VANCOUVER, British Columbia , Nov. 21, 2019 — Pasha Brands Ltd. (“Pasha or the Company“) (CSE: CRFT) (OTC: CRFTF) (FSE: ZZD), Canada’s largest craft cannabis brands organization, has responded to both the contraction in the capital markets and Health Canada’s slow roll out of the micro cultivation licensing program by focussing more of its resources on getting its two pre-roll brands, Grizzlers and Roll Model, onto the shelves for the first quarter of 2020.
“Yesterday the company made the difficult, but necessary choice, to lay off some of its employees in both its communications and client services divisions. At the same time as letting some go, it has repurposed other employees, who will focus on commercializing these iconic pre-legalization brands” stated CEO Jason Longden.
While these lay-offs are very unfortunate, they are necessary in order for Pasha to focus its resources on generating revenue from our brands group. While approximately a dozen people were affected, in a total workforce of approximately 50, the company remains committed to craft production and its brands divisions. The company believes this to be the right decision considering the current landscape in Canada’s cannabis sector.
Pasha remains committed to Canada’s craft producers and looks forward to Health Canada expanding the pace at which it grants licences to this important component of the industry. In the first year of the micro-cultivation licencing program, Health Canada has been slow to grant licences, while at the same time wondering why Canada’s black-market cannabis producers are flourishing. In the first year of the micro program Health Canada granted a half-dozen licences while hundreds and thousands wait in line with applications for both a micro licence and the necessary requirement for security clearance.
About Pasha Brands
Based in Vancouver, British Columbia, Pasha is a vertically integrated, prohibition-era brand house firmly rooted in BC’s craft cannabis industry, which boasts an international reputation. With proven capabilities in cannabis cultivation, genetic research and development, product processing, and retail, Pasha is uniquely positioned in the new legal cannabis market through its network of hundreds of craft cannabis suppliers under the Pasha umbrella.
Pasha subsidiary, Medcann Health Products Ltd., is a Health Canada licensed cultivator and processor with a licence to sell medical cannabis products in Canada.
Pasha and BC Craft are also developing a craft cannabis campus, which is dedicated to bringing craft quality into the newly legal cannabis market in Canada. BC Craft is driven to assist craft growers in obtaining security clearance and licensing to grow as micro-cultivators, specializing in education and compliance to bring growers into the regulated cannabis supply market.
Pasha’s common shares trade on the CSE under the symbol “CRFT” and on the FSE under the symbol “ZZD”.
For more information, please visit www.pashabrands.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Media & Investor Relations Contact
SOURCE Pasha Brands Ltd.