Platinex Investee Intergalactic Foods Receives Commercial Cannabis Processing License in Oregon
TORONTO, March 21, 2018 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE:PTX) (the "Company" or "Platinex") announces that the Company’s investee, Intergalactic Foods, LLC (“IGF”), has received a processing license from the Oregon Liquor Control Commission ("OLCC"), which allows it to begin producing marijuana-infused products (“MIPs”) and wholesaling these products to licensed distributors and dispensaries throughout Oregon.
As previously announced, Platinex has acquired a 51% interest in IGF and has also made a royalty investment into an edibles brand company, Dave’s Space Cakes, LLC (“DSC”), which will serve as the flagship brand of MIPs produced in IGF’s newly licensed facility.
IGF has constructed a commercial MIPs kitchen located in Eugene, Oregon capable of producing a wide range of cannabis-infused products including brownies, cookies, gummies and various other confectionary foods. In addition to producing DSC’s high-quality and consistently-dosed cannabis-infused brownies, IGF is actively developing relationships with complimentary brands in the infused edibles segment with a view towards maximizing the production capacity of its facility. With excellent infrastructure and MIPs know-how, IGF is well positioned to provide turn-key manufacturing solutions to the growing list of edibles brands in search of a cost-effective approach to getting their products to market.
Bruce Reilly, CFO, Director and Chair of the Cannabis Committee, commented: "This is a major milestone for Intergalactic Foods, its brand partners, and Platinex. We view this achievement as an affirmation of our cannabis strategy in the Pacific Northwest and our team’s ability to work alongside passionate entrepreneurs to secure licensing and establish commercial operations. We continue to view the Oregon craft cannabis market as an attractive investment opportunity and our 51% majority interest in this high-growth venture will enable our shareholders to participate in this upside."
David McNicoll, Founder of DSC and IGF commented: "With the approval of our OLCC license, and the investment capital from Platinex, IGF can begin to utilize our state of the art processing facility to provide the highest quality edible and topical products available on the Oregon cannabis market."
About Platinex Inc.
Platinex is currently focusing efforts on developing various strategies to capitalize on the lucrative growth of the cannabis sector in North America. At the same time Platinex has been focusing its mining business efforts in assembling a very large property in the Shining Tree gold camp, which has received little modern exploration compared to other gold camps in the Abitibi greenstone Belt. Shares of Platinex are listed for trading on the Canadian Securities Exchange under the symbol "PTX".
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FORWARD-LOOKING STATEMENTS:
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include submission of the relevant documentation within the required timeframe and to the satisfaction of the relevant regulators, completing the acquisition of the applicable assets and raising sufficient financing to complete the Company's business strategy. There is no certainty that any of these events will occur. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.
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