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"LIFESTYLE DELIVERY SYSTEMS ANNOUNCES YEAR TO DATE REVENUES; PROVIDES UPDATE FOR COMPLETION OF CANACCORD GENUITY CORP. LED PRIVATE PLACEMENT FINANCING
Year to date, Lifestyle Delivery Systems Inc. has generated US$564,000 in gross revenue through its consulting division. The consulting division provides advice and guidance to medical cannabis growers that includes, but is not limited to, facility structure and design, grow methods and equipment acquisition.
Separately but related, LDS expects that construction of the extraction and manufacturing wing of the joint use Adelanto Facility will be completed in late June 2017, with extraction related operations expected to commence in July 2017. It is expected that the extraction division will produce and sell three product lines: CannaStrips ™, vape cartridges and oils. It is anticipated that the construction of the cannabis cultivation wing of the Adelanto Facility will be completed in July 2017, with cultivation related operations expected to commence in September 2017. Update on Canaccord Genuity Corp. Led Private Placement
The Company is scheduled to close the previously announced brokered private placement on or about May 23, 2017. The brokered private placement will be for up to 24,000,000 units (the "Units") at a price of Cdn$0.50 per Unit for total gross proceeds of up to Cdn$12,000,000 (the "Offering"), led by Canaccord Genuity Corp. (the "Agent"). The Agent will have an over-allotment option for up to 15% of the Offering.
Brad Eckenweiler, CEO of LDS states, "Final documentation that has been executed as it relates to our operations and corporate structure during the due diligence period arguably has made us one of the most properly organized cannabis related entities in California. That, combined with the Canaccord Genuity arranged financing and completion of our facility, will most certainly put LDS in an advantageous position for the second half of 2017 and beyond."
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of any of the securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
About Lifestyle Delivery Systems Inc.
The Company's technology produces infused strips (similar to breath strips) that are not only a safer, healthier option to smoking, but also a new way to accurately meter the dosage and assure the purity of the product. In addition, with the entering into its management services agreements with NHMC, Inc. and CSPA Group, Inc., the Company has begun its foray into being directly involved in the growing of medicinal ingredients for, and the manufacturing of, its products. From seed to sale, the Company's products and ingredients will be tested for quality and composition throughout the formulation and production processes, resulting in a delivery system that is safe, consistent and effective."