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Kaneh Bosm Biotechnology Inc (2)
Symbol KBB
Shares Issued 144,849,108
Close 2018-09-11 C$ 0.53
Market Cap C$ 76,770,027
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Kaneh Bosm hires Volare for Lesotho development support

2018-09-12 02:46 ET - News Release

Mr. Michael Martinz reports

KANEH BOSM ENGAGES LEADING LESOTHO BASED INFRASTRUCTURE AND DEVELOPMENT FIRM

Kaneh Bosm Biotechnology Inc. has engaged Volare, a leading Lesotho-based infrastructure and development consultancy firm. Volare will assist the company with local development support, as well as the acquisition of land earmarked for cannabis cultivation, storage and manufacturing facilities. Volare has identified a portfolio of key land parcels that are well suited for agriculture and manufacturing development. The identified parcels are equipped with the necessary on-site utility resources and are located in close proximity to transportation hubs.

Kaneh Bosm's portfolio company, CanAfrica, holds licences for medical cannabis cultivation, manufacturing, distribution, transport, research and import/export in the Kingdom of Lesotho (see Kaneh Bosm's news release dated June 20, 2018). In 2017, Lesotho became the first African nation to issue licences for medical cannabis operations. Lesotho is a favourable jurisdiction for cannabis cultivation due to its rich soils, ideal climate, skilled agricultural work force, low-cost labour and access to key infrastructure. Lesotho has also signed numerous international trade agreements. These trade agreements permit the unencumbered export of Lesotho's cannabis products to various jurisdictions worldwide. It is anticipated that Lesotho will act as a staging ground for access to larger African markets that may yield greater demand potential.

Kaneh Bosm's chief executive officer, Eugene Beukman, stated: "Kaneh Bosm's African developments mirror industry peers, such as Canopy Growth Corp., Supreme Cannabis Company Inc. and Aphria Inc. Earlier this year, Canopy acquired Daddy Cann Lesotho Pty. Ltd. for $28.8-million. Daddy Cann and Kaneh Bosm's CanAfrica have been awarded identical medical cannabis licences by the Kingdom of Lesotho. In March of 2018, Supreme Cannabis invested $10-million for a 10-per-cent stake in Lesotho's MediGrow Holdings Pty. Ltd. Kaneh Bosm would like to also mention Aphria Inc.'s recently announced joint venture with Lesotho-based Verve Dynamics. The company believes that it is well positioned to capitalize on its flagship African asset while maximizing shareholder value."

Kaneh Bosm is also pleased to announce that company representatives have visited the Kingdom of Lesotho to initiate development efforts and advance regional relationships. The company continues to complement its existing African cultivation and distribution footprint. Most recently, the company acquired South African-based Aricannabis BioTech Corp. Aricannabis works on an exclusive basis with NuCare Health to provide cannabis products to over 2,800 independent and corporate pharmacies across South Africa. South Africa has a population of 55 million people and has announced plans through the Medicines Control Counsel for medical cannabis distribution to South African patients.

The company looks forward to providing additional updates on its Lesotho initiatives in the coming months.

We seek Safe Harbor.

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