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BOCA RATON, Fla., May 28, 2019 (GLOBE NEWSWIRE) -- Stem Holdings, Inc. (OTCQB: STMH CSE: STEM) (the “Company” or “Stem”) is pleased to announce it has been awarded a research license to cultivate cannabis in the Caribbean country of St. Vincent & the Grenadines (SVG). The research is conducted in collaboration with and under the supervision of the Bureau of Standards of SVG and the Cannabis Research and Development Unit within the Ministry of Agriculture Forestry, Fisheries, Rural Transformation, Industry, and Labor.
“We believe SVG offers an extremely rich agricultural environment capable of producing and exporting some of the highest quality medicinal cannabis in the world,” said Stem Director of Business Development Dr. Geoff Ostrove. “We are thrilled to be working alongside their local government and growers to deploy our Company’s expertise in cannabis cultivation and extraction, along with the latest growing technology and genetic intellectual property. Our goal is to establish a successful infrastructure that will benefit the Caribbean community and our shareholders.”
Samantha Brickman, GM of Stem SVG Inc. said “It has been inspiring to witness the dedication to authentic core values while working with the Ministry of Agriculture, Forestry, Fisheries, Rural Transformation, Industry & Labour and Invest SVG. We are excited to continue our successful relationship together breaking new ground."
The license permits Stem Holdings, Inc. to cultivate cannabis locally for research and development, prior to the issuance of new licenses under the newly established Medical Cannabis Authority. Under the order, Stem Holdings, Inc. will construct a modern research facility which will house the cultivation of a variety of high cannabidiol (CBD) and low tetrahydrocannabinol (THC) cultivars. SVG and Stem will utilize a variety of agronomic methodologies, including traditional outdoor, greenhouse, and indoor cannabis, to analyze which approach would be most productive for the Caribbean country. The partnership between Stem and SVG is expected to position St. Vincent and the Grenadines to tap into the global industry generating an estimated US$1 billion in earnings.
In December of 2018 SVG passed a bill in Parliament to decriminalize cannabis for medical and scientific research purposes. The research license awarded to Stem permits unlimited cultivation of both CBD Hemp and cannabis in the Caribbean country. Stem’s facilities in SVG are projected to be operational by the first calendar quarter of 2020 and all the raw material produced will be processed, packaged, and distributed under Stem’s widely recognized brands.
ABOUT STEM HOLDINGS, INC.
As a vertically integrated cannabis company, Stem has positioned itself as a pioneer in the industry with its state-of-the-art cultivation, processing, extraction, retail, and distribution operations. Stem owns cannabis facilities in Nevada, Oklahoma, and Oregon, and also participates in a research project in collaboration with Cornell University. Utilizing proprietary, sustainable cultivation techniques, Stem develops exceptional products that are safe and consist of lab-tested cannabis and CBD. Stem’s partner consumer brands are award-winning and nationally known, and include: cultivators, TJ's Gardens and Yerba Buena; retail brands, Stem and TJ's; infused product manufacturers, Cannavore and Supernatural Honey; and a CBD company, Dose-ology. Stem’s mission in supporting the health and happiness of people and the safety of our planet is evident through the Company's continued recognition for its community involvement, employee diversification and a top place to work in cannabis, dedication to environmental causes and outstanding leadership in the cannabis industry.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the management of Stem with respect to future business activities. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and include information regarding: (i) the ability to construct and operate the MPF and the financing sources therefor; (ii) plans relating to the distribution of products from the MPF; (iii) expectations for other economic, business, and/or competitive factors; (iv) the purchase price and closing date for the WCV acquisition; and (v) expectations around timing of the construction of the MPF, the features and attributes of the MPF, the timing of the commencement of production from the MPF, and the types of products to be produced from the MPF.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflect the management of Stem’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Stem believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of cannabis; construction delays; decreases in the prevailing prices for cannabis and cannabis products in the markets that the Company operates in; adverse changes in applicable laws; adverse changes in the application or enforcement of current laws, including those related to taxation; the inability to locate and acquire suitable companies, properties and assets necessary to execute on the Company’s business plans; political risk; and increasing costs of compliance with extensive government regulation. This forward-looking information may be affected by risks and uncertainties in the business of Stem and market conditions.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Stem has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Stem does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
No securities regulatory authority has in any way passed upon the merits of the proposed transactions described in this news release or has approved or disapproved of the contents of this news release.
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