Victory Square to Launch Grow Tech Labs Accelerator to Help Build Value in Cannabis Industry
VANCOUVER, British Columbia, Sept. 20, 2018 (GLOBE NEWSWIRE) -- Vancouver-based Victory Square Technologies Inc. ("Victory Square" or the "Company") (CSE: VST, OTCQX: VSQTF, FWB: 6F6) is providing seed capital to establish Grow Tech Labs as a dynamic business accelerator in the cannabis sector. It will be focused on Canadian and international companies innovating in the medical and recreational cannabis industry.
This marks the latest in a series of cannabis-related investments which Victory Square has made over the past three years. In 2015-16, the Company worked with cannabis pioneers and thought leaders Tantalus Labs, which opened Canada’s first closed-system greenhouse and launched a new phase of agricultural medical cannabis production in Canada (www.tantaluslabs.com).
Earlier this year, Victory Square announced a strategic partnership with Cannabis Wise to establish a national cannabis certification program for Canada’s post-prohibition marketplace (www.cannabiswise.com).
“We’re closely watching and engaged in what is a fast-moving marketplace for medical and recreational cannabis and appreciative of what innovation in the space will mean to the industry in British Columbia and across Canada,” said Shafin Diamond Tejani, CEO of Victory Square Technologies.
Tejani noted the Grow Tech Labs Accelerator will be formally launched next month, in association with the legalization of cannabis in Canada. Additional investments and project partners will be announced over the coming weeks and months.
“Grow Tech Labs will attract a new and diverse generation of cannabis sector leaders to Vancouver through world-class programs that apply innovative technology and deliver education rooted in entrepreneurship, mentorship and social responsibility,” said Tejani. “We look forward to seeing Grow Tech Labs push the envelope of best practices in the field, from opportunities for female entrepreneurs and Indigenous companies to collaborative sector-wide partnerships.”
To help reaffirm British Columbia’s status as a global cannabis capital for excellence and innovation, Grow Tech Labs will:
Provide direct support, access to capital, mentorship and licensed space to locate innovative start-up Canadian companies in BC.
Attract international investment to BC’s cannabis sector.
Accelerate the participation of small BC producers and processors in the legal marketplace.
Establish dedicated programming for female-founded and Indigenous-founded/owned companies.
Establish partnerships with community, business and education organizations.
Victory Square, is a technology accelerator that uses its experience, expertise and resources to help grow and scale its 23 portfolio companies who are working on innovative and disruptive projects in every sector of the global economy, including Finance, Health, Cannabis, Real Estate, Insurance, Entertainment and Education.
The Company provides investors with a curated portfolio of emerging technology companies focused on: Artificial Intelligence (“AI”), Blockchain, Esports, Virtual Reality (“VR”), and Augmented Reality (“AR”), with the ability to provide significant upside to shareholders through monetization strategies that include IPO’s, RTO’s, and M&A activity.”
The Company also advises, further to its news release dated July 31, 2018, it has converted an aggregate of $805,240.47, the majority of which comprises loans advanced to the Company by Shafin Diamond Tejani, Chief Executive Officer of Victory Square, into common shares in the capital of the Company (the “Shares”) at a deemed value of $1.00 per Share.
All Shares issuable to satisfy the amount payable are subject to a four-month hold period under applicable Canadian securities laws.