Sativa
Wellness Group Inc.
(previously,
Stillcanna,
Inc.)
Announces
Closing
of Transaction with Sativa Group Plc. and Resumption
of Trading on the
Canadian
Securities Exchange
VANCOUVER,
BC -
September
30,
2020)
-- InvestorsHub NewsWire -- Sativa
Wellness Group Inc. (formerly,
Stillcanna Inc.)
(CSE: SWEL) ("Sativa"
or
the
"Company")
is pleased to announce that further to news
releases
dated
September 10, 2020 and
September 18,
2020,
following the closing of the Company's acquisition, through a
scheme of arrangement,
of Sativa Group Plc (the
"Transaction")
the common shares of the Company will resume trading on the
Canadian Securities Exchange ("CSE")
at the
market
open on
September
30,
2020. Trading will resume
on the CSE
under the new symbol "SWEL".
The Company
will be
listed for trading on
the AQSE Growth Market
(the "AQSE")
in the United
Kingdom (the
"UK")
on
Thursday, October 1,
2020
under the new symbol "SWEL" and
expects to
be quoted
on the
over-the-counter
(the
"OTC")
market in the United States and
the Frankfurt Stock Exchange (the "FSE")
shortly.
The
Company would like to sincerely
thank
shareholders for their patience and support
during
the trading halt. The Transaction
was
subject to requisite legislative
and
exchange regulatory
approvals in both the United
Kingdom and Canada.
Going forward, Sativa
is now a true
vertically-integrated
European seed-to-consumer
cannabidiol ("CBD")
wellness company.
The Company manages
the
cultivation of raw materials, owns extraction,
packaging and testing
facilities,
and has developed and marketed
leading consumer brands.
This complete supply chain custody model ensures that
retail and wholesale customers
receive pharmaceutical grade
CBD products they can trust.
"We
are thrilled to have completed the process of combining our two
businesses to form a leading European CBD Wellness
company",
stated Henry Lees-Buckley,
CEO of Sativa.
"Discerning
consumers
demand very high quality and compliant products and we believe the
best way to ensure
the Company is able to fulfill this demand
is to have
management control
throughout
the entire production,
manufacturing and distribution process.
The regulatory environment in the UK and Europe are also rightly
demanding companies achieve new compliance standards such as the UK
FSA Novel Foods accreditation.
We expect our
products
will
be
validated
by
the UK FSA
by
the March 2021 deadline",
added Henry.
Brands
Sativa
is
focused
on developing consumer products under the core
"Goodbody"
brand. The Goodbody brands are available online and in a growing
number of retailers across the UK, all with the
commitment of
"CBD you can Trust". The plan is to extend
the Goodbody
brands and
product
ranges
into
new
markets
throughout
continental Europe.
Goodbody
Botanicals offers a wide range of CBD products including gels,
balms, capsules, tinctures,
gummies and
more.
The
Goodbody
Botanicals brand is available at the
"goodbodystore.com" and in hundreds of pharmacies and
leading
retailers
across the UK, such as WH Smith.
The
Goodbody
Wellness brand
is focused on delivering premium
products
such as its signature "Orange and Lemon flavored
CBD
with Vitamin D". This brand is also available online at the
"goodbodystore.com" and is targeting
health and
beauty markets as well as high end retailers.
We
continue to expand our product offerings
in
alignment with consumer demand,
building
the
range
of products
on
offer.
Additional Goodbody product lines such as Goodbody
sanitizer
and
Goodbody Hemp have also been launched and compliment the core
CBD product
offerings.
As a
fully vertically-integrated
company,
Sativa
not
only manufactures its own core products but also
offers white label private manufacturing
and branding
services for customers in the UK and Europe. The
Company not
only supplies
the
raw CBD isolate and distillate ingredients,
but
also
provides
the
formulation, bottling and testing services to other
CBD
companies
across
Europe.
Cultivation
and Extraction
Capabilities
Sativa's
primary agricultural, cultivation and extraction
business
is based in Poland, and is called Olimax.
Olimax is responsible for the Company's agricultural initiatives
including
biomass partnerships throughout Europe.
It
is responsible for the operation of the
Company's
state of the art ethanol extraction facility
in Poland
providing
high quality
CBD products to
meet internal needs and importantly providing the key ingredients
to
third party customers.
The
Olimax
extraction
facility is designed to process over 400,000 kilos of CBD rich hemp
biomass annually. The
Olimax
facility produces both THC free CBD
isolate
and distillate
for the global
marketplace
and is fully operational and in production today.
Additionally, a wholly owned subsidiary,
Borganic Consulting Inc.,
recently built a modern extraction facility in Romania with a joint
venture partner Dragonfly Biosciences of London
("Dragonfly"). The facility is now fully licensed and is
capable of processing over 400,000
kilos of CBD rich biomass annually.
Borganic
served notice of termination of its joint venture with Dragonfly on
August 17, 2020 as a result of a contract dispute with
Dragonfly. The Company anticipates the issues will be
resolved over the coming months and will provide a further update
once available.
Testing
Laboratories
PhytoVista Laboratories ("PVL")
is Sativa's
independent analytical hemp and CBD testing facility.
PVL
provides
laboratory
support to retailers, distributors and manufacturers by expertly
testing the cannabinoid levels of the hemp and CBD products.
PVL
is one of the UK's most trusted laboratories operating to GLP (Good
Laboratory Practice) and ISO 17025 standards, with the aim of
being
fully
ISO accredited
in
2020.
90%
of the revenue of this laboratory is generated by external
customers with the balance
from
internal product testing.
The Olimax facility in Poland also has a modern laboratory with
state-of-the-art equipment and trained
scientists.
This laboratory is currently used for internal product testing, but
it
is envisaged that this would also become an external customer
focused laboratory
alongside the UK PhytoVista
team.
General
In addition to the commercial operating activities, a wholly owned
subsidiary "Sativa
Cultivation and Extraction Ltd"
holds a Controlled Drug License for the cultivation, production and
possession of high THC content cannabis in the UK
for
medical research
as part of
the
Company's
partnership agreement with King's College London to research the
impact of cannabinoids on inflammation and respiratory
conditions.
The new
group is led by Henry Lees-Buckley,
as
Chief
Executive Officer
and
Director. Mr.
Lees-Buckley is a seasoned
corporate executive with extensive experience leading companies in
the private and
public
markets. Mr.
Lees-Buckley was previously
the
CEO
of
Uni-Select, a Canadian TSX quoted
company with operations in the UK, Canada and the USA. Prior to
Uni-Select, Mr.
Lees-Buckley was a senior global
executive and officer of W.W. Grainger a 15 billion dollar Fortune
500 company. Mr.
Lees-Buckley is currently a
non-Executive director of Building Materials Corp (NASDAQ:BMCH) a
company with annual sales of USD3.8
billion. Henry holds an MBA
from Queens University in Kingston Ontario and has functioned as a
senior executive in multiple global corporations.
Jason
Dassault, the Company's
previous CEO,
will remain with the Company going forward as a director. Mr.
Dussault will lead the Company's investor
relations and
marketing
activities.
The
Company is strictly
focused on the European market and the primary offices are located
at:
The Blue Building, Stubbs Lane, Beckington, Somerset UK, BA11
6TE 01373 486595
The
Company's investor
relations
and marketing
office is
in
Vancouver, British
Columbia.
Further
information is available under the Company's SEDAR profile
at
www.sedar.com .
CONTACT:
enquiries @sativawellnessgroup.com
Henry
Lees-Buckley
Chief
Executive Officer
Sativa
Group Plc
+44 (0)
20 7971 1255
enquiries@sativagroup.co.uk
www.sativagroup.co.uk
Joseph
Colliver
Chief Financial
Officer
Sativa
Group Plc
+44 (0)
20 7971 1255
enquiries@sativagroup.co.uk
www.sativagroup.co.uk
Jason
Dussault
Investor Relations and Communications
Sativa
Wellness Group Inc. (formerly Stillcanna
Inc.)
jason@sativawellnessgroup.com
www.sativawellnessgroup.com
AQSE Growth Market Corporate Advisor
Corporate
Finance
Guy Miller/Allie
Feuerlein
Peterhouse Capital Limited
+44 (0) 20 7220 9795
gm@peterhousecap.com
Neither
the Canadian Securities Exchange nor its Market Regulator (as
defined in the policies of the Canadian Securities Exchange) accept
responsibility for the adequacy or accuracy of this
release.
This
news release contains certain "forward-looking information" within
the meaning of applicable Canadian securities legislation and may
also contain statements that may constitute "forward-looking
statements" within the meaning of the safe harbor provisions of the
United States Private Securities Litigation Reform Act of 1995.
Such forward-looking information and forward-looking statements are
not representative of historical facts or information or current
condition, but instead represent only the Company's beliefs
regarding future events, plans or objectives, many of which, by
their nature, are inherently uncertain and outside of Stillcanna's
control. Generally, such forward-looking information or
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes" "plan
is" or
variations of such words and phrases or may contain statements that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "will continue", "will occur",
"will
be achieved" or
"shortly".
The forward-looking information and forward-looking statements
contained herein include, but are not limited to information
concerning
trading on both the Over The Counter ("OTC")
market in the United States and the AQSE
Growth Market (the "AQSE") in the UK shortly,
the contractual dispute with Dragonfly regarding the Olimax
facility, and
that all the pieces are perfectly aligned for great
success,
including
but not limited to the Company's ability to execute its business
plan, as
well as the expansion of the Company's consumer offerings.
Although
Sativa believes that the assumptions and factors used in preparing,
and the expectations contained in, the forward-looking information
and statements are reasonable, undue reliance should not be placed
on such information and statements, and no assurance or guarantee
can be given that such forward-looking information and statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such information
and statements. In particular, there is no guarantee that that the
parties will successfully complete the Proposed Transaction on the
terms contemplated herein or at all, that either
will be satisfied with the results of their proposed due diligence,
or that any required shareholder or regulatory approvals will be
obtained. The forward-looking information and forward-looking
statements contained in this news release are made as of the date
of this press release, and Sativa does not undertake to update any
forward-looking information and/or forward-looking statements that
are contained or referenced herein, except in accordance with
applicable securities laws.
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