Market Overview

Atlas Growers™ Announces Update on Construction of Medicinal Cannabis Facility


EDMONTON, Alberta, July 31, 2018 (GLOBE NEWSWIRE) -- ATLAS GROWERS LTD. ("Atlas" or the "Company"), a wholly owned subsidiary of Atlas Biotechnologies Inc., is on schedule to submit its Evidence Package to Health Canada for its medicinal cannabis facility ("Facility") with the purpose of receiving its cultivation license. The 38,000 ft² Facility north west of Edmonton is being constructed by the accomplished local Alberta building company; Scott Builders. The estimated completion date of the Facility is planned to occur in early August 2018. It is expected that the interior construction and the installation of lighting equipment will occur simultaneously with the completion of the building.

"We are very pleased to have Scott Builders, Jim Hole and the Atlas team assist us in completing the final stages of obtaining the ACMPR license and for assisting us in maintaining our agenda," said Atlas Growers President, Sheldon Croome. "Atlas Growers is on track to become a producer of medicinal cannabis in Canada and for international markets."

Health Canada has updated and improved the licensing process for medicinal cannabis producers, which includes prioritising applicants with a build completion schedule and issuing a license without prior inspection upon proof of build completion. As such, the Atlas management team estimates that the company will be able to successfully obtain the ACMPR licence in the 3rd quarter.

About Atlas Growers Ltd.

Atlas Growers Ltd. ("Atlas") is based in Edmonton, Alberta, Canada and is a wholly owned subsidiary of Atlas Biotechnologies Inc. Atlas has applied for, and expects to receive in Q3 2018, its cultivation and sales licenses under Health Canada's ACMPR. Atlas' initial purpose-built 38,000 square foot facility is nearing completion and will have the capacity to produce cannabis concentrates and up to 5,000 kg of dried cannabis annually. Further, the existing Atlas site could potentially allow for future expansion of up to 12,000,000 square feet of production capacity. Atlas is well financed and has an unutilized $6.25 million bank facility in place with ATB Financial.

For further information contact:

Jeffrey R. Gossain, P. Eng.
Vice President of Operations
Phone: 780-784-5920

Graeme Dick, BMgmt
Colwell Capital Corp.

Dean Stuart

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