Empower Clinics (CSE: EPW), which operates a network of medicinal cannabis clinics across the U.S., has issued an updated on its important corporate activities, including the launch of a CBD extraction facility and the acquisition of Sun Valley clinics.
In addition, the company also named a new CFO.
Empower is preparing to open a fully-functioning hemp-based CBD extraction facility in greater Portland, Oregon in the second quarter of 2019. The company expects the first extraction system to have the capacity to produce 6,000 kilograms of extracted product per year.
Empower entered a non-binding term sheet with Aibeida LifeTech. Under the deal, Aibeida will sell and license specialized extraction equipment to Empower, provide facility build-out and set-up services, complete licensing and permitting requirements, and perform equipment set-up, testing and activation.
Further, Aibeida will provide facility management and maintenance for the CBD extraction facility. Aibeida Chief Scientist Dr. Shuang Xie will oversee and manage the Empower CBD extraction facility.
Another development was Empower’s agreement to acquire the business of Sun Valley Certification Clinics Holdings.
Sun Valley operates a network of professional medical cannabis and pain management practices, with five clinics in Arizona, one clinic in Las Vegas, a tele-medicine platform serving California, and a fully developed franchise business model for the domestic cannabis industry.
Meanwhile, Empower started selling its CBD-based products called SOLLIEVO through its network of company-owned clinics in the U.S. The company is working to sell its customers CBD lotion, tinctures, spectrum oils, capsules, lozenges, patches, e-drinks, topical lotions, gel caps, hemp extract drops and pet elixir hemp extract drops.
“We have made considerable progress over the past eight weeks as we work to diversify and expand the Company’s profile. We continue to move aggressively toward establishing a diversified and vertically integrated CBD-focused company that has an expanding network of physician-staffed medical clinics offering support to our many thousands of patients,” Empower CEO Steven McAuley said in a statement.
New CFO Named
Empower named Mathew Lee as CFO, effective March 11.
Lee has financial experience in both public and private company operations across various sectors, including mineral resources, cannabis and financial services. He is a chartered professional accountant with a Bachelor of Commerce Degree from the University of British Columbia and is a member of the Chartered Professional Accountants of British Columbia.
In addition, the company has engaged Invictus Accounting Group LLP to provide financial reporting and compliance services. Vancouver, B.C.-based Invictus is engaged in accounting services, corporate finance, controllership, due diligence, ERP, financial reporting, internal controls compliance and tax compliance.