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Chemistree Announces New Engagement, Provides Corporate Update(January 19, 2018)
VANCOUVER, British Columbia, Jan. 19, 2018 (GLOBE NEWSWIRE) --
Chemistree Technology Inc. (CSE:CHM) (OTCQB:CHMJF) (the “Company” or “Chemistree”) is pleased to announce that the Company has been engaged by Elite Extracts of Vancouver, BC to assist them with their social media marketing and brand development as they prepare to launch their company.
COO Jeremy Deichen said, “I am happy to announce that Elite Extracts has chosen Chemistree to assist them with social media marketing as they continue to develop their business. Chemistree is providing Elite full a full range of branding services including web design, packaging and graphic design work. We are looking forward to being part of their future success.”
Chemistree president Karl Kottmeier: “I am pleased to inform shareholders that Chemistree continues to build on its initial offering to the cannabis industry of highest quality content, branding and social media services. We continue to add clients to our corporate roster and we appreciate their positive feedback on the services we provide.”
The Company is comfortable with its near-term cash position and we are confident that the broad acceptance of cannabis-focused companies as exciting investment opportunities in Canada will expand to include companies like Chemistree focused on the far larger market available in those individual American states where cannabis is medically and/or recreationally legal.
Chemistree management has recently toured several operations in the Los Angeles, California area. The purpose of these visits was to identify other areas into which the Company can expand and deploy both capital and management’s significant, collective expertise to build shareholder value. Among the opportunities investigated to date, management was most interested in several bare land prospects in northwest and southeastern California and retail sales operations located throughout the Los Angeles city area. Our investigation into these opportunities continues and should any one of these opportunities mature, Chemistree may be required to make certain filings and changes to the Company’s listing disclosure under the requirements of the Canadian Securities Exchange Policy 8.
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 “retail 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 defense to any federal proceeding which may be brought against the Company. Any such proceedings brought against the Company may adversely affect the Company’s operations and financial performance.
Members of management also attended the MJBiz Cannabis conference held in mid-November 2017, connecting with a wide range of potential clients, investment opportunities, industry experts as well as legal and financial advisors. This conference was very well attended and served to confirm to all Company attendees that the opportunity available in the United States was truly compelling.
Chemistree also wishes to inform shareholders that it has discontinued discussions as announced on October 17, 2017 with an Oregon-based cannabis cultivator to provide marketing and branding services, due to an inability to ascertain key information on certain parties related to the prospective client.
For more information, please contact Paul Searle at (778) 240-7724 or by email at [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 may involve 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. All statements, other than statements of historical fact, included herein including, without limitation, statements about adding clients, building on the Company’s initial product offerings, the use of cash, investment opportunities in the cannabis space or otherwise, expansion into the American market, the acquisition of any land or retail sales operations and any evolution of the Company into a in cannabis-related investment and/or cultivation and/or distribution industries. 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 respective companies 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.