NANAIMO, BC, Jan. 08, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Salvation Botanicals Ltd. (“Salvation” or the “Company”) announced today that its’ subsidiary, Salvation Bioscience, will be a gold partner of Lift & Co Cannabis Business Conference to be held January 10, 2019, and exhibiting at the 2019 Lift & Co. Cannabis Expo from January 11-13, 2019 in Vancouver, British Columbia. Attendees can meet with Salvation executives at booth 940.
The timing could not be better as Canada legalized its adult use program October 17, 2018, and Salvation announced December 7, 2018, that they received the amendment to their Industrial Hemp License to allow the sale and distribution of flowering heads, leaves, and branches. At the conference, Salvation Director and CFO Rob McIntyre will introduce a panel discussion on regulation titled “What Canada Has Learned Since October 17.” The panel discussion will take place from 11 a.m. to 12 p.m. on Thursday, January 10. Participants will share insights and lessons learned since adult use legalization, including its impacts on public health and safety, compliance, economic development, and more.
As one of the leading independent cannabis testing facilities in Canada, and one of the first labs in the country, Salvation has played a role in the development of existing legislation, offering insight from a unique science-based perspective. Salvation has provided valuable comment to numerous Federal government programs, including the Task Force on legalization in 2016, as well as providing input to various Provincial government agencies.
“Canada, and BC in particular, produces the best cannabis in the world,” said Salvation Director and CFO Rob McIntyre. “We have the best extraction, the best formulation, and the best testing practices – it makes sense that Canada has the best regulation in the world as well. We look forward to joining a lively discussion from the frontlines of cannabis legalization.”
The year ahead provides enormous opportunity for the Canadian cannabis industry, along with regulatory challenges.
McIntyre added, “As we look to provide a conduit for craft growers to enter the regulated market, we will seek opportunities to assist in developing common sense regulations that will enable us to provide artisans a smooth transition from the constitutionally protected grey market into the white. And it is though discussions such as this panel that we are able to provide helpful feedback to Health Canada.”
Cliff Wiltshire, CEO, Founder, and Director of Salvation, said, “We are thrilled to be a part of the Lift & Co. Cannabis Business Expo in Vancouver. Our corporate focus is not only on protecting consumers through ensuring strict compliance with regulations, it is also on playing our part in helping to develop the best regulatory environment. Having the best cannabis combined with the best consumer protection will ultimately ensure Canada’s global dominance in the Cannabis industry.”
Currently Health Canada has an open consultation process on draft regulations for edibles, extracts and topicals at Canada.ca/Cannabis. Salvation is currently preparing a submission focused on the increased needs for testing of these products.
“Given the significance of microbiological contamination in food products, independent testing is warranted, and we will be pushing hard for that from a scientific viewpoint,” McIntyre said. “The process is open until February 20, and we will be encouraging all Canadian stakeholders to provide input.”
Deloitte estimates the Canadian cannabis market has a base retail value between $4.9 billion to $8.7 billion, which would rival the size of the $5 billion Canadian spirits market. The market for cannabis products and services — including growers, testing labs, lighting, and security systems — would increase that number to between $12.7 billion and $22.6 billion, according to Deloitte.
About Salvation Botanicals Ltd.
Salvation Botanicals is a private company based on Vancouver Island, British Columbia, that is dedicated to the testing and production of high-quality standardized cannabinoid products for the international cannabis market. Salvation operates one of the first analytics laboratories in Canada, licensed by Health Canada, to test cannabis and derivatives.
Salvation Botanicals holds a Dealer’s License under the Controlled Substances Act, with authority to extract and produce oil within Health Canada guidelines. In 2016 Health Canada granted Salvation a Hemp Processing License permitting production and sale and export of seed, grain, and their derivatives. The Company is a late stage applicant for ACMPR Licensed Producer.
For more information about Salvation Botanicals Ltd, visit www.salvationbotanicals.ca.
Cautionary Statements Regarding Forward-Looking Information
Certain statements within this press release relating to the Company constitute “forward-looking statements”, within the meaning of applicable securities laws, including without limitation, statements regarding future estimates, business plans and/or objectives, sales programs, forecasts and projections, assumptions, expectations, and/or beliefs of future performance, are “forward-looking statements.”
Such “forward-looking statements” involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements. These risks and uncertainties relate to, among other things, to the Company’s historical experience with medical marijuana operations, regulatory changes, timeliness of government approvals for the granting of permits and licenses, changes in medical marijuana prices, actual operating performance of facilities, risks associated with completion of the acquisition, including the availability of sufficient financing to complete the acquisition and fund the business of the combined company, other risks relating to the roll-out and intended expansion of a clinical wellness business, business integration risks, competitive risks, and other risks relevant to the medical marijuana and clinical wellness industries in general and to the Company in particular.
The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. There can be no assurance that Salvation Botanicals’ medical marijuana license application will be approved by Health Canada.