Ottawa, Ontario -- /D.M.O. Newswire/ -- CannaRoyalty Corp. (CSE:CRZ)(CSE:CRZ.CN)(OTCQB:CNNRF) ("CannaRoyalty") is pleased to announce that its strategic partner Natural Ventures PR, LLC ("Natural Ventures"), Puerto Rico's largest licensed cultivation and manufacturing medical cannabis company with an indoor growing facility of 100,000 square feet, has successfully harvested its first crop and has begun selling cannabis products to licensed medical dispensaries.
"The successful first harvest and sale is a significant milestone for Natural Ventures," said Edgar Montero, Chief Executive Officer of Natural Ventures. "With the support of our strategic partner CannaRoyalty, we are well positioned to lead the medical cannabis market in Puerto Rico. In step with our first harvest, we have already started generating revenue with the first bulk sale of US$150,000 of flower and CO2 oil. Additionally, our team has ordered 10,000 of CannaRoyalty's proprietary Dreamcatcher Labs cartridges and expects similar sales volumes monthly in the short term with a strong pipeline of demand thereafter."
CannaRoyalty previously announced its royalty financing arrangement with Natural Ventures on December 20, 2016. Natural Ventures continues to leverage CannaRoyalty's resources and brands by way of license agreements. In Q1 2017, Natural Ventures intends to sell its newly produced CO2 oil in CannaRoyalty's proprietary Dreamcatcher Labs vape cartridges and expand its commercial portfolio of products to include CannaRoyalty's skin care related brand, DermaLeaf.
"Edgar is building an impressive business in Puerto Rico, which is poised to be a robust medical cannabis market with estimates ranging from 300,000 to 500,000 patients. We look forward to supporting their further growth in Puerto Rico," said Marc Lustig, Chief Executive Officer of CannaRoyalty.
The U.S. island territory of Puerto Rico legalized medical cannabis for qualifying health conditions in 2015 and permits the use of medical cannabis derivatives only (e.g. capsules, extractions, lotions, patches, edibles, suppositories, flower and oils). Puerto Rico's population is estimated at 3.6 million and receives 2 million tourists annually.
CannaRoyalty is a fully integrated, active investor and operator in the legal cannabis sector. Our focus is to build and support a diversified portfolio of growth-ready assets in high-value segments of the cannabis sector, including research, consumer brands, devices and intellectual property. Our management team combines a hands-on understanding of the cannabis industry with seasoned financial know-how, assembling a platform of holdings via royalty agreements, equity interests, secured convertible debt and licensing agreements.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in CannaRoyalty's periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward- looking statements.
Forward-looking statements may include, without limitation, statements including the Company's expectations with respect to pursuing new opportunities and its future growth and other statements of fact.
Although CannaRoyalty has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US Federal Laws; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. CannaRoyalty disclaims any intention or obligation to update or revise such information, except as required by applicable law, and CannaRoyalty does not assume any liability for disclosure relating to any other company mentioned herein.