Vancouver, British Columbia – TheNewswire - May 24, 2022 – Gaia Grow Corp. (the “Company” or “Gaia”) (CSE:GAIA) (Frankfurt:GG0) is pleased to announce that its wholly-owned subsidiary, TruExtracts Laboratories (“TRU”), has received an amendment to its Health Canada licence that permits the company to supply extracts, edibles, and topicals directly to provincial distributors, retailers in select provinces, and licensed sellers of medical cannabis.
Receipt of the sales amendment marks the final regulatory step required to launch sales operations of the Company's cannabis products, providing a path-to-market for anything manufactured at Tru’s facility. Tru intends to rapidly utilize the amended license to begin the process of distributing products to the Canadian market.
This sales amendment is held in addition to its current processing and research licensing.
"The sales amendment is a significant milestone for Tru, it allows us to monetize Tru's state of the art facility and fulfill our vision to bring top tier, unique cannabis products to the regulated market," said Frederick Pels, CEO of Gaia Grow. "Tru is now able to generate revenue and is ultimately on the path towards sales and profitability. I look forward to updating shareholder with Tru’s progress"
“Cannabis consumers and provincial boards are in search of innovative and high-quality products from new sources,” said Andre Sinclair, COO of Tru Extracts. “These are exactly the types of products that are manufactured at Tru Extracts. This amendment to our licence to permit sales will allow Tru to get them to market as soon as possible."
TruExtracts Laboratories was created for high-capacity extraction and production to meet global demand. TRU is one of Western Canada’s largest cannabis and hemp processors, with a 12,500 square foot state of the art facility in Calgary. The facility is Health Canada licensed and fully operational, with an expansion capability of an additional 16,000 additional square feet. Services include toll processing, THC, CBD extractions and isolates, as well as white label service and cannabis THC and CBD products.
For more Information, please visit their website at https://truextractslabs.com
Gaia Grow is an Alberta-based vertically integrated licensed hemp company with subsidiaries licensed for cannabis and hemp processing, extraction, product formulation, novel product development and cannabis retail. For more information about the Company, please visit www.GaiaGrow.com
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For further information, please contact:
Frederick Pels, Chief Executive Officer
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
CAUTIONARY AND FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such as “appear”, “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect", “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could", "might", “should”, “believe”, “would” and similar expressions.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the hemp industry in general such as operational risks in growing; competition; incorrect assessment of the value and potential benefits of various transactions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and government regulations. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release.
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