ALEAFIA NOW IN POSITION TO RECEIVE BULK, SALES
DISTRIBUTION LICENSE
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES./
TORONTO, May 31, 2018 /CNW/ - Aleafia Health Inc.
(TSXV: ALEF) ("Aleafia") or (the "Company", is
pleased to announce that it has completed its first cannabis
harvest at the Port Perry
cultivation facility. This marks an important milestone in the
growth of the company as the company continues to focus on
expediting growth for the business.
Aleafia expects to receive its bulk sales license from Health
Canada for the recently harvested cannabis product in the second
quarter of 2018. Aleafia, through its relationship with CannTrust,
is expected to move into a significant growth period based on the
previously announced relationship with CannTrust.
Aleafia operates its current cultivation facility extremely
efficiently, providing for maximum output at a very low cost.
Preliminary findings show that the companys first harvest was able
to generate slightly more than 1 gram of cannabis production per
watt. This exceeds the return that would generally be considered to
be an accepted industry standard.
As Aleafia also continues to expand its cultivation capacity
through its recent acquisition of 160,000 square feet of greenhouse
space in the Niagara region along with the fully funded planned
expansion of the existing Port
Perry cultivation facility, Aleafia expects its entire
cultivation capacity will generate upwards of 38,000,000 grams of
cannabis product annually.
Aleafia expects to have the Niagara region facility ready for
production late third quarter of 2018.
As the potential of legalization of recreational cannabis in
Canada approaches, Aleafia
believes the average price per gram to be sustained in the
$7 dollar per gram range.
"We are extremely pleased with the result of our first crop."
said Lucas Escott, Aleafia Head
Horticulturalist. "Our close attention to detail throughout the
cultivation period has delivered a highly efficient yield".
"Now that we have completed our first harvest, we look forward
to continuing to build on this initial success." said Raf Souccar,
CEO Aleafia. "We expect to bring in our subsequent crop next week
and are well positioned to complete the second harvest before the
end of August 2018."
Also, on May 30, 2018, Aleafia
released its first quarter results post transaction with Canabo.
Under International Financial Reporting Standards (IFRS), revenue
reflected in the financial statements only encompasses revenue
generated from March 26, 2018 to
March 31, 2018.
For more information, please go to
http://www.aleafiainc.com.
Overview of Aleafia
Aleafia Health Inc. operates the Aleafia Total Health Network
(the "Aleafia Network") in Vaughan, Ontario. Aleafia Health seeks to make
a difference in cannabinoid therapy delivery by providing an
interconnected medical service model. While most clinical programs
are geared primarily towards post injury rehabilitation, the
Aleafia Network is focused on the strong link between early
intervention and successful treatment. The intent is to manage
health through a patient focused, assessment based, and
interdisciplinary resourced organization.
Aleafia Health also now wholly owns and operates Cannabinoid
Medical Clinics, or CMClinics, Canada's largest physician led referral-only
clinics for medical cannabis. Established in 2014, Aleafia
Helath now has 23 clinics across Canada, with additional locations planned to
open in 2018. Aleafia Health operates referral-only medical
clinics dedicated to evaluating the suitability of prescribing, and
monitoring cannabinoid treatments for patients suffering from
chronic pain and disabling illnesses. Clinics operated by Aleafia
Health are staffed by physicians and qualified health care
practitioners specifically trained to assess patient suitability
for cannabinoid treatment, recommend treatment regimes, and monitor
treatment progress.
Aleafia Inc., owns 100% of Aleafia Farms Inc., a licensed
producer under the Health Canada Access to Cannabis for Medical
Purposes Regulations (ACMPR), as well as the land and building
in Scugog, Ontario, where the
facility operates. Aleafia acquired Aleafia Farms to directly
support the Aleafia Network, as a vertically integrated business
model.
Neither Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements and
information that are based on the beliefs of management and reflect
the Company's current expectations. When used in this press
release, the words "estimate", "project", "belief", "anticipate",
"intend", "expect", "plan", "predict", "may" or "should" and the
negative of these words or such variations thereon or comparable
terminology are intended to identify forward-looking statements and
information. The forward-looking statements and information
in this press release includes information relating to the
implementation of Aleafia Health's business plan. Such
statements and information reflect the current view of the Company
with respect to risks and uncertainties that may cause actual
results to differ materially from those contemplated in those
forward-looking statements and information.
By their nature, forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements, or other future
events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among
others, the following risks: risks associated with the
implementation of Aleafia Health's business plan and matters
relating thereto, risks associated with the cannabis industry,
competition, regulatory change, the need for additional financing,
reliance on key personnel, the potential for conflicts of interest
among certain officers or directors, and the volatility of the
Company's common share price and volume. Forward-looking
statements are made based on management's beliefs, estimates and
opinions on the date that statements are made and the Company
undertakes no obligation to update forward-looking statements if
these beliefs, estimates and opinions or other circumstances should
change. Investors are cautioned against attributing undue
certainty to forward-looking statements.
There are a number of important factors that could cause the
Company's actual results to differ materially from those indicated
or implied by forward-looking statements and information.
Such factors include, among others, risks related to Aleafia
Health's proposed business, such as failure of the business
strategy and government regulation; risks related to Aleafia
Health's operations, such as additional financing requirements and
access to capital, reliance on key and qualified personnel,
insurance, competition, intellectual property and reliable supply
chains; risks related to Aleafia and its business generally. The
Company cautions that the foregoing list of material factors is not
exhaustive. When relying on the Company's forward-looking
statements and information to make decisions, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events. The Company has assumed a
certain progression, which may not be realized. It has also
assumed that the material factors referred to in the previous
paragraph will not cause such forward-looking statements and
information to differ materially from actual results or
events. However, the list of these factors is not exhaustive
and is subject to change and there can be no assurance that such
assumptions will reflect the actual outcome of such items or
factors. While the Company may elect to, it does not
undertake to update this information at any particular time.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE
REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS
PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON
FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT
TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY
PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE
LAWS.
SOURCE Aleafia Inc.