SACRAMENTO, Calif., June 06, 2019 (GLOBE NEWSWIRE) -- Vibe Bioscience Ltd. (CSE: VIBE) (the “Company” or “Vibe”), a vertically integrated cannabis retailer and cultivator, today announced that it has been granted a delivery license by and for the City of Sacramento, California, allowing Vibe to deliver cannabis products to California’s Central Valley. The Company plans to launch its delivery service on Friday, June 7, 2019.
“At Vibe, we are on a mission to provide convenient and easy distribution of legal cannabis products to improve the Vibe by California™ customer experience. A key step in creating convenience is offering same-day delivery for phone and online ordering,” said Mark Waldron, Chief Executive Officer of Vibe. “To ensure a successful launch of our delivery services, we have invested in making the necessary upgrades to our Sacramento cannabis campus, including additional hiring and training of personnel. Having been granted a delivery license for Sacramento, we are launching our door-to-door service this Friday, June 7th. We believe the launch of delivery will further enhance the reach of our Vibe by California™ brand and vibebycalifornia.com platform.”
Vibe has commenced a two-phase capital upgrade of the recently acquired Alpine facilities and operations in Sacramento, aimed to increase cultivation capacity, as well as improve efficiency and cost-effectiveness of the cultivation process. In addition, the improvements are expected to enhance the customer retail experience by reconfiguring the product pick-up area for online and mobile orders, which will help to reduce customer wait times. The first phase of the upgrades is expected to be completed by the end of the third quarter of 2019 and fully completed by 2020.
About Vibe Bioscience Ltd.
Vibe is a vertically integrated cannabis company delivering exceptional retail experiences with its Vibe by California brand and ethos, premier cultivation product and high-efficiency delivery and distribution. The Company’s management team brings expertise in retail, cannabis cultivation and mergers and acquisitions to support its U.S. expansion through accretive acquisitions and organic growth.
For more information, please visit www.vibebioscience.ca.
Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “anticipate”, “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” 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 parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.
The forward-looking information contained in this release is made as of the date hereof and the parties are 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. Risk factors related to the Company are described in the Company’s Listing Statement dated March 25, 2019, a copy of which is available under the Company’s profile on SEDAR.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any State securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable State securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.
Unlike in Canada which has Federal legislation uniformly governing the cultivation, distribution, sale and possession of medical cannabis under the Cannabis Act (Federal), readers are cautioned that in the U.S., cannabis is largely regulated at the State level. To the knowledge of Vibe Bioscience Ltd., there are to date a total of 33 states, plus the District of Columbia, that have legalized cannabis in some form. Notwithstanding the permissive regulatory environment of medical cannabis at the State level, cannabis continues to be categorized as a controlled substance under the Controlled Substances Act in the U.S. and as such, cannabis-related practices or activities, including without limitation, the manufacture, importation, possession, use or distribution of cannabis are illegal under U.S. Federal law. Strict compliance with State laws with respect to cannabis will neither absolve Vibe Bioscience Ltd. of liability under the U.S. Federal law, nor will it provide a defense to any Federal proceeding, which may be brought against Vibe Bioscience Ltd. Any such proceedings brought against Vibe Bioscience Ltd. may adversely affect its operations and financial performance.
Contact Information
Company Contact:
Ryan Mercier, Chief Financial Officer
Phone: +1 833-420-VIBE x 102
Email: ryanm@vibebioscience.com
Website: www.vibebioscience.ca
Tyler R. Townsend, VP Finance
Phone: +1 833-420-VIBE x 107
Email: tylert@vibebioscience.com
Website: www.vibebioscience.ca