Visionstate Portfolio Company Freedom Cannabis Inc. Secures Retail Sales Licences in Canada’s Two Largest Retail Markets
15 September 2021 - 9:23PM
Visionstate Corp. (TSXV: VIS) (“Visionstate”), is
pleased to announce that Freedom Cannabis Inc. (“Freedom”), a
portfolio company of Visionstate Corp., has received approval for
retail distribution in two of the largest retail markets in Canada.
The addition of the provinces of Alberta and Ontario to the Freedom
portfolio of retail licences has paved the way for the company to
brand its premium brand products across the country.
In the past 30 days, the company has been
approved in four jurisdictions in Canada and is executing on
delivering product to these important markets. The licences were
granted on August 27, 2021.
“This is a significant turning point for the
company,” explained Freedom Cannabis Inc. CEO John Frank Potestio.
“The new retail licences will not only result in growing revenues
but will provide opportunities to build our brand across Canada
with greater retail exposure. For years, we have been focused on
the wholesale B2B market, where our products are in high demand.
These approvals allow us to reach the retail consumer directly and
show off our consistent quality under the Freedom brand.”
During the month of August, Freedom also set a
record for sales, which came in at approximately $700,000 in
revenue with $445,000 in B2B sales, $227,000 in B2C sales and
$37,000 in packaging. The strength in sales is reflected in the
continued high-quality product being produced at the Freedom grow
facility located on the outskirts of Edmonton, Alberta.
“As a premiere brand in the marketplace, Freedom
Cannabis Inc. is poised to become a leader in the production of
cannabis in Canada,” Potestio explained. “Our success is based on
the high-quality product we supply, which includes our Slurricane
and Secret Formula strains, that consistently test over 24% THC,
and as high as 29% THC.”
Visionstate Corp. invested in Freedom Cannabis
Inc. in 2019 and is now working with the company to develop
Internet of Things solutions for the cannabis market. The
technology will streamline operations and provide detailed
analytics on performance and regulatory reporting.
About Visionstate Corp.
Visionstate Corp. (TSXV: VIS) is a
growth-oriented company that invests in the research and
development of promising new technology in the realm of the
Internet of Things, big data and analytics, and sustainability.
Through Visionstate Inc., it helps businesses improve operational
efficiencies, reduce costs and elevate customer satisfaction with
its state-of-the-art devices that track and monitor guest
activities and requests. The footprint of its WANDA™ smart device
now extends to hospitals, airports, shopping centres and other
public facilities across and beyond North America. Through
building-up a collection of synergistic technologies, Visionstate
Corp. will continue to innovate, reduce environmental impact and
transform consumer experiences.
Issued on behalf of the Board of Directors“John
A. Putters” Visionstate Corp.
To learn more, please contact: |
Visionstate Corp. |
CHF Capital Markets |
Website: www.visionstate.com |
John PuttersChief Executive Officer |
Perry RapagnaManager of Corp. Dev. |
Twitter: @visionstate |
(780) 425-9460 |
(416) 868-1079 x 230 |
Facebook: @visionstate |
jputters@visionstate.com |
perry@chfir.com |
LinkedIn:@VisionstateCorp. |
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the adequacy or accuracy of this release.
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