Cannvas Confirms Intent to Expand with Newly-Formed Cannvas Cannabis Acquisitions
Subsidiary to Focus on Investing in the Ever-Emerging Cannabis Sector
TORONTO, Sept. 27, 2018 /CNW/ – Cannvas MedTech Inc. (“Cannvas” or the “Company”) (CSE: MTEC) (Frankfurt: 3CM), a leading business technology company in the cannabis space, is pleased to announce the formation of Cannvas Cannabis Acquisitions Corp., a wholly-owned subsidiary with a focus on investment and acquisition in the expanding global cannabis sector.
“The North American cannabis market has emerged as an economic force and there are many investment opportunities that support this important sector,” said Steve Loutskou, Chief Operating Officer, Global Markets, Cannvas MedTech Inc. “With the legalization of cannabis only weeks away, we are positioning our Company to leverage our broad network and extensive knowledge of the sector to take action when opportunities present themselves. Technology is the most obvious business where we will focus our attention, but because ancillary businesses and verticals are growing at unprecedented rates there are numerous opportunities that look interesting.”
Cannvas Cannabis Acquisitions seeks to complement Cannvas’ current product offering through continuous development, strategic investments and acquisitions in the cannabis sector. Related companies may include, but are not limited to:
- Marketing and design
- Food and nutraceuticals
- Regulation and enforcement
- New product development
- Cultivation related equipment
- Gear and paraphernalia
- Retail stores & dispensaries
- Testing labs
Cannabis research sources calculate legal pot sales in North America climbed approximately 33% in 2017 to almost $10 billion, and project annual sales will grow to $25 billion by 2021. In a 2017 study, Deloitte estimates the size of the ancillary cannabis market to be approximately 2.5 times the size of the actual cannabis cultivation market.
About Cannvas MedTech Inc.
Cannvas MedTech is a leading business technology company in the cannabis space. We design and build customer-centric solutions that enable our partners to harness the power of data to truly understand their customers, industry, and key business drivers.
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer’s future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.