VANCOUVER, British Columbia, April 04, 2016 (GLOBE NEWSWIRE) -- Vodis Pharmaceuticals Inc. (CSE:VP) (FSE:1JV) (Q:VDQSF) (“Vodis Pharmaceuticals”) and its’ wholly-owned subsidiary, Vodis USA, Inc., a Washington corporation (“Vodis” or the “Company”) received notice from its tenant, a licensed Washington State company conducting a recreational marijuana production and processing business, that it has successfully completed, produced and processed several production cycles of multiple strains such as Chem Dawg, Crit Jack, Malawi [34.2% THC-A] with total cannabinoid counts above 30%. All of the tenant's production lots were tested by a third party Washington State approved laboratory and has confirmed cannabinoid counts. The tenant, using the turn key indoor grow facility designed, engineered and built by Vodis, is now entering into a repetitive production mode and is looking to increase capacity in light of the successful production cycles.
Otto Folprecht, CEO and Director of Vodis Pharmaceuticals states, “This is another important milestone in the growth of our company as we have proven that our turn-key solution and the supporting business processes are capable of producing, on a large scale, high grade marijuana with exceptionally high cannabinoid counts above 30%."
Furthermore, the tenant has advised the Company that it has begun shipping replenishment orders to the Bellingham and Seattle market and that the tenant's staff is working with the recreational stores to establish repetitive purchase orders to create a consistent supply chain for the tenant's products.
Separately, the Company has granted stock options to purchase 3,210,000 shares, exercisable at a price of $0.10 per share for a period of five years to directors and consultants.
About Vodis Pharmaceuticals Inc.
Vodis is one of North America's foremost brand names in the medical and recreational marijuana business with operations in both the US 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 US states.
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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.