CALGARY, Alberta, June 06, 2019 (GLOBE NEWSWIRE) -- LaSanta Botanicals Ltd. (the “Company” or “LaSanta“) is pleased to announce that its wholly-owned subsidiary, LaSanta SAS, has obtained approval by the national agency for agriculture of Colombia (“ICA”) to begin commercial cultivation of 10 strains of cannabis, after successfully completing the first characterization crop of over 700 plants. The approved cultivars demonstrated consistency in genetics and a mix of commercially valuable cannabinoid profiles.

The approval from ICA is a significant milestone, making LaSanta one of the first licensed producers in Colombia to receive approval for commercial cultivation, and one of only two companies with 10 or more approved cultivars in Colombia. LaSanta has an additional 10 strains in the process of agronomic evaluation and expects to submit its third lot of 10 strains before the end of June. In all, the Company currently has more than 70 registered strains available for characterization in Colombia. Commercial cultivation of the approved cultivars has commenced, with approximately 3,000 plants in the vegetative state. Planting will ramp up through the summer and it is anticipated the first harvest should occur in October 2019.

In another major step toward commercialization, LaSanta leased in May a state-of-the-art pharmaceutical lab in Zipaquira, Colombia that was operating under INVIMA GEP certification. The lab is designed to produce personalized cannabis prescriptions, known in Colombia as “Magistral Formulations,” for patient treatment and clinical trials. It is situated in the same industrial park where LaSanta is building its extraction facility designed for European Union GMP certification. It is anticipated that these two facilities will allow LaSanta to sell cannabis products in the domestic market, and export to Europe and other regions of the world.

Over the past 18 months, LaSanta’s experienced team has established the foundation to create long-term value in the global cannabis industry. The company has more than 2.1 million square feet of land in Colombia licensed for cannabis cultivation, including a 1.3 million square foot farm in Sutamarchan, 160 kilometres north of the capital city of Bogota. The farm was formerly used for organic tomato cultivation and is situated in an ideal micro-climate for year-round indoor and outdoor cannabis production, with optimal solar radiation, ample water and ideal relative humidity.

The initial phase of operation, with total greenhouse space of 240,000 square feet, will have the ability to produce approximately 36,000 kilograms of dried cannabis flower annually.

LaSanta’s strategy is to leverage research and distribution partnerships to establish a leading position in the global cannabis industry. The company has executed letters-of-intent with potential take-a-way partners and is working towards definitive supply agreements with buyers in Colombia, Canada, Australia and Europe. The company has also secured exclusive research and product development agreements with leading brands and top medical institutions in Colombia and North America, with the goal of delivering scientifically proven products to the market.

ABOUT LASANTA BOTANICALS

LaSanta, through its wholly-owned subsidiary, is licensed in Colombia to cultivate cannabis and manufacture and export cannabis extracts and genetics. The Company is combining agricultural and scientific expertise with product branding and distribution know-how, in order to service legal cannabis markets in Colombia and around the world.

CAUTIONARY STATEMENTS

This news release contains forward looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward looking statements or information. Forward-looking statements and information in this news release includes, but is not limited to, the approval of ICA of additional strains of cannabis, the development of the Company’s commercial cultivation operations, the amount and expecting timing of cannabis harvests, sales and supply agreements domestically and internationally, and general market conditions. Although the Company believes that the expectations and assumptions on which the forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company cannot give any assurance that they will prove to be correct. Since forward looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results and developments may differ materially from those that are currently contemplated by these statements depending on, among other things, risks relating to future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the ability to access, hire and retain employees; and the cannabis industry in Colombia and internationally, generally. The Company cautions that the foregoing list of risks and uncertainties is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

FOR MORE INFORMATION

LaSanta Botanicals Ltd.
Tel: 1-403-LASANTA (1-403-527-2672)
Email: info@lasanta.com
Web: www.lasanta.com