I trust this email finds you well during these, at least in my lifetime, unprecedented times. Covid-19 has negatively affected all our lives and created an environment of uncertainty with regards to when things may return to normal.
However, we are happy to report that we are using this ‘downtime’ as efficiently as possible to improve our corporate identity, our presentation, build on our marketing strategy, as well as to prepare for the imminent launch of our operations, being toll processing and CBD derivative sales.
We are further excited to report that we oversubscribed our latest financing at C$0.60. Our new presentation can be found at: https://canxcbd.com/wp-content/uploads/2020/03/CANX- CBD- 2020.pdf and the online subscription portal powered by Dealmaker is still open to accredited investors and can be accessed here: https://dealmaker.tech/invitations/canx-invitation/view.
Our auditors are currently updating our financials, which we expect to be completed by early May 2020. Those numbers will be incorporated into our prospectus for submission to the regulatory authorities (preliminary filing). The prospectus represents the final step in our listing process on the CSE and we will have a 90-day window to time the offering according to market conditions.
CanX has recently received a lot of interest for our toll processing services (EaaS – Extraction as a Service) and is in negotiations with several high-profile European companies. More details will follow once we have finalized LOIs and contracts. Despite Covid-19, it appears the demand for our EaaS program has not subsided, as constituents in the hemp industry are still looking to transform their perishable biomass into a shelf stable product.
During Q1 2020, we completed the construction of our project as per the Emergency Situations Institute and completed the installation and commissioning of our production equipment. We also performed product testing for our Full Spectrum Oils and Distillates, which returned very encouraging results on the CBD% across the product range. We are ready to start processing our 100 tons of extraction ready biomass, as soon as the lockdown is lifted.
We are also happy to announce that we have received the authorization for the construction inspection, which allowed us to submit the construction file for authorization with the Environmental Ministry. Due to the recent events, we are encountering delays during this process, but we are confident that this authorization will be received in the coming weeks.
We were also able to further streamline our compliance requirements by contracting a psychoactive disposal company, which will allow us to be fully compliant with current CBD processing legislation regarding THC residuals found during the extraction process. This will have a positive impact on our processing overhead and the complexity of the operation.
On the quality assurance front, we have implemented and tested our GMP Procedures, which led to obtaining the Processing Approval from the Ministry of Health through the Public Sanitary Department. The EUGMP implementation is well underway with the lead being taken by our Quality Assurance Manager, Alexandra Ionita, who holds a degree in Chemical Engineering from Gheorghe Asachi Technical University of Ia?i and a Masters in Pharmaceutical Products and Cosmetics. She is also specialized in Medication Quality Control and successfully completed “GMP rules in Pharmaceutical Industry” in 2017.
We are also proud to announce that the Romanian Facility went through its first financial inspection from the National Anti-Fraud Agency of Romania (ANAF), which CanX passed with flying colors. This proves that our financial management standards integration has worked seamlessly in a reasonably short amount of time.
On the marketing front, our website www.canxcbd.com has been finalized and we are currently implementing our strategy in partnership with a UK marketing agency. This agency has access to a team of sales people, digital marketers, content creators and SEO/PPC professionals.
Over the past several months, we have continued to strengthen our relationships with the governing bodies of Romania and started discussions with the National Institute of Bioresources (part of Ministry of Research) for developing novel formulations for products containing CBD.
On behalf of everyone at CanX, we appreciate the support received from our shareholders. Should you have any questions, please don’t hesitate to reach out via email at email@example.com or via telephone at +1 778-896-7445.
Chief Executive Officer
+1 (778) 896 7445
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