A Norwegian and Canadian joint venture will see the development of new cannabis cultivation facilities in Portugal.
Vancouver’s RavenQuest BioMed and Cannabis Biocare will become the latest cannabis cultivators to embrace the ideal growing climate of the Iberian Peninsula country.
The deal will see RavenQuest provide its Orbital Garden grow technology, cultivation expertise and intellectual property to Cannabis Biocare who will be wholly responsible for construction and facility operation.
These will be based in two sites, say the companies in a joint press release; one in the Portuguese towns of Vila Nogueira de Azeitao and the second in Porto.
Huge European Opportunity
Cannabis Biocare is an offshoot of Norwegian company HEMLA; itself an active player in the energy industry in Central Europe, the Middle East and Africa.
Both parties will have an equal share in the Joint Venture, which is expected to be called RQBeu, and plans to produce 35,000 kilograms of medical cannabis for the European market.
George Robinson CEO of RavenQuest said the size of the European marketplace ‘with over 700 million residents and its progressive attitude toward cannabis legalization’ had piqued its interest.
He went on to say Cannabis Biocare is responsible for providing 100% of the funding for the Joint Venture and that its ‘political relationships across Europe, North Africa and the Gulf States brings the potential for future expansions into those markets’.
Scientific, Innovative and Sound
Cannabis Biocare, which says the production facilities will be constructed within two years, was founded by Gerhard Ludvigsen. He said it had been ‘quietly and patiently conducting research prior to entering the global cannabis marketplace’.
He continued: “Our due diligence process has been exhaustive and has involved conversations with several Canadian cannabis companies including five companies with market capitalizations in the billions of dollars.”
He said that following these deliberations it has chosen to ‘partner with one of the most scientific, innovative and fundamentally sound cannabis projects worldwide, namely RavenQuest BioMed’. A registered Health Canada licensed producer RavenQuest has bases in Ontario and Alberta and works with McGill University in Montreal.
In August, RavenQuest announced that its six distinct cannabis varieties namely; Brooklyn Sunrise, The Ultimate, CBD Compassion, CBD Kush, Charlotte’s Angel and CBD Skunk Haze, had passed the required tests.
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