Visionstate portfolio companies soar; Freedom Cannabis
EDMONTON, Alta., Feb. 11 2022 (GLOBE NEWSWIRE) — Visionstate Corp. (TSXV:VIS) (“Visionstate” or the “Company”) is pleased to announce that its holding company, Freedom Cannabis Inc. (“Freedom”), has entered into a joint venture to expand its various revenue streams to include the services of extraction.
Known as Cannabis Tolling Solutions (CTS), the joint venture is the next step in Freedom’s vertically integrated business model which includes cannabis production, retail, packaging and now extraction services for the market. growing vape.
“We are excited to collaborate with CTS to deepen our vertical integration, expand our product line to extraction solutions, and create exciting new revenue streams with experienced, innovative and award-winning partners,” said John Frank Potestio, CEO of Freedom Cannabis Inc.
According to Grand View Research Inc., the value of the global extracts market is expected to reach US$27 billion by 2027 due to increase in consumer demand and application of the product in medical research.
Leading the new joint venture is Andrew Freedman, a well-known author and cannabis expert with over a decade of experience in the cannabis industry. Mr. Freedman has written extensively for leading international publications and is known as a “cannabis sommelier” for his unique focus on pairing cannabis, beer, cocktails, wine and fine dining. He also manages several social media channels and hosts a podcast called “Beers with Buds”.
The addition of extraction services expands Freedom Cannabis’ revenue streams as it positions itself as a vertically integrated cannabis producer. The company recently recorded sales of over $1 million for the month of January and is experiencing significant retail sales growth in major markets across Canada. Month-over-month sales have increased steadily over the past quarter, with December 2021 sales being 45% higher than the previous month.
“Vertically integrated cannabis producers are becoming leaders in this industry,” said Visionstate CEO John Putters. “With diverse revenue streams serving several different market sectors, these companies are showing that they can be sustainable and show significant revenue growth.”
Visionstate Corp. is a Freedom Cannabis investor and partner. The company owns four million shares of the private company and is working with Freedom to install Internet of Things (IoT) technology to monitor growing conditions to maximize returns.
About Visionstate Corp.
Visionstate Corp. (TSXV: VIS) is a growth-oriented company that invests in the research and development of promising new technologies in the areas of Internet of Things, big data and analytics, and sustainability. Through Visionstate Inc., it helps businesses improve operational efficiency, reduce costs, and increase customer satisfaction with its industry-leading devices that track and monitor customer activities and requests. The footprint of its WANDA™ smart device now extends to hospitals, airports, shopping malls and other public facilities across and beyond North America. By building a set of synergistic technologies, Visionstate Corp. will continue to innovate, reduce environmental impact and transform consumer experiences.
Issued on behalf of the Board of Directors,
“John A. Putters”
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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