VANCOUVER, British Columbia, Oct. 5, 2015 (GLOBE NEWSWIRE) -- Vodis Pharmaceuticals Inc. (CSE:VP) (FSE:1JV) ("Vodis Pharmaceuticals") and its wholly-owned subsidiary, Vodis USA, Inc., a Washington corporation ("Vodis" or the "Company") are pleased to announce Vodis intends to expand its Washington State operations in multiple ways.
First, Vodis has effected and signed a 25 year lease with its tenant, Our Church International, LLC, a Washington State Liquor and Cannabis Board ("WSLCB") licensed recreational marijuana production and processing business ("OCI"). In addition to leasing the "turn key" facility to OCI, Vodis will also provide consulting services. Specifically, Vodis will advise OCI on growing systems and technologies used to maximize yield and facilitate best practices relative to marijuana growing techniques. Second, Vodis has agreed to design and develop and lease to OCI a facility that will house the OCI "genetic library", which will enable OCI to develop genetic-specific strains of marijuana. Third, Vodis has agreed to design, develop and lease to another WSLCB-licensed recreational marijuana production and processing company a "turn-key" facility for this licensed production and processing business. Vodis anticipates completing the build out of their second "turn-key" facility in Bellingham, Washington.
Otto Folprecht, CEO and Director of Vodis Pharmaceuticals commented, "After delivering our first "turn key" solution to Our Church International, we continue to look to expand and secure long-term partnerships with recreational marijuana license holders. We now have multiple opportunities to provide consulting services, develop additional "turn key" facilities and lease these facilities to various licensed businesses in the Washington State recreational marijuana industry."
About Vodis Pharmaceutics Inc.
Vodis is one of North America's foremost brand names in the medical and recreational marijuana business with operations in both the United States and Canada. Its master grow teams have consistently won or placed at each competition they have entered with their "VIP" brand. The Company, with facilities in BC and Washington State, is also actively looking into expansion opportunities in other countries and states in the United States.
While Vodis and its subsidiaries cannot have any interest whatsoever in any proceeds as a result of production, processing or retail activities in the United States, it can license its brand, production and consulting services to approved Washington State license holders to ensure that all products produced under the Vodis Pharmaceuticals program and/or associated under the VIP brand meet or exceed the Vodis brand quality standards.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release and any accompanying graphic links are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
CONTACT: Richard Schnoor Head of Corporate Communications Vodis Pharmaceuticals Inc. 8788 River Road Delta BC, V4G 1B5 Direct: 1-866-210-1420 ext. 110 Web: www.vodis.ca