LYF Food Technologies applies for processing licence and prepares to enter the cannabis edibles market

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LYF Food Technologies Inc. reports it has applied for a standard processing licence from Health Canada and has made significant progress with regards to facility construction, strategic partnerships and business development.

LYF is now beginning to fully execute the long-term strategic plan of becoming an industry leader in the value-added cannabis products sector, specifically in nutraceuticals, functional foods and traditional edibles,” notes the company, which has more than 25 years of experience in large-scale food manufacturing and offers chocolate, confectionary, baked and health food edibles.

“Following the announcement from Health Canada proposing edibles legalization by October 2019, LYF has secured multiple strategic partnerships with private and publicly traded licensed producers and is well-positioned to be a market-leading manufacturer, offering white label solutions that will turn potential competitors into strategic partners,” states the company press release.

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Over the last two years, LYF reports the company has developed the ability to manufacture more than $250 million “worth of value-added cannabis products per year, once final regulations are passed and licensing is completed on its wholly owned, purpose-built facility in Kelowna, B.C.” With the help of regulatory and licensing experts from Cannabis Compliance Inc., “LYF is confident they will receive their standard processing licence in the coming months.”

The company is currently looking to raise $4 million via a convertible note offering (in the form of secured convertible debentures), the proceeds of which would be used to complete the build-out of the Kelowna manufacturing facility, order production equipment and machinery, business development, marketing and for general corporate purposes. The offering is expected to close on or about Feb. 8, 2019, “subject to customary closing conditions and LYF having the right to extend the closing at its sole discretion.”

“We are excited to be at the forefront of the cannabis edibles and functional foods industry, helping to lead, regulate, research and develop consumer products. LYF has the experience and technical expertise that will lead to the highest levels of safety and consistency in our products, while focusing on the ability to scale and realize healthy operating margins from a business standpoint,” comments Paolo Pero, CEO of LYF.

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