…new venture targeted to small producers and processors is designed to sustain British Columbia as a global leader in cannabis production
VANCOUVER, British Columbia, Jan. 30, 2019 (GLOBE NEWSWIRE) -- In another move that reflects the proactive, grassroots strategy of Grow Tech Labs (“GTL”), Victory Square Technologies Inc. ("Victory Square" or the "Company") (CSE:VST) (VSQTF) (6F6.F) today announced that its portfolio company will develop a co-operative for small cannabis producers and processors in British Columbia. The initiative is designed to help maintain the province’s historic position as a global cannabis leader.
In addition to being Canada’s traditional cannabis production hub, British Columbia is home to one of the country’s most vibrant co-operative movements, with 2 million members, 700 co-op businesses and almost $50 billion in assets.
“We are excited for the opportunity for micro-growers to participate in this important Grow Tech cooperative,” said Shafin Diamond Tejani, Chief Executive Officer of Victory Square Technologies. “The approach is strongly-aligned with the Victory Square strategy of building from the ground floor up and matches the Grow Tech commitment to the domestic cannabis market, particularly that which is based here in B.C. It’s going to be an exciting year for small producers and we look forward to Victory Square and Grow Tech supporting the craft cannabis market in this way in British Columbia.”
Grow Tech Labs has worked closely with the BC Cooperative Association in exploring the feasibility of developing such a cannabis co-op and doing so on the strength of best practices in the field. Grow Tech will expand this collaborative approach on the cannabis co-op to include other provincial, federal and municipal agencies.
“The Grow Tech mission is to accelerate the pace at which small producers and processors enter the legal marketplace,” said Grow Tech Labs CEO Barinder Rasode. “With supply shortages across the country, it is even more important to retain the capacity, experience and knowledge small BC producers and processors have accumulated over decades. It’s a solid base upon which to build the domestic market, and to do so as a global leader.”
Grow Tech Labs is establishing a working group of sector leaders and experienced co-op professionals to develop a provincial engagement plan, transparent governance structure and application to incorporate a BC Small Cannabis Producer and Processor Co-Op within the provincial Co-operative Association Act. The business model will include a retail network in accordance with BC regulations.
“Small BC cannabis producers and processors are invited to participate in a provincial consultation process to help shape the provincial co-op, participate in Canada’s legal marketplace and ensure BC cannabis products find their way to consumers across the province, Canada and around the world,” said Rasode.
For further information about the Company, please contact:
Investor Relations Contact – Alex Tzilios
Media Relations Contact – Shafin Diamond, CEO and Director
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square Technologies (VST) incubates and invests in emerging technology companies, providing them with financial, operational & strategic support to scale globally.
We get unparalleled access to some of the top technology start-ups from around the world through our 80+ accelerator partners globally. Our portfolio companies are working on innovating and disruptive technologies that have the potential of transforming economic structures, business models, companies and jobs.
Our leadership team uses experience, expertise and resources to help grow and scale these portfolio companies, which results in explosive returns for VST and its shareholders. For more information, please visit www.victorysquare.com.
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This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, statements relating to the completion of the acquisition of an interest in Limitless Blockchain and the timing, cost and terms thereof, the impact of the acquisition on the Company, the strategic direction of the Company, and its goal of broadening its portfolio of interests in innovative companies. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical fact contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square 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 Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.