Ottawa, Canada – February 24, 2017 – CannaRoyalty Corp. (CSE: CRZ) (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.
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