/NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
OTTAWA, Oct. 29, 2018 /CNW Telbec/ - LiveWell Canada
Inc. ("LiveWell" or the "Company"), (TSXV: LVWL), a
cannabis and hemp company focused on advanced research on CBD and
other cannabinoids, as well as developing and producing health and
wellness products, has released its operating and financial results
for the six months ended June 30,
2018. The Company's audited consolidated financial
statements and related management discussion and analysis for the
period are available on the Company's SEDAR profile at
www.sedar.com and on the Company's website at
investors.livewellcorp.com.
Key operational highlights for first half of 2018:
- Raised total capital of $20.1
million, including $3.9
million of debt and $16.2
million in equity, net of share issuance costs.
- Began trading on the TSX Venture exchange on June 21, 2018, under the symbol "LVWL".
- Received historic Ottawa City Council approval in February 2018 to grow cannabis on an agricultural
property.
- Acquired 458 acres of land and building in Litchfield, Québec, in April 2018 to become LiveWell's future Research
and Innovation Center.
- Began construction of two hybrid greenhouse production projects
in Ottawa, Ontario, and
Litchfield, Québec.
- Entered into a strategic partnership agreement with Canopy
Growth and Canopy Rivers to support and develop the Ottawa and Litchfield projects.
- Added significant board expertise with the appointment of
Hugh Notman and the Honourable
Lawrence Cannon, Canada's former
ambassador to France.
Key developments subsequent to June
30, 2018
- Published CBD from Industrial Hemp white paper prepared by
LiveWell's research team and conducted cross-Canada education sessions on CBD from
hemp.
- Augmented management expertise with the additions of
Peter Geimer as Vice President Sales
and Marketing, and Jean Bernard as
Vice President Information Security and Technology.
- Received letter of interest from the Government of Québec to
finance up to 25% of LiveWell's Research and Innovation Centre in
Litchfield, Québec.
- Completed construction of the Ottawa facility for cultivation licensing by
Health Canada and submitted evidence package (approximately 20,000
square feet of grow space and 41,000 square feet of support
space).
- Secured large supply of industrial hemp biomass to produce
significant CBD isolate for sale in 2019 and signed first CBD
offtake agreement.
- Announced LiveWell's grow team for the Ottawa cannabis facility site, with the
appointment of Gary Sidhu as Master
Grower, and Sajjad Ahmad as Quality
Assurance and Compliance Manager.
- Signed a binding LOI to acquire Acenzia, a leading developer
and manufacturer of supplements and natural health products.
Acenzia's advanced manufacturing and research facility is Health
Canada-certified, FDA registered, and is NSF certified for GMP and
for Sport. This acquisition will enable LiveWell to further its
health-related research in cannabis and hemp, and fast-track its
product development in preparation to launch medical and
self-directed consumer products.
- Announced a leadership change with the appointment of
David Rendimonti as CEO in addition
to his President role. Mr. Rendimonti has more than 30 years of
experience as a leader in the healthcare industry.
Refer to LiveWell's website (www.livewellcorp.com) for news
releases on the above events for further details.
The pace of development at LiveWell has escalated since
June 30, 2018, concurrent with the
Company refining its corporate vision, strategy and leadership team
to position the company for growth in the global health and
wellness market for CBD and other cannabinoids. "In 2018 we laid
the foundation to deliver on our vision to be a leading health
and wellness company providing next-generation CBD prescription and
consumer health products," said David
Rendimonti, President and CEO of LiveWell. "It is a vision
that we execute on each and every day. Over the next 12
months, LiveWell will continue to make waves as we develop and
prepare our suite of products, in addition to delivering wholesale
CBD to the market."
About LiveWell Canada
LiveWell Canada Inc. is an innovative Canadian hemp and cannabis
company focused on advanced research on CBD and other cannabinoids,
as well as developing and distributing prescription and consumer
health and wellness products. The company has greenhouses under
construction located in Ontario
and Québec, and is supported by business partners such as Canopy
Growth and Canopy Rivers. For more information, visit
livewellcorp.com.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements about the
Company and its business. Often, but not always, forward-looking
statements can be identified by the use of words such as "plan",
"continue", "expect", "schedule", "project", "intend", "believe",
"anticipate", "estimate", "may", "will", "potential", "proposed"
and other similar words, or statements (including negative
variations) that certain events or conditions "may" or "will"
occur. Such statements are based on the current
expectations of management. The forward-looking events and
circumstances discussed in this release may not occur by certain
specified dates or at all and could differ materially as a result
of unknown and known risk factors and uncertainties affecting the
Company, including risks regarding the cannabis and hemp industry,
economic factors, the equity markets and risks associated with
growth and competition. The Company cautions that this foregoing
list of material factors is not exhaustive, and readers are
encouraged to read all Risk Factors disclosed in the Company's
MD&A dated October 26,
2018.
The forward-looking information contained in this press
release represents expectations of the Company as of the date of
this press release and accordingly, is subject to change after such
date. Readers should not place undue importance on forward-looking
information and should not rely upon this information as of any
other date. While the Company may elect to, it does not undertake
to update this information at any particular time except as
required in accordance with applicable securities laws.
SOURCE LiveWell Canada Inc.