Vancouver, British Columbia / April 15, 2015 – Vodis Pharmaceuticals Inc. (VP:CNX) (FSE: 1JV) ($VDQSF) is pleased to announce it has entered into a lease to own arrangement for a facility in Bellingham, Washington that will allow Vodis USA to develop a turnkey solution to future license holders under the I-502 regulation in Washington State.
Otto Folprecht, CEO and Director of Vodis, states, “We’re thrilled that our new Bellingham facility can be easily retro-fitted into a state-of-the-art 17,000 square foot production and processing facility. This is a major milestone in the company’s aspiration of becoming an international brand in the cannabis and pharmaceutical business”.
Vodis USA Inc, a fully owned subsidiary of Vodis Pharmaceuticals Inc, will grant a license to manufacture, market and sell certain products under the VIP brand. Through this program Vodis USA LLC will allow licensed Washington State growers access to its Quality Assurance Program (QAP), Good Manufacturing Practices (GMP), Generally Accepted Agricultural Practices (GAAP), expertise and production services.
While Vodis Pharmaceuticals and its subsidiaries cannot have any whatsoever interest 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.
About the Washington I-502 marijuana market
In November, 2012, the Washington State Liquor Control Board (WSLCB) passed Initiative 502 (I-502), pursuant to a vote by the people of the State of Washington. I-502 authorized the WSLCB to regulate and tax recreational marijuana products for persons over 21 years of age and thereby created a new industry for the growing, processing and selling of recreational marijuana products regulated by Washington State. A recent WSLCB-commissioned report by the Rand organization suggests that there are currently up to 700,000 recreational marijuana users in Washington State worth approximately $1.25-billion (U.S.) to $1.5-billion (U.S.) in annual sales.
Also, the company is waiting for final inspection from Health Canada of its Delta BC medical marijuana production facility.
For further information please contact:
Head of Corporate Communications
Vodis Pharmaceuticals Inc.
8788 River Road
Delta, BC V4G 1B5
Direct: 1-866-210-1420 ext. 110
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
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