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”
Visionstate Corp.
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.
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