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14-Dec-2018

CORRECTION - Beleave Announces GMP Certification and Operational Updates

CORRECTION - Beleave Announces GMP Certification and Operational Updates

PR Newswire

TORONTO, Dec. 13, 2018

Please note that the below is a corrected version of the news release previously disseminated December 13th at 5pm. Beleave Inc. has advised that changes were made to the third and fourth paragraphs.

TORONTO, Dec. 13, 2018 /PRNewswire/ - Beleave Inc. (CSE: BE) (OTCQX: BLEVF) ("Beleave" or the "Company") is pleased to announce that, following a detailed application and inspection process, it has received its Good Manufacturing Practices ("GMP") certification.

HACCP/GMP certification is part of the quality assurance that ensures that cannabis is consistently produced and controlled in a specific way to meet the quality standards appropriate to its intended use. This certification solidifies the practices the Company has been perfecting in relation to product development and it demonstrates our commitment to food safety and hygiene. It affirms to our customers that we have control systems in place to assure safe food production and opens up new business opportunities around the world. It affects every facet of the business; growing, processing, packaging, and everything in between.

This certification is only given to companies that exhibit a high standard of precision, consistency, and quality in their manufacturing practices and procedures. It is the highest level of recognition attainable by companies in the pharmaceutical space, and is the first major step for companies to supply the European market with medical cannabis.

"Receiving our GMP certification is the result of many teams coming together to achieve a common goal. This was a group effort that validates the strategy and accomplishments we've worked on throughout the year," said Andrew Wnek, Beleave CEO. "Earlier this year, we announced a partnership with Canymed to expand into the German marketplace. We are looking forward to completing the next step, a GMP country audit, so we can move forward with that expansion, and potentially other highly-regulated jurisdictions. Everyone involved is very proud of this accomplishment, but we won't stop here. We will continue to look at areas where we can improve product quality and reproducibility."

OPERATIONAL UPDATES

  • Beleave is adding a third independent position to its Board of Directors and is currently conducting a search as the Board evaluates independent director candidates with the skills, experience, and capabilities that would be beneficial to the Company and its shareholders. The Company anticipates filling the position shortly.
  • Upon appointment of the new director, the Board composition will include three directors from Beleave Inc. and three independent directors; continuing to provide balanced and steady leadership.
  • As part of Beleave's ongoing effort to provide transparency for shareholders, the Company is also announcing the establishment of the Corporate Governance Committee. The committee will be formed and chaired by Kevin Keagan, Beleave's Chief Communications Officer.
  • In addition to the new committee, Beleave already has a Compensation Committee and an Audit Committee. Mr. Keagan will oversee all three committees which include two independent directors and one Beleave director to provide guidance and oversight.

"Even before I joined the team earlier this year, Beleave had committees that provided the Company with great insight and direction," said Mr. Keagan. "With the addition of the Corporate Governance Committee, we're broadening our commitment to provide transparency and clear communication for our shareholders and the community as a whole. I look forward to the productive work and collaboration that will come of these initiatives."

ABOUT BELEAVE INC.

Beleave is a vertically-integrated Canadian cannabis company headquartered in Oakville, Ontario, that operates streamlined facilities throughout Canada to cultivate high-quality cannabis flower, oil, and extracts with a projected funded capacity in excess of 150,000 kg per year.

Fully-licensed to cultivate and sell medical and recreational cannabis, Beleave is leading the way through research partnerships with universities to bridge the gap between science and tradition and to develop pharma-grade extracts and derivatives. Beleave has developed new product lines, including cannabis-infused powder and sugar products, for 2019 as the recreational market is expected to allow for food and beverage-based cannabis products.

Beleave is growing its storefront and online sales presence rapidly through its wholly-owned subsidiaries, Beleave Kannabis Corp. and Seven Oaks, which are licensed for medicinal and recreational sales respectively. The company's first retail location is opening soon in Lloydminster, Saskatchewan. Beleave has also developed a network of medical cannabis clinics in Ontario and Quebec under the Medi-Green banner.

Through its majority ownership of Procannmed S.A.S., Beleave has access to 27 hectares of outdoor grow space and is fully licensed to cultivate, produce, extract and distribute medical cannabis in Colombia to capitalize on exports and the expanding Latin American market. In the first of a series of strategic initiatives to penetrate the European medical market, the Company has partnered with Canymed GmbH to supply the German market with medical cannabis.

Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). The use of any of the words "plan", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking information. These statements are only predictions. Although the Company believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. This information speaks only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com.

 

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SOURCE Beleave Inc.

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Last Updated: 14-Dec-2018