VANCOUVER, British Columbia, Oct. 20, 2015 -- Vodis Pharmaceuticals Inc. (the "Company" or "Vodis") ($VP:CA) (FSE:1JV) is pleased to provide an operational update and announce plans to maximize production for the tenant at its Bellingham, Washington based production facility. In addition, the Company is pleased to announce that it has entered into negotiations with another licensed producer to initiate production in the second building situated on its Bellingham property.
The Company has initiated the second phase build-out of its premises at the Bellingham production facility to improve the production capacity for Vodis' tenant, Our Church International LLC ("OCI"). Otto Folprecht, Vodis' Chief Executive Officer commented, "The objective of this work program is to maximize the production capacity available to OCI under the Tier II license that has been granted by the Washington State Liquor and Cannabis Board."
In addition to working to enhance OCI's production capacity, Vodis has entered into negotiations with another licensed producer to initiate production in the second building located at the Company's Bellingham property. Otto Folprecht commented: "The second building on our Washington property is ideally suited for a Tier I license holder and the Company plans to retrofit this building as soon as negotiations are finalized."
In Washington State, a Marijuana Producer Tier I will be allowed to grow up to two thousand square feet of canopy space. Whereas a Marijuana Producer Tier II is allowed to grow up to ten thousand square feet of plant canopy.
- Our Church International LLC's ("OCI") production – As previously announced OCI has received a license from the Washington State Liquor and Cannabis Board, signed a 25 year lease to operate in Vodis' Bellingham facility and commenced production with first sales expected by the end of 2015. As part of its business model to provide turn-key solutions for licensed growers, Vodis has designed and developed OCI's production facilities and provides advice with respect to growing systems, technologies and methodologies to maximize yield and facilitate best practices in relation to marijuana growing techniques.
- OCI now has a substantial database of marijuana strains available to enhance production – This database consists of 46 strains of marijuana plants, including 4 award winning varieties, available to assist in the development of their marijuana production. This wide range of high quality product strains will assist OCI in delivering a mix of marijuana products that can meet the demands of the large and growing Washington State recreational marijuana market. Currently, OCI is growing 15 strains for its first production run.
Vodis provides State of the Art technologies for its tenants – In order to help maximize production yields and contribute to increased revenues and profits for its tenants, the Company is committed to providing state of the art technologies in its production facilities. As such, Vodis has implemented three technologies that are expected to make positive contributions to OCI's production yields and profitability, including:
- Lighting Systems – Vodis has installed LED lighting systems that generate less heat, conserve energy and save on operating costs when compared to lighting systems traditionally used by the marijuana industry.
- Air Conditioning System – Vodis has installed an AC system that improves the growing environment through temperature and humidity controls, as well as ensuring that odours from marijuana production do not leave the building.
- Security System – Vodis has leveraged its expertise in building a system meeting Health Canada's rigorous security requirements, and deployed a world-class security system at its facility in Washington State.
OCI has assembled a growing team with extensive experience in successfully growing high quality marijuana with industry leading yields, and will be able to maximize the benefits of the above technologies that Vodis has deployed.
The Company intends to leverage its expertise in building out a successful revenue model in Washington State and use similar approaches in other states that regulated and legal medical or recreational marijuana. With the recent successful launch of a revenue model in Washington State, the Company has started undertaking discussions with interested partners in other states.
Meanwhile, the Company continues to wait for Health Canada inspection. Its facility in Delta was completed in December 2014 and built according to Health Canada requirements.
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 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.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Vodis Pharmaceuticals Inc. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The CSE has not reviewed, approved or disapproved the content of this press release.
For further information please contact: Richard Schnoor Head of Corporate Communications Vodis Pharmaceuticals Inc. 8788 River Road Delta, BC V4G 1B5 Telephone: 1-866-210-1420 ext. 110 web: www.vodis.ca
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