Lotus Ventures Approaching First Shipment & Appoints CFO
Lotus Ventures Inc. (CSE:J, FRA:LV9, OTC:LTTSF) (the “Company” or “Lotus”) has completed its third harvest and has completed the processing of crop #1. Initial production volume, yields, lab tests, and plant health are all positive. The company is finalizing its first shipment to its streaming partner Auxly Cannabis Group Inc. After Lotus completes the processing and testing of a number of crops, the Company will provide guidance on production targets and financial expectations.
Lotus continues to expand its team strategically and would like to welcome Mr. Gavin Dew as Chief Financial Officer. Mr. Dew brings a wealth of experience in business across Canada, holding an MBA from the University of Oxford, and a BA from the University of British Columbia. Gavin has worked for large firms including the pipeline and gaming industry. He has also worked on numerous start-up firms in the services and tech sectors.
Mr. Dew is highly involved in the Vancouver community, with past and present positions including the board of the Business Council of BC, government appointee to the Board of Kwantlen Polytechnic University, UBC Senate, and the Policy Council of the Greater Vancouver Board of Trade.
Grant of Options
In October, 975,000 incentive options at 20 cents were exercised by directors and qualified consultants. The Company has granted 975,000 stock options to eligible persons at an exercise price of 20 cents per share for 10 years.
On Behalf of the Board:
Lotus Ventures Inc.
Dale McClanaghan, President and CEO
About Lotus Ventures Inc.
Lotus Ventures Inc. (CSE: J) is an Okanagan-based licensed producer focused on growing exceptional cannabis products for the wholesale and recreational market in Canada. Lotus operates an innovative 22,500 square foot indoor facility with unique proven strains and an entirely handcrafted production process created by one of the region’s most experienced growing teams.
Lotus designed its facility with a perpetual production cycle harvesting one of six production rooms every two weeks. The facility was designed to consistently produce high-end cannabis at low production costs, and the Company is focused on being cash flow positive in the year 2020.
Earlier this year, Lotus Ventures launched its initial consumer-focused brand “Lotus Cannabis Co.” targeting discerning consumers. The Company is in the process of obtaining a Processing licence, which when issued, permits the sale of cannabis to provincial distributors and retail supply chains.
For Further Information:
President & CEO
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
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