TORONTO, May 30, 2017 (GLOBE NEWSWIRE) -- The Canadian Bioceutical Corporation (the “Company” or “BCC”) (CSE:BCC) (OTCQB:CBICF) today announced that the company has secured DTC Eligibility by The Depository Trust Company for its shares on the OTCQB marketplace, effective May 30, 2017.
DTC-eligibility greatly simplifies the process of trading and exchanging BCC common stock on the OTCQB marketplace in the United States. The Company commenced trading on the OTCQB on May 22, 2017, a move that management anticipates will increase the Company’s addressable universe of potential investors.
The Depository Trust Company (DTC) is a subsidiary of the Depository Trust & Clearing Corporation DTCC, and manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through the DTC are considered "DTC eligible." This electronic method of clearing securities speeds up the receipt of stock and cash, and thus accelerates the settlement process for investors.
About The Canadian Bioceutical Corporation
BCC, an Ontario corporation, through its wholly owned subsidiaries in the U.S., provides substantial management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to two medicinal cannabis enterprises in Arizona operating under the Health for Life (dispensaries) and MPX (high-margin concentrates wholesale) brands. The successful Health for Life (“H4L”) brand operates in the rapidly growing Phoenix Metropolitan Statistical Area (MSA) with a population of 4.6 million people. The award winning Melting Point Extracts (“MPX”) brand is carried by over 40% of Arizona dispensaries.
The Company is supporting development of a third licensed dispensary in Arizona. Additionally, BCC is expanding its U.S. footprint, acquiring additional assets supporting cultivation, production and up to three dispensaries in Massachusetts and three to-be-developed dispensaries and a concentrate production facility in Maryland, as well as a cultivation and production wholesale business in Las Vegas, Nevada. Both Massachusetts and Nevada are implementing legalization of adult use.
The Company also leases a property in Owen Sound, Ontario, for which an application to Health Canada has been made for a cannabis production and sales license. In addition, the Company will continue its efforts related to its legacy nutraceuticals business.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the completion of the announced acquisitions in Arizona, Maryland, Massachusetts and Nevada, expansion of cultivation capacity and concentrate yields, the Canadian and U.S. political and regulatory environment, availability of financing and BCC's objectives and intentions. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments, completion of the announced acquisitions in Arizona, Maryland, Massachusetts and Nevada, delay of expansion of cultivation capacity and concentrate yields, availability of financings, delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in BCC's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although BCC believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, BCC disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.