Vancouver, British Columbia, December 2, 2021– Chemistree Technology Inc. (CSE: CHM and CHM.wt) (US OTCQB: CHMJF) (the “Company” or “Chemistree”), is pleased to announce that the Company has entered into a Subscription Agreement with Philippine Metals Inc. (“PHI”) to invest up to $200,000 in Subscription Receipts. PHI, a TSX Venture Exchange listed issuer, is currently working towards completing a transaction with a new and exciting pure-play renewable energy company focused on the development of wind and solar projects in the US and Mexican markets. The conversion of the Subscription Receipts into common shares and warrants of PHI is conditional on the closing of the reverse takeover of PHI by ReVolve Renewable Power Limited (“ReVolve”).
ReVolve was established in 2012 and currently has a portfolio of 2.78 gigawatts (“GW”) of projects under active development and a further 1.30GW of greenfield opportunities identified and in the process of being converted to ReVolve’s development pipeline. ReVolve is proceeding with a public listing via reverse takeover of PHI, concurrently with a two-phase capital raise to accelerate its expansion plans in the US.
ReVolve’s business model is based on identifying greenfield project development opportunities focusing on strong renewable resource areas, proximity / availability of capacity on the local transmission network as well as environmental considerations. These projects are then brought through the development cycle with the company obtaining the necessary federal, state and other permits and authorisations required for the project as well as securing the necessary interconnection capacity in order for the project to commence construction.
ReVolve then adopts an asset monetisation strategy, whereby it looks to sell development rights to its projects to other Utilities, Independent Power Producers (IPP’s) or Institutional Investors active in the renewable energy sector. ReVolve intends on continuing to implement this strategy for its active development pipeline, while retaining the flexibility to change this strategy if the opportunity arises to a construct, finance and operate model focused on generating longer term revenue and cashflow.
The public listing via reverse takeover of PHI will enable ReVolve to capitalize on the significant growth opportunities in the North American renewable energy market as the major global economies and companies move to net zero carbon emissions. ReVolve is targeting a development pipeline of at least 5GW in the region within the next three years.
Chemistree president Karl Kottmeier commented, “The ReVolve investment highlights Chemistree’s operating thesis as an opportunistic investment company. With renewable energy expected to be one of the fastest growing segments of the energy industry, we are pleased to back a well-seasoned team with a strong project pipeline.”
Update on Debt Restructuring
The extraordinary meeting of the holders of Chemistree’s 10% senior unsecured convertible debentures that began at 9:00 a.m. on November 30, 2021, in connection with the proposed amendments to the trust indenture between the Company and Odyssey Trust Company, has been adjourned due to lack of a quorum. The Company has filed a Notice for a reconvened meeting which will take place at 9:00 a.m. (Vancouver time) on Monday, December 20, 2021, at the offices of Blake, Cassels & Graydon LLP, located at Suite 2600, Three Bentall Centre, 595 Burrard Street, Vancouver, British Columbia.
About Chemistree Technology Inc.
Chemistree Technology Inc. is an investment company with holdings in the U.S. cannabis sector and a consumer-targeted biotechnology venture. The Company’s corporate strategy is to focus on opportunistic investments across a broad range of industries, and is seeking to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services, mentoring and access to the Company’s management expertise. For more information, visit www.Chemistree.ca.
Advisory
The Company wishes to inform shareholders that there are significant legal restrictions and regulations that govern the cannabis industry in both Canada and the United States.
Cannabis-related Practices or Activities are Illegal Under U.S. Federal Laws
The concepts of “medical cannabis” and “recreational cannabis” do not exist under U.S. federal law. The Federal Controlled Substances Act classifies “marihuana” as a Schedule I drug. Under U.S. federal law, a Schedule I drug or substance has a high potential for abuse, no accepted medical use in the United States, and a lack of safety for the use of the drug under medical supervision. As such, cannabis related practices or activities, including without limitation, the manufacture, importation, possession, use or distribution of cannabis are illegal under U.S. federal law. Strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under U.S. federal law, nor will it provide a defence to any federal proceeding which may be brought against the Company. Enforcement of U.S. federal laws will be a significant risk to the business of the Company and any such proceedings brought against the Company may adversely affect the Company’s operations and financial performance.
Further information regarding the legal status of cannabis related activities and associated risk factors, including, but not limited to, risk of enforcement actions, risks that third-party service providers, such as banking or financial institutions cease providing services to the Company, and the risk that Company may not be able to distribute profits, if any, from U.S. operations up to the Company, are included in the Prospectus, the Company’s annual information form and other documents incorporated by reference therein and in the Company’s Form 2A annual listing statement filed with the CSE and available under the Company’s profile on SEDAR at www.sedar.com.
“Karl Kottmeier”
President
For further information please contact:
Chemistree Technology Inc.
Karl Kottmeier, President
Phone: 604-678-8941
Email: [email protected]
For investor relations please contact:
Contact Financial Corp.
Kirk Gamley
Phone: 604-689-7422
Email: [email protected]
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Information set forth in this news release includes forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “budget”, “scheduled” and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to: the PHI investment, the Debenture Amendments; the ability for the Company to pay future interest payments on the Debentures as such payments become due; the Company receiving the requisite Debentureholder approval to implement the Debenture Amendments; and the anticipated results of the Debenture Amendments on the debt burden and future operations of the Company.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the 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 risks identified in the Company’s reports and filings with the applicable Canadian securities regulators. 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, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.
Vancouver, British Columbia, November 5, 2021– Chemistree Technology Inc. (CSE: CHM and CHM.wt) (US OTCQB: CHMJF) (the “Company” or “Chemistree”) announces that it has filed Notice of an Extraordinary Meeting of Debentureholders to be held November 30, 2021 (the “Meeting”). At the Meeting, debentureholders (the “Debentureholders”) will be asked to consider and, if deemed appropriate, to adopt, with or without amendment, an extraordinary resolution, the full text of which is set forth in Appendix “A” to the Meeting’s Circular, approving amendments (the “Debenture Amendments”) to the trust indenture between the Company and Odyssey Trust Company (“Trustee”) dated as of March 29, 2019 (“Indenture”), and authorizing Trustee to execute a supplemental trust indenture giving effect to the Debenture Amendments.
Chemistree’s outstanding convertible debentures are set to mature on March 29, 2022 (the “Debentures”), and bear interest at 10% per annum payable semi-annually at the end of December and June. At this time the Company does not have the wherewithal to redeem the Debentures at maturity, and the Company’s cash resources are constrained by the burden of interest payments. The resolutions to be considered at the Meeting would amend the Debentures in the following two key areas:
- Subsequent to payment of the December 31, 2021 interest amount – which is intended to be paid in cash; allow the Company to choose whether to pay subsequent interest in cash or via the issuance of common shares; and
- Extend the term of the convertible debentures by twenty-four (24) months to March 29, 2024.
All other terms of the Debentures under the Indenture will remain unchanged. The convertible debentures accrue interest daily, with such accrued interest paid immediately upon conversion of the debentures. The principal amount of the debentures is currently $7,839,000 and is convertible into common shares of the Company at a price of $0.50 per share.
Douglas Ford, Chemistree’s Chief Financial Officer stated, “all stakeholders want to see the Company progress, and to deploy its available capital in an opportunistic way. Our debt burden and its looming maturity has created a stasis which has prevented forward momentum. Management believes that now is the time to seek the amendments presented to the Debentureholders”.
About Chemistree Technology Inc.
Chemistree Technology Inc. is an investment company with holdings in the U.S. cannabis sector and a consumer-targeted biotechnology venture. The Company’s corporate strategy is to focus on opportunistic investments across a broad range of industries, and is seeking to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services, mentoring and access to the Company’s management expertise. For more information, visit www.Chemistree.ca
Advisory
The Company wishes to inform shareholders that there are significant legal restrictions and regulations that govern the cannabis industry in both Canada and the United States.
Cannabis-related Practices or Activities are Illegal Under U.S. Federal Laws
The concepts of “medical cannabis” and “recreational cannabis” do not exist under U.S. federal law. The Federal Controlled Substances Act classifies “marihuana” as a Schedule I drug. Under U.S. federal law, a Schedule I drug or substance has a high potential for abuse, no accepted medical use in the United States, and a lack of safety for the use of the drug under medical supervision. As such, cannabis related practices or activities, including without limitation, the manufacture, importation, possession, use or distribution of cannabis are illegal under U.S. federal law. Strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under U.S. federal law, nor will it provide a defence to any federal proceeding which may be brought against the Company. Enforcement of U.S. federal laws will be a significant risk to the business of the Company and any such proceedings brought against the Company may adversely affect the Company’s operations and financial performance.
Further information regarding the legal status of cannabis related activities and associated risk factors, including, but not limited to, risk of enforcement actions, risks that third-party service providers, such as banking or financial institutions cease providing services to the Company, and the risk that Company may not be able to distribute profits, if any, from U.S. operations up to the Company, are included in the Prospectus, the Company’s annual information form and other documents incorporated by reference therein and in the Company’s Form 2A annual listing statement filed with the CSE and available under the Company’s profile on SEDAR at www.sedar.com.
“Karl Kottmeier”
President
For further information please contact:
Chemistree Technology Inc.
Karl Kottmeier, President
Phone: 604-678-8941
Email: [email protected]
For investor relations please contact:
Contact Financial Corp.
Kirk Gamley
Phone: 604-689-7422
Email: [email protected]
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Information set forth in this news release includes forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “budget”, “scheduled” and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to: the Debenture Amendments; the ability for the Company to pay future interest payments on the Debentures as such payments become due; the Company receiving the requisite Debentureholder approval to implement the Debenture Amendments; and the anticipated results of the Debenture Amendments on the debt burden and future operations of the Company.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the 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 risks identified in the Company’s reports and filings with the applicable Canadian securities regulators. 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, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.
Vancouver, British Columbia, July 13th, 2021– Chemistree Technology Inc. (CSE: CHM and CHM.wt) (US OTCQB: CHMJF) (the “Company” or “Chemistree”) is pleased to confirm that investee company Immunoflex Therapeutics Inc. (“ImmunoFlex”
), today announced that it has completed and analyzed its clinical trial of 21 patients, aged 60 to 70 years. The exploratory trial was the latest of several small trials where ImmunoFlex has focused on analysing immune system modulation at a genomic level resulting from treatment with compounds including CBD, THC, NAC and several other widely available compounds.
“The research we completed is exploratory but the results are consistent with our earlier research. We are excited about the potential application of these products. Restoring immunocompetence in people has the potential to treat several diseases including COVID long haul, other viral-induced diseases, and to provide vaccine potentiation. Additional studies in this area are ongoing, “ said ImmunoFlex CEO Chris Wagner.
In this latest study, traditional blood chemistry markers were not informative; however, genomic analysis of the immune system’s T cell receptor recognition regions (called CDR3’s) extracted from patient RNA showed immune system changes resulting from treatment. In one particular group, all patients showed consistent results across multiple genomic analyses. Immunoflex’s believes that the immune system changes observed in this clinical study are beneficial changes with the potential to improve immune system competence.
ImmunoFlex has submitted non-provisional (USA) and PCT (international) patent applications based on the research carried out by ImmunoFlex in 2020 and 2021.
Chemistree President, Karl Kottmeier commented “We are pleased that Immunoflex has made considerable progress since our foundational investment 12 months ago. Their ground-breaking research is amongst the first we have seen showing demonstrable clinical benefit of CBD, THC and NAC for the immune system. We look forward to the next chapters in their development”.
About ImmunoFlex
ImmunoFlex works with the immune system to strengthen, support, and enhance our body’s natural surveillance and response system. By combining existing compounds using genomics we create patent-pending, premium, immune-boosting products. Learn more at www.immunoflex.com
About Chemistree Technology Inc.
Chemistree Technology Inc. is an investment company with holdings in the U.S. cannabis sector, real estate, and a consumer-targeted biotechnology venture. The Company’s corporate strategy is to focus on opportunistic investments across a broad range of industries, and is seeking to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services, mentoring and access to the Company’s management expertise. For more information, visit www.Chemistree.ca
Advisory
The Company wishes to inform shareholders that there are significant legal restrictions and regulations that govern the cannabis industry in both Canada and the United States.
Cannabis-related Practices or Activities are Illegal Under U.S. Federal Laws
The concepts of “medical cannabis” and “recreational cannabis” do not exist under U.S. federal law. The Federal Controlled Substances Act classifies “marihuana” as a Schedule I drug. Under U.S. federal law, a Schedule I drug or substance has a high potential for abuse, no accepted medical use in the United States, and a lack of safety for the use of the drug under medical supervision. As such, cannabis related practices or activities, including without limitation, the manufacture, importation, possession, use or distribution of cannabis are illegal under U.S. federal law. Strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under U.S. federal law, nor will it provide a defence to any federal proceeding which may be brought against the Company. Enforcement of U.S. federal laws will be a significant risk to the business of the Company and any such proceedings brought against the Company may adversely affect the Company’s operations and financial performance.
Further information regarding the legal status of cannabis related activities and associated risk factors, including, but not limited to, risk of enforcement actions, risks that third-party service providers, such as banking or financial institutions cease providing services to the Company, and the risk that Company may not be able to distribute profits, if any, from U.S. operations up to the Company, are included in the Prospectus, the Company’s annual information form and other documents incorporated by reference therein and in the Company’s Form 2A listing statement filed with the CSE and available under the Company’s profile on SEDAR at www.sedar.com.
“Karl Kottmeier” President
For further information please contact:
Chemistree Technology Inc.
Karl Kottmeier, President
Phone: 604-678-8941
Email: [email protected]
For investor relations please contact:
Contact Financial Corp.
Kirk Gamley
Phone: 604-689-7422
Email: [email protected]
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Information set forth in this news release includes forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “budget”, “scheduled” and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the 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 risks identified in the Company’s reports and filings with the applicable Canadian securities regulators. 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, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.
The man behind the penname
While Nico Escondido is a popular name in the cannabis circles, few people actually know the person behind the name. Actually, the name is an adopted penname belonging to Mr. Nicholas Zitelli. Mr. Zitelli is an industry expert with a tremendous amount of experience in cannabis which ranges from cultivation and genetics to bureaucratic issues like compliance and regulations.
Before assuming a seat on Chemistree’s Board of Directors, Zitelli was already a highflying executive at Trans High Corporation. The company owns controlling interests on a range of HIGH TIMES brands spread across the cannabis ecosystem. Mr. Zitelli does not shy away from registering his opinion on matters dear to the cannabis industry. He is a prolific contributor to the body of literature championing for the robustness and significance of the cannabis industry.
Unsurprisingly, Mr. Zitelli is a go-to guy who legislators and policymakers consult often for his valuable input. As a result, he has created a web of partnerships across North America and Europe. His major interests in these partnerships is to advance the industry via targeted research and breeding of superior cannabis genetics.
Perfect chemistry between Escondido and Chemistree
Mr. Zitelli joined Chemistree’s management at a critical period when the company was ready for serious growth.
Just six days after Mr. Zitelli made his appearance on the board, great developments began to happen. Particularly, the company entered a profiting partnership with Applied Cannabis Sciences. The main objective of the partnership was to enable Chemistree to grow its global presence. Interestingly, Nico Escondido is the CEO of Applied Cannabis Sciences (ACS).
A rosy outlook for Chemistree
Chemistree revealed that it had finalized the process of investing in ACS. The news came at a very important period because ACS has put in a request for approval (RFA) to build a vertically integrated cannabis operation in New Jersey. We are very confident that the ACS partnership will get the approval it needs to move ahead due to Mr. Zitelli professional background and position. Confidence in the company is steadily increasing for two reasons. One, Nico Escondido’s presence is helping to attract attention from more investors across the board. And second, Chemistree is making commendable progress in Washington state where its company SugarLeaf, is performing well.
]]>New Jersey is among the four states on the path of legalizing recreational use of marijuana. Several companies have been positioning themselves for this massive opportunity and Chemistree Technology Inc. has not been left behind.
Massive opportunity in New Jersey ahead of adult-use legalization
Chemistree is eyeing New Jersey because of the opportunities that will be available in the state once adult-use marijuana is legalized. The state already has support for three bills from the Senate and Assembly to legalize adult use. The move will create an opportunity for over 100 new marijuana growers to meet the annual markets that have been estimated to be around $850 million by next year.
At the beginning of June, New Jersey announced that as from July 1st, they were opening applications for around 108 new medical marijuana licenses. Out of the total licenses to be offered 54 will be dispensary licenses, 30 processing licenses, and 24 growing permits. This includes three tiers of cultivation licenses.
Following the announcement, Chemistree has already made a move through its partner Applied Cannabis Sciences. Applied Cannabis Sciences has made an application for all the three types of licenses (cultivation, manufacturing and dispensary licenses). The company missed out during the last licensing round but was within the top applicants. It is thus among the favorites to be licensed in this second round.
Chemistree’s strategic Investment in New Jersey
Chemistree entered into a partnership with Applied Cannabis in April to help it in the qualification process for a license. Chemistree acquired an initial 10% interest in Applied Cannabis Sciences. The medical retail dispensary has an experienced team of professionals in medicinal cannabis and whose founder, Nico Escondido is also a Chemistree director. The plan is to establish a vertically integrated model for both companies leveraging the depth and passion of both companies highly skilled team members.
Speaking about the partnership Karl Kottmeier the president of Chemistree stated that this was an opportunity for the company to expand beyond Washington and California. It will be a great opportunity for the company to expand into a key market and work more closely with Nico Escondido.
A voter referendum on adult-use expected in 2020
Currently, only medical marijuana is legalized in New Jersey. However, headwinds from the state indicated that full legalization of recreational adult use could soon be realized. Governor Phil Murphy has been vocal about recreational-use marijuana. The Garden State expects a voter referendum next year on adult-use legislation. With these developments, most cannabis companies will be looking to take advantage of the opportunities the New Jersey cannabis market presents.
Chemistree is well-positioned as an investment company in the US and looks to fully take advantage of the growing cannabis market. Its aggressive investment approach has enabled it to enhance its international footprint and presence through acquisitions and development of vertically integrated assets in cultivation, processing, retail and branding.
Appointment of Sheldon Aberman on October 18, 2018
The company has since turned to newly appointed Chief Cannabis Officer, Sheldon Aberman, to spearhead the company’s next phase of growth. He takes over the role with vast experience on commercial cannabis cultivation as well as the design of grow operations worldwide.
Aberman first contribution to Chemistree was to help facilitate and oversee the investment and turn around of SugarLeaf in Washington State. He has also played a pivotal role in the expansion of the company’s Sugarleaf brand. The board has since tasked him with the responsibility of designing the company’s new cannabis facility in Desert Hot Springs California.
Years of experience have seen Mr. Aberman lead the design, development and commissioning of grow facilities for various companies around the world. He has also had a hand in the creation of several multimillion-dollar industry partnerships among other ventures such as Pure Essential Black Label and Cannabis Consulting Co.
He assumes the new role, having helped in the design and implementation of a 312,000 Sq. Ft. cultivation center for Canadian Cannabis Corporation in 2014. In 2016, as part of a consulting agreement, he spearheaded the design and construction of what becomes the first licensed cultivation and processing facility in Michigan.
Aberman has also helped Chemistree in securing receipt of the Conditional Use Permit for the development of a 128,000 sqft. canopy and 40,000 sqft. of manufacturing and distribution facilities in Desert Hot Springs California.
“He has tremendous experience and an unrivaled contact list across the international cannabis community. With this appointment, we are even better positioned to continue to build and optimize existing business and expand our operations across the United States and ultimately to international markets,” explained, Karl Kottmeier, Chemistree President.
Chemistree’s Game-Changing Technology Plans
The appointment comes at a time when the company is increasingly looking to accelerate international expansion. The company is also looking to advance its cultivation practices as well as results in terms of cannabis yield and quality consistency.
As a renowned leader in the cannabis sector, Aberman is expected to enhance Chemistree Technology cultivation capabilities to address the growing need for cannabis in the market. Aberman is also seen as the right person to solidify Chemistree Technology position as a world leader in the multi-billion dollar industry.
Chemistree Technology is in the process of advancing its 9.55-acre Desert Hot Springs land package, the design team is currently finalizing plans for a cannabis greenhouse as well as a manufacturing and distributing hub. The project is on track and slated for completion in the first quarter of next year.
]]>ACS will be submitting its application in the upcoming New Jersey round of Request for Applications (RFA), which was released Monday, July15, 2019 by the New Jersey Department of Health. The State will issue 24 new permits, comprising of 15 dispensary permits, 5 cultivation permits, and 4 vertically integrated permits. All applications are to be submitted by August 22, 2019. ACS placed in the top 20 applicants in the last permitting round, narrowly missing out on receiving a license at that time.
ACS is pleased to participate in this current round and to be a part of the expansion of New Jersey’s medical program which has set a goal of increasing registered patient count to over 200,000 as well as anticipating the adult-use market if decided by voters in a 2020 referendum. The application, if successful, will provide ACS with a fully integrated cultivation, manufacturing/processing and retail sales license in the state of New Jersey. Currently, there are only 12 facilities servicing the 49,000 patients enrolled in New Jersey medicinal cannabis program.
“Completing this investment with ACS and being on the ground floor towards expanding New Jersey’s medical marijuana program marks a significant step forward in our Company’s East Coast expansion plans,” stated Karl Kottmeier, President of Chemistree. “We expect, along with ACS’ leading cannabis experts and track record, that we will be able to secure this highly coveted and valuable State license.”
Director Nico Escondido said, “The entire team at ACS is very excited to have solidified our partnership with Chemistree. The goals of both entities are keenly aligned, with the objectives of serving both the patients and communities in which we operate being our top priority. This partnership enables us to disseminate our mission across North America, while also creating a hub for cannabis research and development here on the Eastern seaboard. We look forward to a successful application in our great State of New Jersey and working with the members of Chemistree to build something of incredible value for both our patients and the cannabis industry.”
Applied Cannabis Sciences has been established by a team of seasoned professionals from the legal medicinal and adult use marijuana industry whose collective experience exceeds 50 years and includes over 20 cultivation, processing, and manufacturing licenses across four states (Washington, Oregon, California, and Colorado) within the U.S. The ACS team consists predominantly of professionals that reside and currently operate from New Jersey and maintain multiple strategic partnerships, including Rutgers Medical School, Stockton University and RWJ Barnabas Healthcare. A founding member of the ACS team and cannabis industry expert, Nico Escondido, is a member of Chemistree’s Board of Directors (press release dated April 9, 2019).
About Chemistree Technology Inc.
Chemistree Technology Inc. is an investment company dedicated to the U.S. cannabis sector, endeavoring to provide turn-key solutions for the regulated cannabis industry. The Company’s corporate strategy is to acquire and develop vertically integrated cannabis assets, leveraging management’s decades of expertise in the cannabis industry and corporate finance to own and operate licensed cultivation, processing, distribution and retail facilities. Outside of Washington State, Chemistree owns the exclusive worldwide rights to the Sugarleaf brand. For more information, visit www.chemistree.ca .
Advisory
The Company wishes to inform shareholders that there are significant legal restrictions and regulations that govern the cannabis industry in both Canada and the United States.
Cannabis-related Practices or Activities are Illegal Under U.S. Federal Laws
The concepts of “medical cannabis” and “recreational cannabis” do not exist under U.S. federal law. The Federal Controlled Substances Act classifies “marihuana” as a Schedule I drug. Under U.S. federal law, a Schedule I drug or substance has a high potential for abuse, no accepted medical use in the United States, and a lack of safety for the use of the drug under medical supervision. As such, cannabis related practices or activities, including without limitation, the manufacture, importation, possession, use or distribution of cannabis are illegal under U.S. federal law. Strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under U.S. federal law, nor will it provide a defence to any federal proceeding which may be brought against the Company. Enforcement of U.S. federal laws will be a significant risk to the business of the Company and any such proceedings brought against the Company may adversely affect the Company’s operations and financial performance.
Further information regarding the legal status of cannabis related activities and associated risk factors, including, but not limited to, risk of enforcement actions, risks that third-party service providers, such as banking or financial institutions cease providing services to the Company, and the risk that Company may not be able to distribute profits, if any, from U.S. operations up to the Company, are included in the preliminary short form prospectus of the Company filed in respect of the Offering, the Company’s annual information form and other documents incorporated by reference therein and in the Company’s Form 2A listing statement filed with the CSE and available under the Company’s profile on SEDAR at www.sedar.com.
“Karl Kottmeier”
President
| For further information please contact: |
|
|
Chemistree Technology Inc. Karl Kottmeier, President Phone: 604-678-8941 Email: [email protected] |
|
Appointment of Sheldon Aberman on October 18, 2018
The company has since turned to newly appointed Chief Cannabis Officer, Sheldon Aberman, to spearhead the company’s next phase of growth. He takes over the role with vast experience on commercial cannabis cultivation as well as the design of grow areas worldwide.
Aberman is not new to the company as he has been around for quite some time having helped oversee investment in Washington State. He has also played a pivotal role in the expansion of the company’s Sugarleaf brand. The board has since tasked him with the responsibility of designing the company’s new cannabis facility in Desert Hot Springs California.
Years of experience have seen Mr. Aberman lead the development of quality grow room design and construction for various companies. He has also had a hand in the creation of several multimillion-dollar industry partnerships among other ventures such as Pure Essential Black Label and Cannabis Consulting Co.
Aberman has also helped Chemistree in securing receipt of the Conditional Use Permit for the development of a 128,000 sq. Ft. canopy and 40,000 sq. Ft. of manufacturing and distribution facilities in Desert Hot Springs California.
He assumes the new role, having helped in the design and implementation a 312,000 Sq. Ft. cultivation center for Canadian Cannabis Corporation in 2014. In 2016, as part of a consulting agreement, he spearheaded the design and construction of what becomes the first licensed cultivation and processing facility in Michigan.
“He has tremendous experience and an unrivaled contact list across the international cannabis community. With this appointment, we are even better positioned to continue to build and optimize existing business and expand our operations across the United States and ultimately to international markets,” explained, Karl Kottmeier Chemistree President.
Chemistree’s Game-Changing Technology Plans
The appointment comes at a time when the company is increasingly looking for ways to accelerate international expansion. The company is also looking to advance its cultivation practices as well as results in terms of cannabis yield and quality consistency.
As a renowned leader in the cannabis sector, Aberman is expected to enhance Chemistree Technology cultivation capabilities to address the growing need for cannabis in the market. Aberman is also seen as the right person to solidify Chemistree Technology position as a world leader in the multi-billion dollar industry.
Over the last 17 years, Aberman has worked on the design and construction of hundreds of facilities and projects around the world. With expertise in greenhouse and indoor cultivation, he is the perfect fit for helping Chemistree Technology ramp up cannabis cultivation efforts.
Chemistree Technology is in the process of advancing its 9.55-acre Desert Hot Springs land package, the design team is currently finalizing plans for a cannabis greenhouse as well as a manufacturing and distributing hub. The project is on track and slated for completion in the first quarter of next year.
The core competency of Chemistree’s management has already been demonstrated through the initial investment to acquire the assets of cannabis producer Sugarleaf Farms, located in Washington State. Amongst the assets were the global brand and marketing rights to the Sugarleaf brand. The deal was completed at a relatively low price and shortly thereafter the team at Chemistree was able to turn operations around and begin profitable operations.
A subsequent investment to acquire a 9.55 acre parcel of land in California, currently the largest market in the world for cannabis, has added another layer of diversification. The Company’s design team is currently in the process of finalizing plans for two 64,000 square foot greenhouses and a 40,000 square foot manufacturing and distribution facility. Thereafter, a collaboration agreement with a service provider in the cannabis industry built further inroads to the Californian market.
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VANCOUVER, June 14, 2019 – Chemistree Technology Inc. (CSE: CHM) (US OTCQB: CHMJF) (the “Company” or “Chemistree”), announces that Non-executive Chairman of the board, Justin Chorbajian has tendered his resignation.
Company president Karl Kottmeier commented, “On behalf of the board I’d like to thank Justin for his contributions to the Company over the past twenty-two months, and we wish him well in his future endeavors.”
About Chemistree Technology Inc.
Chemistree Technology Inc. is an investment company dedicated to the U.S. cannabis sector, endeavoring to provide turn-key solutions for the regulated cannabis industry. The Company’s corporate strategy is to acquire and develop vertically integrated cannabis assets, leveraging management’s decades of expertise in the cannabis industry and corporate finance to own and operate licensed cultivation, processing, distribution and retail facilities. Outside of Washington State, Chemistree owns the exclusive worldwide rights to the Sugarleaf brand. For more information, visit www.chemistree.ca.
Advisory
The Company wishes to inform shareholders that there are significant legal restrictions and regulations that govern the cannabis industry in both Canada and the United States.
Cannabis-related Practices or Activities are Illegal Under U.S. Federal Laws
The concepts of “medical cannabis” and “recreational cannabis” do not exist under U.S. federal law. The Federal Controlled Substances Act classifies “marihuana” as a Schedule I drug. Under U.S. federal law, a Schedule I drug or substance has a high potential for abuse, no accepted medical use in the United States, and a lack of safety for the use of the drug under medical supervision. As such, cannabis related practices or activities, including without limitation, the manufacture, importation, possession, use or distribution of cannabis are illegal under U.S. federal law. Strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under U.S. federal law, nor will it provide a defence to any federal proceeding which may be brought against the Company. Enforcement of U.S. federal laws will be a significant risk to the business of the Company and any such proceedings brought against the Company may adversely affect the Company’s operations and financial performance.
Further information regarding the legal status of cannabis related activities and associated risk factors, including, but not limited to, risk of enforcement actions, risks that third-party service providers, such as banking or financial institutions cease providing services to the Company, and the risk that Company may not be able to distribute profits, if any, from U.S. operations up to the Company, are included in the Prospectus, the Company’s annual information form and other documents incorporated by reference therein and in the Company’s Form 2A listing statement filed with the CSE and available under the Company’s profile on SEDAR at www.sedar.com.
“Karl Kottmeier”
President
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Information set forth in this news release includes forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “budget”, “scheduled” and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the 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 risks identified in the Company’s reports and filings with the applicable Canadian securities regulators, including, without limitation, all risks in and incorporated by reference into the Company’s annual information form.
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, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.
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SOURCE Chemistree Technology Inc.