VANCOUVER, British Columbia, July 25, 2019 (GLOBE NEWSWIRE) -- Redfund Capital Corp. (CSE: LOAN) (Frankfurt:O3X4) (OTC: PNNRF) (Redfund Capital or the “Company”) is pleased to announce that Wahupta Ventures Inc. (“Wahupta”) is in the process of filing a listing statement to a public exchange.
Redfund Capital is assisting Wahupta Ventures prepare a listing statement to be filed to a regulated public exchange. While it is the intention of Wahupta to list their shares this fall 2019, they will be required to meet all regulatory and listing requirements before trading commences in their shares. A financing will accompany their public listing statement.
Wahupta Hemp Crop Update:
At the beginning of June, Wahupta’s contracted farmers began planting CBD rich hemp seeds on nearly 8,000 acres in Saskatchewan, Manitoba and British Columbia. In Manitoba alone approximately 3650 acres were planted and anticipated yield is 2500 pounds per acre, for a projected crop over 9,000,000 pounds of biomass. The Winnipeg crop which is growing steadily and presently near heights of 5 feet already with 6-8 weeks left until the 2019 fall crop harvest. Summer weather conditions in the prairies may affect total yield and crop updates are provided to Wahupta weekly. In Saskatchewan over 4000 acres were seeded for hemp and the crop is progressing nicely, in British Columbia approximately 50 acres planted, and in Western Ontario a test crop of 35 acres.
Additionally, Wahupta harvested in 2018 approximately 2 million pounds of hemp biomass which is presently being reviewed and tested by several Canadian licensed cannabis producers to joint venture toll processing agreements as the Canada hemp industry prepares for fall legalization of specific CBD product lines.
“Cultivation of industrial hemp has been permitted in Canada since 1998 and is currently regulated by Health Canada under the Cannabis Act. Health Canada licenses the cultivation of hemp under the Industrial Hemp Regulations. The Canadian Food Inspection Agency's (CFIA) regulates the import, export, certification and grading of industrial hemp seed.”
(https://www.inspection.gc.ca/plants/cannabis/industrial-hemp-seed/eng/1532125745804/1532125788650)
“A new Canadian hemp leader being our first breakout company preparing a listing to a public market exchange is exciting for Redfund and a wonderful upside potential for our shareholders. We have always believed in the management team at Wahupta and look forward to helping them reach beyond Canada to the global markets once regulations permits. Wahupta’s competitive advantage of being one of the very first hemp crops in Canada has its challenges. Few in the global capital markets understand that Canada does not permit importation of hemp, that there is a specific Health Canada List of Approved Cultivars and seeds with low CBD %, and that hemp is as regulated in Canada as cannabis. As well, Canada Health is just beginning to pass laws for specific CBD product-lines. Congratulations to Wahupta and their shareholders; job well done!” stated Meris Kott, CEO, Redfund Capital Corp.
“I would like to take this opportunity to thank our shareholders for their confidence and continued support in our mission to build a best-in-class merchant bank focused on incubating, advising and providing capital to help finance medical cannabis, CBD and hemp companies. We are excited to mark the beginning of this new chapter and together watching the opportunity before us as one of our portfolio clients strive to make a meaningful impact in the Canadian hemp sector,” Meris Kott, CEO, Redfund Capital Corp.
About Redfund Capital Corp.
Redfund intends to provide debt and equity funding in the mid-to-late stages of a target company’s development, or in technologies that are developed and validated by revenues. The present focus of the merchant bank is on medical cannabis, hemp and CBD-related, healthcare-related target companies.
For further information please visit www.redfundcapital.com
For more information on Redfund Capital contact
Meris Kott CEO 604.484.8989
0r info@redfundcapital.com
Further information about the Company is available on www.SEDAR.com under the Company’s profile.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this release may constitute “forward–looking statements” or “forward-looking information” (collectively “forward-looking information”) as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.