GrowPros Cannabis Ventures Inc.

GrowPros Cannabis Ventures Inc.

November 25, 2015 08:30 ET

GrowPros Appoints New Advisory Board Members, Stock Options Grant Clarification, and Provides Corporate Update

OTTAWA, ONTARIO--(Marketwired - Nov. 25, 2015) - GrowPros Cannabis Ventures Inc. ("GrowPros" or the "Company") (CSE:GCI) is pleased to announce the appointments of new members on its Advisory Board, clarify the stock options granted, and provide a corporate update.

Q1 2016 Strategy

GrowPros continues to advance in its discussions with potential collaborators operating within and looking to enter the cannabis industry. GrowPros' management is encouraged by renewed investor confidence in the sector as well as the recent election of a Liberal majority government in Canada. GrowPros' proposed production facility was recently featured in an article by local media in which the newly elected Liberal MP stated that he was in full support of the proposed project and considered it an important potential economic benefit to the local region.

Creation of a Four-Person Advisory Board

GrowPros is pleased to announce the appointment of Adam Greenblatt and Erin Prosk ("Greene and Prospect") to its Advisory Board.

Greene & Prospect provide consulting services to the emerging legal cannabis sector. Together Greene & Prospect have nearly two decades of immersive commercial experience in the Canadian medical cannabis. Both have worked as cannabis dispensary operators, MMAR designated producers, extract and edible manufacturers, expert court witnesses, and now medical clinic operators.

Their work has been prominently featured in all Canadian (English and French) news media and they regularly comment on current events in the space.

Adam & Erin are most recently co-founders of Santé Cannabis, Quebec's first medical cannabis clinic and Montreal's only MMPR-compliant cannabis business. Santé Cannabis was a third-party intervener in R v. Smith, the Supreme Court case that legalized cannabis extracts for medical purposes.

"The addition of Adam and Erin to our Advisory Board will provide management with reputable and experienced cannabis industry professionals to help assess, analyze, and evaluate potential opportunities within the legal cannabis sector," said Ryan Brown, GrowPros CEO. "Adam and Erin's extensive knowledge and experience will be an asset to our future venture partners."

The Company would also like to announce the appointments of Charles Campbell and Randy Ringuette to its Advisory Board.

With over 13 years combined research and development and advanced scientific experience, Charles Campbell and Randy Ringuette bring a unique perspective to the medical cannabis industry that allows them to comprehend pathologies and the potential therapeutic mechanisms through which cannabis may act. Their extensive academic and medical laboratory training has given them experience in a wide range of life science fields, including genetics, neuroscience, developmental biology, biochemistry and cancer biology, and they bring expert problem solving, experimental design, and communication skills to the team at GrowPros. Both Charles and Randy hold a B.Sc. and are in the final stages of obtaining their Ph.D.s in Cellular and Molecular Medicine at the University of Ottawa.

"Adding advisors with a strong academic background in medicine and research will allow GrowPros to better evaluate technology and cannabinoid delivery system investment opportunities. Charles and Randy have proven to be valuable contributors to the due diligence and evaluation of projects and we are pleased to formalize their involvement with GrowPros," stated Ryan Brown, GrowPros CEO.

Stock Option Grant Clarification

On November 5, 2015, GrowPros Board of Directors has granted an aggregate of 3,800,000 incentive stock options of which 1,000,000 was granted to these consultants. (Reference: News Release November 10, 2015)

Status of MMPR Application

GrowPros MMP Inc. (the Company's wholly-owned subsidiary) had submitted an application under the Marihuana for Medical Purposes Regulations ("MMPR") for a proposed production facility north of Ottawa, Ontario. The application was submitted in November 2014 and the Company continues to work through the application process. The process is a long and thorough one, with application milestones that change as the MMPR program matures. These factors are out of the Company's control, however management is doing its best to respond promptly whenever there is a request from the regulators regarding the application. The Company believes that it has a solid production plan based on years of hands-on medical cannabis cultivation that will provide high quality and low cost medicinal cannabis to qualified Canadian patients. GrowPros is encouraged by the recent granting of licenses and the increased transparency of the application process.

The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.

Forward-looking statements

Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company, through its wholly-owned subsidiary, GrowPros MMP Inc., to obtain a licence for the production of medical marijuana; failure to obtain sufficient financing to execute the Company's business plan; competition; regulation and anticipated and unanticipated costs and delays, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.

Contact Information

  • GrowPros Cannabis Ventures Inc.
    Ryan Brown
    Chief Executive Officer
    (613) 421-8402