EDMONTON, Alberta, Feb. 11, 2022 (GLOBE NEWSWIRE) — Visionstate Corp. (TSXV: VIS) (“Visionstate” or the “Company”) is pleased to announce its portfolio company, Freedom Cannabis Inc. (“Freedom”), has entered into a joint venture to expand its diverse revenue streams to include extraction services.
Branded under the name Cannabis Tolling Solutions (CTS), the joint venture is the next step in Freedom’s vertically-integrated business model that includes cannabis production, retail sales, packaging and now extraction services for the fast-growing vape market.
“We are excited to collaborate with CTS to deepen our vertical integration, broaden our product range into extraction solutions, and create exciting new revenue streams with experienced, innovative and award-winning partners,” said John Frank Potestio, CEO of Freedom Cannabis Inc.
According to Grand View Research Inc., the value of the market for extracts globally is expected to reach USD$27 billion by 2027 based on increased consumer demand and the application of the product in medical research.
Heading up the new joint venture is Andrew Freedman, a well-known author and cannabis expert who has more than ten years’ experience in the cannabis industry. Mr. Freedman has written extensively for leading international publications and is known as a “Cannabis Sommelier” for his unique focus on pairing cannabis, beer, cocktails, wine, and gastronomy. He also manages several social media channels and hosts a podcast entitled “Beers with Buds”.
The addition of extraction services expands Freedom Cannabis’ revenue streams as it positions itself as a vertically-integrated cannabis producer. The company recently posted sales of more than $1 million for the month of January and is seeing significant growth in retail sales in the largest markets in Canada. Month-over-month sales have grown steadily during the past quarter, with December 2021 sales 45% higher than the previous month.
“Vertically-integrated cannabis producers are becoming the leaders in this industry,” said Visionstate CEO, John Putters. “With diverse revenue streams serving several different sectors of the market, these companies are showing that they can be sustainable and show significant revenue growth.”
Visionstate Corp. is an investor and partner with Freedom Cannabis. The Company owns four million shares of the privately-owned company and is working with Freedom to install Internet of Things (IoT) technology to monitor growing conditions in order to maximize yields.
About Visionstate Corp.
Visionstate Corp. (TSXV: VIS) is a growth-oriented company that invests in the research and development of promising new technology in the realm of the Internet of Things, big data and analytics, and sustainability. Through Visionstate Inc., it helps businesses improve operational efficiencies, reduce costs and elevate customer satisfaction with its state-of-the-art devices that track and monitor guest activities and requests. The footprint of its WANDA™ smart device now extends to hospitals, airports, shopping centres and other public facilities across and beyond North America. Through building up a collection of synergistic technologies, Visionstate Corp. will continue to innovate, reduce environmental impact and transform consumer experiences.
Issued on behalf of the Board of Directors,
“John A. Putters”
Neither the 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.
Certain information set forth in this material may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “predicts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.