VANCOUVER, British Columbia, Jan. 06, 2016 (GLOBE NEWSWIRE) -- Vodis Pharmaceuticals Inc. (the “Company” or “Vodis”) (CSE:VP) (FSE:1JV) and its subsidiary Vodis USA is pleased to announce that its tenant - Our Church International, LLC (“OCI”) has reported a successful completion of the first production cycle that exceeds the requirements of the Washington State Liquor and Cannabis Board. OCI further provided a report on one of the flagship strains to the Company that shows a cannabinoid count exceeding 38% that has been confirmed by a third party laboratory. By meeting this milestone, OCI is in a position to start supplying the Washington State recreational market with its high quality product. Vodis has delivered a state-of-the-art production facility to OCI as announced in October of 2015.
Otto Folprecht, CEO and Director commented, “After delivering our first turn-key solution, our tenant has reported an exceptional first production cycle. As we continue to look to expand and secure long-term partnerships, the Company is exploring multiple opportunities to further develop new turn-key facilities and lease these facilities to various licensed businesses in the Washington State recreational marijuana industry”.
Separately, the Company has granted stock options to purchase 1,000,000 shares, exercisable at a price of $0.19 per share for a period of five years to directors and consultants.
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.
For further information please 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