros MMP has recently concluded an information request from health Canada prior to the July 17th deadline date imposed by Health Canada.
We continue to work through the application process and are proactively improving our application as transparency of the process continues to improve.
Export Hydro Release Update
Effective July 16th 2015 the Company has entered into an agreement with Cannabis Accelerators LTD. ("CAL"), a private Canadian company currently acquiring hydroponic wholesale and manufacturing companies. The agreement provides GrowPros with $250,000 in proceeds within 90 days of signing the agreement and 1,000,000 options to purchase shares of CAL at an exercise price of $0.20. CAL is currently in the process of being acquired by an Australian based company in the process of completing an IPO on the ASX exchange within 180 days. Once the IPO is complete the options granted to GrowPros will be re-issued such that the Company will be able to acquire shares of the Australian public company.
Ryan Brown, CEO of the Company stated: "CAL and GrowPros intend to continue to work collaboratively on a number of fronts in the hydroponic equipment manufacturing and distribution space. Structuring this transaction as we have provides GrowPros with short and medium term revenue that would otherwise have not been available had the Company acquired the target asset during its start-up phase of its development. The ongoing relationship between GrowPros and CAL will provide the Company with non-dilutive revenue as we continue the application process with Health Canada and actively seek asset acquisitions in the US."
GrowPros continues to source opportunities in the Canadian and U.S. legal medicinal cannabis industries in an attempt to bring value to our shareholders.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may," "will," "should," "continue," "expect," "anticipate," "estimate," "believe," "intend," "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company, through its wholly-owned subsidiary, GrowPros MMP Inc., to obtain a licence for the production of medical marijuana; failure to obtain sufficient financing to execute the Company's business plan; competition; regulation and anticipated and unanticipated costs and delays, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.Contacts: GrowPros Cannabis Ventures Inc Ryan Brown Chief Executive Officer (613) 421-8402 NEXT ARTICLE
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