Kelowna, BC, Aug. 23, 2021 (GLOBE NEWSWIRE) -- Avant Brands Inc (TSX: AVNT) (OTCQX: AVTBF) (FRA: 1BUP) (“Avant”), a leading producer of handcrafted, high quality cannabis products, announces that its joint venture (“JV”), 3PL Ventures Inc (“3PL”), has been issued Standard Cultivation, Standard Processing and Medical Sales Licences, in accordance with Health Canada’s Cannabis Act and Regulations.
“The licensing of 3PL is a key milestone in our continuing growth strategy as we keep up with demand for our award-winning products,“ said Norton Singhavon, Founder and CEO of Avant Brands. “We expect the JV to play a pivotal role in fulfilling growing demand by launching new and unique cultivars under our flagship recreational brands in Canada and supporting our international export strategy.”
The 60,000 square foot facility located in Vernon, BC is currently the largest cultivation facility within the Avant group of companies and will add an additional 50+ rare and unique cultivars, many of which are not currently believed to be available within Canada’s legal cannabis market. The JV is expected to fulfil accelerating demand for Avant’s recreational brands, including the award-winning BLK MKT™, Tenzo™, and Cognōscente™. The JV will also support incremental growth of the GreenTec Medical portal and help fulfil increasing demand for the Company’s international export strategy.
The JV was formed in 2018 between Avant’s wholly-owned subsidiary, GreenTec Holdings Ltd (“GreenTec”) and F-20 Developments Corp (“F-20”). GreenTec holds a 49% equity interest in the JV and an option to acquire the remaining 51% interest from F-20 at a predetermined valuation. In addition, GreenTec also has an option to acquire 3PL’s real estate based upon a predetermined metric for valuing the property. Currently, GreenTec does not intend to exercise its option to acquire F-20’s interest in the JV.
About Avant Brands
Avant is an innovative, market-leading cannabis brand house. Avant has multiple licenced and operational production facilities across Canada, which produce high-quality, handcrafted cannabis products for our highly desired, and award-winning consumer brands, sold across both recreational and medical channels.
Avant’s recreational consumer brands includes BLK MKT™, Tenzo™, Cognōscente™ and Treehugger™, all produced from rare and exceptional cultivars, and sold in British Columbia, Ontario, Saskatchewan, Manitoba, New Brunswick, and Yukon. The Company’s medical cannabis brand, GreenTec™, is distributed nationwide, directly to qualified patients through its GreenTec Medical portal, and through various medical cannabis partners.
Avant is a publicly traded corporation listed on the Toronto Stock Exchange (TSX: AVNT), and cross-trades on the OTCQX Best Market (OTCQX: AVTBF) and Frankfurt Stock Exchange (FRA: 1BUP). The Company is headquartered in Kelowna, British Columbia and has operations in British Columbia, Alberta and Ontario.
To learn more about Avant, to access the investor presentation, or learn more about its consumer brands, please visit www.avantbrands.ca
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain “forward-looking information” as defined under applicable Canadian securities legislation, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes information regarding: the impacts of the licences received by the JV; the JV’s role in fulfilling demand for the Company’s products; the launch of new and unique cultivars; the timing for the JV to commence cultivation; the Company’s current intentions with respect to the option to acquire F-20’s interest in the JV; and expectations for other economic, business, and/or competitive factors. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Examples include statements that the Company will operate in a fiscally disciplined manner; build long-term shareholder value; reduce operational expenses; or increase its revenue and gross margins.
Investors are cautioned that forward-looking information is not based on historical fact but instead reflects management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: regulatory and licensing risks; changes in consumer demand and preferences; changes in general economic, business and political conditions, including changes in the financial markets; the global regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; compliance with extensive government regulation; public opinion and perception of the cannabis industry; the impact of COVID-19; and the risk factors set out in the Company’s annual information form dated March 16, 2021, filed with Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information, which speak only as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
