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New joint venture to generate additional revenue, expand product base
Edmonton, AB - TheNewswire - January 10, 2023 - Freedom Cannabis Inc. (the “Company”), and its joint venture partner, Cannabis Tolling Solutions (“CTS”), are pleased to announce the completion and full operation of their new cannabis extract processing lab.
The completion of the extracts lab marks the culmination of a joint venture agreement between CTS and the Company that was signed in February 2022. The lab, located at the Company’s facility in Acheson, just west of the City of Edmonton, will provide the joint venture partners a new revenue stream in creating cannabis extracts. The newly built space uses state-of-the-art hydrocarbon extraction equipment.
Freedom and CTS are also pleased to announce that they have received a cannabis research license which provides the ability for the joint venture partners to accurately test and assess extract products before releasing them to the market. This will assure the highest standards of cannabis products are being met as they are introduced to the consumer market and to other licensed producers of cannabis.
The companies will initially offer full spectrum cannabis extracts otherwise known as “diamonds and sauce” as well as zero additive cannabis extract vape pen-ready products. The announcement of the launch of the extracts lab builds on an existing relationship between Freedom and CTS, whereby the CTS team is able to access the legal concentrates market through Freedom Cannabis.
“This is a great opportunity to build value for shareholders and minimize risk to the business,” said Freedom CEO Johnfrank Potestio. “We have taken the smart path by partnering with CTS for our extraction processing and have done so at the best possible cost benefit. We are very excited about the opportunity in front of us and its effect on the market.”
CTS has a long record of success in cannabis extraction and has extensive experience in the market. The joint venture leverages the expertise of both companies, including Freedom’s vertically integrated state-of-the-art cannabis production facilities and nation-wide sales capabilities.
“We are very excited to see our vision of a joint venture with Freedom come to life,” said Andrew Freedman, Founder and Chief Executive Officer of Cannabis Tolling Solutions. “We are in a strong position to be market leaders using our unique intellectual property and industry partners to help us deliver quality extract solutions. CTS has secured several high value contracts that we believe once executed will return stable, recurring quarterly profits.”
In 2021 the size of the cannabis extraction market in Canada topped $325 million. The joint venture partnership between CTS and Freedom is 50/50.
About Freedom Cannabis
Freedom Cannabis Inc. is a vertically integrated cannabis company, employing more than 60 phenomenal people, focused on producing the highest-quality cannabis. Freedom has cultivation, processing, extraction, research, and packaging capabilities for its proprietary cannabis products and contract services for third parties. Freedom operates in a state-of-the-art, 120,000 square foot indoor production facility in Acheson, Alberta. Freedom believes in environmental sustainability and has built Canada’s largest solar rooftop facility, reducing impact on the electrical grid. In addition, Freedom utilizes an automated watering system that recycles water, provides better water management, and minimizes impact on the area's utilities. Finally, Freedom implements automation in every production area to reduce the workload for its people and allow the company to do more for its consumers. Freedom Reserve products are known for their superior quality and potency above 30% THC. Freedom’s gardening processes and genetics produce an annual average THC% above 28%. We Grow People, producing amazing cannabis, enriching lives.
About Cannabis Tolling Solutions
Cannabis Tolling Solutions is a white label toll processors creating top shelf extracts for LP clients.
CTS is a privately-held, world-class extraction group with industry accolades and international awards for its top-shelf extract products. Cannabis Tolling Solutions is a white label toll processor creating top shelf extracts for cannabis industry clients. CTS Co-Founder & CEO Andrew Freedman is a well-known author, personality, and The Cannabis Sommelier (https://thecannabissomm.com). In addition to being one of the most knowledgeable, dynamic, and well-connected cannabis consultants in Canada, with a long history in all facets of the cannabis industry, He). He has written for and been featured in many international publications, including High Times, The Globe and Mail, The Hollywood Reporter, LA Weekly, and many more. Andrew’s award-winning book “Terpenes for Wellbeing” was published in April 2021 and is currently on the Amazon bestseller list. One of the first people certified in Cannabis Edibles & Cuisine by the American Culinary Federation, Andrew writes, hosts events, and teaches seminars on cannabis and wine pairing, cannabis cocktails, and cannabis dining. He also leads several social media channels and hosts a podcast “Beers with Buds”. has written for and been featured in many international publications, including High Times, The Globe and Mail, The Hollywood Reporter, LA Weekly, and many others.
CTS is a majority held subsidiary of Freedom Cannabis Inc and operates independently with the support of Freedom management and under the license of Freedom Cannabis Inc.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news 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. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
On behalf of the Board of Directors
For more information please contact:
Freedom Cannabis Inc.
Johnfrank Potestio, CEO
Email: johnfrankpotestio@freedomcannabis.ca
Cell: 780-498-1960
Cannabis Tolling Solutions Inc.
Andrew Freedman, CEO
Email: andrewfreedman@freedomcannabis.ca
Cell: 403-498-6261
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