Acreage Holdings, Inc. (“Acreage” or “Company”) (CSE:ACRG, OTCQX:ACRGF, FSE:0VZ), one of the largest vertically integrated cannabis operators in the U.S., today announced it entered into agreements in respect of the following financing transactions (collectively, the “Financing Transactions”):
- US$100,000,000 credit facility (the “Credit Facility”) with an institutional lender (the “Institutional Lender”), with US$49,000,000 available to be drawn down at First Closing (as defined below)
- US$50,000,000 private loan transaction to provide cash collateral for the Credit Facility (the “Loan Transaction”)
- US$30,000,000 private placement of special warrants (the “Private Placement”) and an option to acquire a further US$20,000,000 of special warrants (the “Option”)
Benefits of the Financing Transactions:
- Capital Needs – Satisfies the near-term capital requirements of Acreage and its subsidiaries and creates a path for further borrowings pursuant to the Credit Facility up to $100 million in aggregate
- Closing of the Private Placement and the first tranche of the Credit Facility will provide access to gross proceeds of approximately $79 million
- Availability of further $50 million under Credit Facility (and total additional availability of $70 million if the Option is exercised)
- Non-Dilutive to Canopy Transaction – the consideration per share to be received by Acreage shareholders upon completion of the previously approved plan of arrangement with Canopy Growth is not impacted by the Financing Transactions
- Financial Position – the Financing Transactions significantly improve Acreage’s financial position to continue to execute on its vision while establishing paths for further additional non-dilutive and shareholder-friendly financing transactions
Kevin Murphy, Chairman and CEO of Acreage said, “In a time of limited capital availability for our industry, I am excited to announce these proposed transactions to strengthen our balance sheet, further enabling us to execute our plan to be a leading consumer cannabis company in the U.S. In the course of these transactions, we have cemented a relationship with a well-capitalized institutional lender that has the capacity to provide additional credit facilities as necessary.”
ADDITIONAL TRANSACTION DETAILS
A subsidiary of Acreage (the “Borrower”) may draw down up to US$100,000,000 from the Institutional Lender under the Credit Facility in three tranches, with the first advance, of US$49,000,000, expected to be received in February 2020, subject to satisfaction of the closing conditions including closing of the Loan Transaction (“First Closing”).
Interest under the Credit Facility advances will be payable monthly as follows: (a) for the first year, 2.55% per annum on the first advance, 1.25% per annum on the second advance, and a rate to be negotiated for the third advance; and (b) for the second year, a rate to be negotiated. Advances made pursuant to the Credit Facility will be secured by a guarantee from the IP Borrower (as defined below) and security over the US$50,000,000 of the proceeds from the Loan Transaction (the “Cash Collateral”). The Borrower may drawdown on the remaining US$51,000,000 of the Credit Facility if such additional advances are secured by cash collateral equal to the additional amounts borrowed plus US$1,000,000. The Institutional Lender will not have security in any of Acreage’s or its subsidiaries’ other property or assets. The Credit Facility has a two-year term and matures, subject to acceleration in certain limited instances, on the date that is two years from First Closing.
Acreage expects to use the advances for working capital and general corporate purposes.
In order to fund the Cash Collateral, an Acreage subsidiary (the “IP Borrower”) will borrow US$50,000,000 in the aggregate (the “Borrowed Amount”) from IP Investment Company, LLC (the “Lender”). Kevin Murphy, Acreage’s Chief Executive Officer, is lending US$21,0000,000 of the Borrowed Amount to the Lender in connection with the completion of the Lender’s loan to the IP Borrower. Acreage has been advised that Mr. Murphy will not be a member, an officer nor a director of the Lender and that Mr. Murphy will be entitled to receive, assuming full repayment of the Borrowed Amount at maturity, US$23,100,000 along with up to 304,001 Interest Shares (as defined below). The maturity date for borrowings under the Loan Transaction, subject to acceleration in certain instances, will be 366 days from the closing date of the Loan Transaction.
Monthly interest under the Loan Transaction will be satisfied by the IP Borrower delivering to the Lender 83,333 Acreage Class A subordinate voting shares (“Subordinate Voting Shares”) per month, or 1,000,000 Subordinate Voting Shares in the aggregate (the “Interest Shares”). Acreage is required to use commercially reasonable efforts to ensure that the Interest Shares are not subject to resale restrictions.
The Lender will be granted a security interest in the non-U.S. intellectual property owned by Acreage and its affiliates (the “IP Security”). If the IP Borrower has not repaid the principal amount outstanding at maturity along with an additional repayment amount, being an aggregate of US$55,000,000, the Lender shall have the right to enforce its IP Security and sell such collateral to a third party in satisfaction of the IP Borrower’s obligations to the Lender. In the event that the sale of the IP Security does not take place, the Lender may require Acreage to issue up to 20,000,000 Subordinate Voting Shares, with all net proceeds of the offering payable to the Lender in satisfaction of the repayment amount owing to it. If the Lender does not receive at least US$55,000,000 from the net proceeds of such offering and Acreage does not make a cash payment in respect of any shortfall, certain subsidiaries of Acreage will be required to dispose of assets (“Secured Assets”) in transactions to make up the difference between US$55,000,000 and the net proceeds from such offering.
If, prior to the date that is four months from the closing of the Credit Facility, Acreage or its affiliates has not (a) borrowed or otherwise raised debt or equity capital from any person of at least an additional US$65,000,000, or (b) repaid US$20,000,000 of the principal amount of the Borrowed Amount by (i) paying US$22,000,000 to the Lender and concurrently delivering to the Lender that number of Interest Shares equal to 48% of the Interest Shares that have yet to be delivered to the Lender, the Lender shall have the right to accelerate the maturity of US$20,000,000 of the principal amount of the Borrowed Amount. If this acceleration occurs, (a) certain Secured Assets will be transferred to the Lender in satisfaction of the maturing amount, and (b) a number of Interest Shares equal to 48% of the Interest Shares that have yet to be delivered to the Lender shall be immediately delivered by the IP Borrower. If the Secured Assets cannot be transferred for regulatory reasons, Acreage and/or its applicable subsidiaries will make arrangements to provide the economic benefits thereof to the Lender.
The Lender shall have the right to put any Interest Shares that it still owns upon maturity of the Loan Transaction to the IP Borrower at a put price of US$4.50 per Interest Share for a period of 10 business days following the maturity date.
Closing of the Loan Transaction is expected to occur in February, 2020 and is subject to execution of definitive transaction documents, required consent and approval, closing of the Private Placement, approval of the Canadian Securities Exchange (“CSE”) and customary closing conditions.
The participation of Kevin Murphy in the Loan Transaction constitutes a “related party transaction” within the meaning of Multilateral Instrument 61‑101 ‑ Protection of Minority Security Holders in Special Transactions (“MI 61‑101”). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61‑101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61‑101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties (being Mr. Murphy), exceeded 25% of the Company’s market capitalization (as determined under MI 61-101). Further details will be included in a material change report to be filed by the Company. The material change report will not be filed more than 21 days prior to closing of the Loan Transaction due to the timing of the announcement of the Loan Transaction and the anticipated closing thereof occurring in less than 21 days.
Acreage also announced today the Private Placement of US$30,000,000 of special warrants (“Special Warrants”) at a price of US$4.93 (the “Issue Price”) per Special Warrant. The Special Warrants shall be automatically exercised (without payment of any further consideration) into units of the Company (the “Units”) on the earliest to occur of: (i) the date that is three business days following the date on which the Company files a prospectus supplement (the “Qualification Prospectus Supplement”) to the Company’s base shelf prospectus dated August 8, 2019 (the “Base Shelf Prospectus”) with the applicable securities regulatory authorities in the Province of Ontario and each of the jurisdictions in Canada in which the Special Warrants are sold (collectively, the “Securities Commissions”) qualifying the distribution of the Units issuable upon exercise of the Special Warrants, and (ii) the date that is four months and one day after the Closing Date (as hereinafter defined) (the “Automatic Conversion Date”), subject to adjustment in certain events.
Each Unit will consist of one Subordinate Voting Share and one Subordinate Voting Share purchase warrant of the Company (a “Warrant”). Each Warrant will be exercisable to acquire one subordinate voting share of the Company (a “Warrant Share”) for a period of five years following the Closing Date (as hereinafter defined) of the Private Placement at an exercise price of US$5.80 per Warrant Share, subject to adjustment in certain events.
At the closing of the Private Placement, the lead subscriber will be granted the Option to purchase, at the Issue Price per Special Warrant, up to US$20,000,000 of additional Special Warrants or, if the Qualification Prospectus Supplement has been filed prior to the time of exercise, Units, exercisable at the lead subscriber’s option at any time up until 8:00 a.m. (Eastern time) on March 16, 2020. The Qualification Prospectus Supplement shall also qualify the distribution of the Units issuable upon exercise of such additional Special Warrants (if the Option is exercised prior to filing the Qualification Prospectus Supplement) or issuable upon exercise of the Option (if the Option has not been exercised prior to the filing of the Qualification Prospectus Supplement).
The net proceeds from the Private Placement will be used for working capital and general corporate purposes.
Canaccord Genuity Corp. is acting as bookrunner and lead agent (the “Agent”) on a fully marketed, “best efforts” private placement basis.
The Special Warrants shall be offered and sold by private placement to “accredited investors” within the meaning of National Instrument 45-106 – Prospectus Exemptions and other exempt purchasers only in those provinces of Canada in which a receipt (or deemed receipt) has been issued for the Base Shelf Prospectus by the applicable securities regulatory authority.
The Special Warrants and the Warrants will not be listed on any stock exchange. The Company intends to apply to list the Subordinate Voting Shares and the Warrant Shares on the CSE.
The Special Warrants issued pursuant to the Private Placement will be subject to a statutory four month and one day hold period following the Closing Date subject to the earlier clearing of the Qualification Prospectus Supplement qualifying the distribution of the Units issuable upon exercise of the Special Warrants.
Closing of the Private Placement is expected to occur on or about February 7, 2020 (the “Closing Date”). Closing of the Private Placement is subject to customary closing conditions, including, without limitation, receipt of all regulatory approvals.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States. The Special Warrants being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or the securities laws of any state of the United States and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any state of the United States in which such offer, solicitation or sale would be unlawful.
Headquartered in New York City, Acreage is one of the largest vertically integrated, multi-state operators of cannabis licenses and assets in the U.S., according to publicly available information. Acreage owns licenses to operate or has management or consulting services or other agreements in place with license holders to assist in operations in 20 states (including pending acquisitions) with a population of approximately 180 million Americans, and an estimated 2022 total addressable market of US$16.7 billion in legal cannabis sales, according to Arcview Market Research. Acreage is dedicated to building and scaling operations to create a seamless, consumer-focused branded cannabis experience. Acreage debuted its national retail store brand, The Botanist, in 2018 and its award-winning consumer brands, The Botanist and Live Resin Project in 2019.
On June 27, 2019 Acreage implemented an arrangement under section 288 of the Business Corporations Act (British Columbia) (the “Arrangement”) with Canopy Growth. Pursuant to the Arrangement, the Acreage articles were amended to provide Canopy Growth with an option to acquire all of the issued and outstanding shares in the capital of Acreage, with a requirement to do so, upon a change in federal laws in the United States to permit the general cultivation, distribution and possession of marijuana (as defined in the relevant legislation) or to remove the regulation of such activities from the federal laws of the United States (the “Triggering Event”), subject to the satisfaction of the conditions set out in the arrangement agreement entered into between Acreage and Canopy Growth on April 18, 2019, as amended on May 15, 2019 (the “Arrangement Agreement”). Acreage will continue to operate as a stand-alone entity and to conduct its business independently, subject to compliance with certain covenants contained in the Arrangement Agreement. Upon the occurrence or waiver of the Triggering Event, Canopy Growth will exercise the option and, subject to the satisfaction or waiver of certain conditions to closing set out in the Arrangement Agreement, acquire (the “Acquisition”) each of the Subordinate Voting Shares (following the automatic conversion of the Class B proportionate voting shares and Class C multiple voting shares of Acreage into Subordinate Voting Shares) in exchange for the payment of 0.5818 of a common share of Canopy Growth per Subordinate Voting Share (subject to adjustment in accordance with the terms of the Arrangement Agreement). If the Acquisition is completed, Canopy Growth will acquire all of the Acreage Shares, Acreage will become a wholly owned subsidiary of Canopy Growth and Canopy Growth will continue the operations of Canopy Growth and Acreage on a combined basis. For more information about the Arrangement and the Acquisition please see the respective information circulars of each of Acreage and Canopy Growth dated May 17, 2019, which are available on Canopy Growth’s and Acreage’s respective profiles on SEDAR at www.sedar.com. For additional information regarding Canopy Growth, please see Canopy Growth’s profile on SEDAR at www.sedar.com.
FORWARD LOOKING STATEMENTS
This news release and each of the documents referred to herein contains “forward-looking information” within the meaning of applicable Canadian and United States securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information, including, for greater certainty, statements regarding the financing transactions described herein meeting Acreage’s capital requirements, the closing of the Credit Facility, Loan Transaction, Private Placement and the use of proceeds thereof, the execution of definitive documentation in respect of the Loan Transaction, the filing of the Qualification Prospectus, future access to capital, and the proposed transaction with Canopy Growth, including the anticipated benefits and likelihood of completion thereof.
Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Acreage’s current beliefs and is based on information currently available to Acreage and on assumptions Acreage believes are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Acreage to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory approvals; the available funds of Acreage and the anticipated use of such funds; the availability of financing opportunities; the ability of Acreage and Canopy Growth to satisfy, in a timely manner, the conditions to the completion of the Acquisition; the likelihood of completion of the Acquisition; other expectations and assumptions concerning the transactions contemplated between Acreage and Canopy Growth; legal and regulatory risks inherent in the cannabis industry; risks associated with economic conditions, dependence on management and currency risk; risks relating to U.S. regulatory landscape and enforcement related to cannabis, including political risks; risks relating to anti-money laundering laws and regulation; other governmental and environmental regulation; public opinion and perception of the cannabis industry; risks related to contracts with third-party service providers; risks related to the enforceability of contracts; reliance on the expertise and judgment of senior management of Acreage; risks related to proprietary intellectual property and potential infringement by third parties; the concentrated voting control of Acreage’s founder and the unpredictability caused by Acreage’s capital structure; risks relating to the management of growth; increasing competition in the industry; risks inherent in an agricultural business; risks relating to energy costs; risks associated to cannabis products manufactured for human consumption including potential product recalls; reliance on key inputs, suppliers and skilled labor; cybersecurity risks; ability and constraints on marketing products; fraudulent activity by employees, contractors and consultants; tax and insurance related risks; risks related to the economy generally; risk of litigation; conflicts of interest; risks relating to certain remedies being limited and the difficulty of enforcement of judgments and effect service outside of Canada; risks related to future acquisitions or dispositions; sales by existing shareholders; and limited research and data relating to cannabis. A description of additional assumptions used to develop such forward-looking information and a description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Acreage’s disclosure documents, including the Circular and Acreage’s Annual Information Form for the year ended December 31, 2018 filed on April 29, 2019, on the SEDAR website at www.sedar.com. Although Acreage has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Acreage as of the date of this news release and, accordingly, is subject to change after such date. However, Acreage expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
Neither the Canadian Securities Exchange nor its Regulation Service Provider has reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Codebase Ventures Inc. (“Codebase” or the “Company”) (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) is pleased to announce that it has issued a total of 7,400,000 options pursuant to its incentive stock option plan (“Plan”) to management, employees and consultants. Each option entitles the holder to subscribe for one common share of the Company for $0.265 for a period of 5 years, subject to the terms of the Plan
The Company has also agreed to engage Aktiencheck.de AG, for €50,000 for a European marketing and news dissemination program. The length of such program depends upon the Company’s future news flow.
About Codebase Ventures Inc.
Codebase Ventures Inc. seeks early-stage investments in sectors that have significant upside. We seek innovators who are establishing tomorrow’s standards. We support those innovators and help take their ideas to market.
For further information, please contact:
George Tsafalas – Ivy Lu
Telephone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
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 release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “predicts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE: Codebase Ventures Inc.
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Khiron Receives Accreditation for UK Medical Cannabis Education and Partners with UK’s Cellen Therapeutics to Improve Clinician Education
- Company has received UK Continuing Professional Development (“CPD”) accreditation for its global education platform, Khiron Academy
- UK medical professionals may now earn CPD credits through Khiron’s medical cannabis education program
- The Company has entered into a strategic partnership with Cellen Therapeutics, a leader in digital healthcare in the UK, to increase patient access via medical cannabis education
- As a leading international medical cannabis educator, nearly 1,000 medical professionals in Latin America and the United Kingdom have registered for, or completed, Khiron Academy training
Khiron Life Sciences Corp. (“Khiron” or the “Company”) (TSXV: KHRN) (OTCQX: KHRNF) ( Frankfurt : A2JMZC), a vertically integrated cannabis leader with core operations in Latin America and Europe is pleased to announce it has received UK Continuing Professional Development (“CPD”) accreditation for Khiron Academy, the Company’s global medical cannabis education platform.
Additionally, following its accreditation, the Company has entered into a strategic partnership with Cellen Therapeutics, a leader in digital healthcare in the UK and fellow founding member of Project Twenty21, to increase patient access through medical cannabis education initially. Khiron Academy will be made available to prescribers in the UK that have registered with Cellen’s MedCanHub, an emerging education portal. Cellen is market leader, widely recognized for also launching the UK’s first digital pain clinic, Leva.
Tejinder Virk , President of Khiron Europe, commented, “Over the last year, Khiron has seen a direct correlation between physician education and patient access. With Khiron Academy’s CPD accreditation and through our strategic partnership with Cellen Therapeutics, we are positioned to reach a growing number of medical professionals, and in turn, provide patients with greater access to medical cannabis products.”
Eric Bystrom , CEO of Cellen commented, “We are pleased to be joining forces with Khiron on educating prescribing specialists in the UK. Khiron is a clear global leader in medical cannabis education. We share common values in improving patient lives by educating doctors and optimizing the standard of medical care. Our aim is to create a practical guide for responsibly prescribing patients with safe and efficacious medical cannabis products.”
In the UK, Khiron continues to leverage educational materials developed by the Company to train medical professionals in Latin America , along with clinical data from thousands of Khiron patients. In addition to Cellen’s MedCanHub (accessible to medical professionals at https://medcanhub.cellenhealth.com/ ), Khiron Academy is available to members of the Medical Cannabis Clinicians Society (MCCS) and core to the training of prescribing specialists for Project Twenty21, a 20,000-patient observational study backed Drug Science in UK.
To date, the Company has trained nearly 1000 medical professionals in Latin America and the UK. Over the last year, physicians trained by Khiron in Latin America have issued over 13,000 prescriptions, with a compound monthly growth rate of nearly 50%. Khiron Academy will be a platform for sharing the Company’s clinical expertise, in conjunction with clinical data arising from Khiron’s wholly-owned clinics in LatAm.
About Khiron Life Sciences Corp.
Khiron is a vertically integrated medical and CPG cannabis company with core operations in Latin America , and operational activity in Europe and North America . Khiron is the leading medical cannabis provider in Colombia and the first company licensed in Colombia for the cultivation, production, domestic distribution and sales, and international export of both low and high THC medical cannabis products. The Company has filled medical cannabis prescriptions in Colombia , Peru , Germany and the United Kingdom , and is positioned to commence sales in Mexico , Germany and Brazil in 2021.
Leveraging wholly-owned medical clinics and proprietary telemedicine platforms, Khiron combines a patient-oriented approach, physician education programs, scientific expertise, product innovation, and agricultural infrastructure to drive prescriptions and brand loyalty. Its Wellbeing unit launched the first branded CBD skincare brand in Colombia , with Kuida TM now marketed in multiple jurisdictions in Latin America , the US and United Kingdom . The Company is led by Co-founder and Chief Executive Officer, Alvaro Torres , together with an experienced and diverse executive team and Board of Directors.
Visit Khiron online at investors.khiron.ca and on Instagram @khironlife.
This press release may contain certain “forward-looking information” and “forward-looking statements” within the meaning of applicable securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Khiron undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of Khiron, its securities, or financial or operating results (as applicable). Although Khiron believes that the expectations reflected in forward-looking statements in this press release are reasonable, such forward-looking statement has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond Khiron’s control, including the risk factors discussed in Khiron’s Annual Information Form which is available on Khiron’s SEDAR profile at www.sedar.com . The forward-looking information contained in this press release is expressly qualified by this cautionary statement and is made as of the date hereof. Khiron disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
T: +1 (647) 556-5750
Europe Communications Manager
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SOURCE Khiron Life Sciences Corp.
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Khiron Life Sciences
TRACE’s plant-based and alkaline wellness products to expand into key markets of Japan, China and the Philippines
Emerging leader in innovative health and wellness beverages and consumer products, BevCanna Enterprises Inc . ( CSE:BEV , Q:BVNNF , FSE:7BC ) (“ BevCanna ” or the “ Company ”) announces today its anticipated expansion into the Asia Pacific region, through its wholly-owned subsidiary Naturo Group. After completing a comprehensive market, distribution and partner assessment, the Company intends to initially launch its portfolio of TRACE health and wellness products in the key markets of Japan, China, and the Philippines, through multi-channel distribution outlets including e-commerce, retail, and wholesale.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210413005502/en/
TRACE product family (Photo: Business Wire)
With a combined population of 1.633 billion people, or 21 percent of the world’s citizenry, the three countries signify a substantial opportunity for BevCanna. The markets’ growing and prosperous middle-class consumer base represents an ideal demographic for the TRACE products, as consumers increasingly opt for healthier lifestyle choices. The global nutraceutical market size is projected to reach US$722.49 billion by 2027, expanding at a CAGR of 8.3% over the forecast period; Asia-Pacific is expected to witness the fastest growth over the forecast period, particularly in Japan and China. 1 The Japanese market is particularly suited for the introduction of the TRACE brand, with its consumers having developed a decided preference for natural, health-conscious products. Two-thirds of Asian consumers believe in superfoods and natural health products for treating ailments 2 , representing a prime demographic for wellness-focused products.
“The Asian market is a natural fit for our TRACE line of plant-based and alkaline products,” said Melise Panetta, President of BevCanna. “We’ve been actively evaluating the market potential, while also fielding increased interest from Asian customers and partners in our TRACE plant-based mineral products and our Canadian natural alkaline spring water. Our portfolio of products will address a growing demand for nutraceuticals and wellness-focused natural products, and we’re pleased to announce our anticipated expansion into these significant markets”.
TRACE’s proprietary plant-based mineralized beverages and nutraceuticals contain fulvic and humic minerals, sourced from ancient organic compounds that are highly concentrated sources of trace minerals. Recognized benefits of the Health Canada-approved formulations include cognitive performance, gut health, immune function, and aiding the body in metabolizing carbohydrates, fats, and proteins. Mineral-enhanced water is increasingly popular in Asia for its purported benefits to human immune systems and brain health.
TRACE’s proprietary alkaline spring water is bottled at source in British Columbia’s Okanagan region. The alkaline water provides additional benefits to the consumer as compared to most tap and conventional bottled water, including the increased presence of hydroxyl ions, increased hydration, improved bone health, healthier skin and decreased gastrointestinal symptoms.
2 Natural Products Global June 27, 2017
About BevCanna Enterprises Inc.
BevCanna Enterprises Inc . ( CSE:BEV , Q:BVNNF , FSE:7BC ) is a diversified health & wellness beverage and natural products company. BevCanna develops and manufactures a range of plant-based and cannabinoid beverages and supplements for both in-house brands and white-label clients.
With decades of experience creating, manufacturing and distributing iconic brands that resonate with consumers on a global scale, the team demonstrates an expertise unmatched in the nutraceutical and cannabis-infused beverage categories. Based in British Columbia, Canada, BevCanna owns a pristine alkaline spring water aquifer and a world–class 40,000–square–foot, HACCP certified manufacturing facility, with a bottling capacity of up to 210M bottles annually. BevCanna’s extensive distribution network includes more than 3,000 points of retail distribution through its market-leading TRACE brand, its Pure Therapy natural health and wellness e-commerce platform, its fully licensed Canadian cannabis manufacturing and distribution network, and a partnership with #1 U.S. cannabis beverage company Keef Brands .
On behalf of the Board of Directors:
John Campbell, Chief Financial Officer and Chief Strategy Officer
Director, BevCanna Enterprises Inc.
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements in this news release include statements regarding: the Company’s anticipated expansion into the Asia Pacific region, through its wholly-owned subsidiary Naturo Group, through multi-channel distribution outlets including e-commerce, retail, and wholesale; the markets’ growing and prosperous middle-class consumer base represents an ideal demographic for the TRACE products, as consumers increasingly opt for healthier lifestyle choices; that Asian consumers represent a prime demographic for wellness-focused products; the increased interest from Asian customers and partners in the Company’s TRACE plant-based mineral products and its Canadian natural alkaline spring water; that the Company’s portfolio of products will address a growing demand for nutraceuticals and wellness-focused natural products; and other statements regarding the business plans of the Company. The forward-looking statements reflect management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements.
Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Factors that could cause actual results or events to differ materially from current expectations include, among other things: general market conditions; changes to consumer preferences; volatility of commodity prices; future legislative, tax and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the inability to implement business strategies; competition; currency and interest rate fluctuations; inability to successfully negotiate and enter into commercial arrangements with other parties; and other factors beyond the control of the Company and its commercial partners. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
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Wynn Theriault, Thirty Dash Communications Inc.
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Trulieve acquires dispensary permits from Solevo Wellness West Virginia LLC for $650,000
Trulieve Cannabis Corp . (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States and the largest cannabis company in Florida announced today that it acquired Solevo Wellness West Virginia LLC (“Solevo”) and its three West Virginia dispensary permits for $650,000 . Solevo was awarded two permits in Morgantown and one in Parkersburg in January 2021 as part of the West Virginia application process.
“This acquisition enables Trulieve to broaden and solidify our position in the newly created West Virginia market. Solevo was granted three dispensaries as part of the application process entered by the Company before becoming part of the Trulieve family. Adding Solevo to our production and dispensary permits, as well as our recently announced definitive agreement to acquire Mountaineer Holdings and its cultivation and dispensary permits, will create a fully vertical presence in the state with nine dispensaries,” said Kim Rivers , CEO of Trulieve. “We look forward to providing the highest level of cannabis products and customer experience through authentic and reciprocal relationships to West Virginia patients.”
Trulieve acquired Solevo and its three dispensary permits for an upfront payment of $150,000 in cash, and $500,000 in Trulieve subordinate voting shares (“Trulieve Shares”). Stock price is based on 10-day VWAP from the last trading day before signing. The transaction is contingent upon West Virginia state regulatory approval and customary closing conditions.
Advisors and Counsel
Fox Rothschild LLP is acting as legal counsel to Trulieve.
Trulieve is a vertically integrated “seed-to-sale” company and is the first and largest fully licensed medical cannabis company in the State of Florida . Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded stores (dispensaries) throughout the State of Florida , as well as directly to patients via home delivery. Trulieve also operates in California , Massachusetts , Connecticut and Pennsylvania . Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL and trades on the OTCQX Best Market under the symbol TCNNF.
This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
To learn more about Trulieve, visit www.Trulieve.com .
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company and statements with regard to the Report and the Company’s response thereto. Words such as “expects”, “continue”, “will”, “anticipates” and “intends” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company’s current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
SOURCE Trulieve Cannabis Corp.
View original content: http://www.newswire.ca/en/releases/archive/April2021/13/c3491.html
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Better Plant Sciences Inc. (CSE: PLNT) (OTCQB: VEGGF) (FSE: YG3) (“Better Plant”) or (the “Company”) a wellness company that develops and sells sustainable, plant-based products, is pleased to announce that it’s Jusu Home and Body line is now available for purchase on Faire Wholesale Marketplace (“Faire” or “www.faire.com”), an online wholesale marketplace valued at US $2.5 billion. Jusu Home and Body products are currently featured in their “New Arrivals” section.
Better Plant Announces Agreement with Faire Wholesale Marketplace For Jusu Home and Body Products
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Growing by 200% year over year, Faire currently serves over 170,000 independent retailers across North America, representing more retail locations than Marks & Spencer, Boots, Aldi, Starbucks, and Tesco combined. The platform has also recently launched in the United Kingdom and the Netherlands, with other European markets to follow in the coming months. “This partnership with Faire gives boutique retailers access to Jusu Home and Body products on a global scale and will showcase to retailers that are outside of our typical demographic”, says Amber Allen, Head of Sales for Better Plant. “We look forward to promoting Jusu products on this platform and connecting with many diverse buyers.”
Faire provides a holistic, end-to-end platform that enables independent retailers to build, grow, and run their businesses. Leveraging the Faire platform benefits retailers with perks such as payment flexibility and security, free returns, shipping solutions and data-driven recommendations.
According to a report by Globe Newswire, the global market for natural and organic personal care products is projected to reach a revised size of US $23.6 billion by 2027, growing at a CAGR of 9.3% over the analysis period 2020-2027.
Faire is a curated wholesale marketplace connecting more than 40,000 local retailers with thousands of emerging and established brands. Faire enables independent retailers to grow their business with the advantages of big box terms and empowers makers to seamlessly build and run their wholesale business. Faire was founded in 2017 and is powered by the idea that the future is local. Faire is backed by investors including Y Combinator, Lightspeed Venture Partners, Forerunner Ventures, Khosla Ventures, Sequoia Capital, Founders Fund, and DST Global. The company is headquartered in San Francisco, Kitchener-Waterloo, and Salt Lake City. To learn more, visit www.Faire.com.
About Better Plant:
Better Plant harnesses plant intelligence and leverages modern science to offer sustainable, plant-based products that are better for health and better for the earth. It makes and sells over 90 proprietary products, all made with 100% natural ingredients, under the brands Jusu, Urban Juve and Wright & Well. It has a direct-to-consumer platform for refrigerated goods that offers easy online ordering and convenient home delivery in select cities in Alberta and BC. Better Plant operates Jusu Bar, a quick serve restaurant alternative in Victoria, BC, which serves up fresh, healthy, and nutritious options with a focus on Jusu cold-pressed juices. Jusubar.com offers home delivery of refrigerated plant-based beverages consisting of cold-pressed juices and packaged juice cleanses. Through its Shopify enabled eCommerce sites getjusu.com and urbanjuve.com, Better Plant sells plant-based personal care products, including skin care, hair care, body care and baby care. Jusu also has a line of plant-based all-natural home cleaning products that are sold to cleaning companies, retailers and sold directly to consumers. Better Plant also offers operational, financial, and other services to companies with businesses that align with Better Plant’s mission to help create a better world. Better Plant incubated NeonMind, which sells medicinal mushroom infused coffees and is developing drugs with psychedelic ingredients to treat obesity and to suppress appetite. Better Plant owns approximately 27% of NeonMind, which trades separately as a public company under the tickers (CSE: NEON) and (OTCQB: NMDBF).
Penny White, President & CEO
Amber Allen, Head of Sales
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, brand development, availability of packaging, intellectual property protection, reduced global commerce and reduced access to raw materials and other supplies due to the spread of COVID-19, the potential for not acquiring any rights as a result of the patent application and any products making use of the intellectual property may be ineffective or the company may be unsuccessful in commercializing them; and other approvals will be required before commercial exploitation of the intellectual property can happen. Demand for the company’s products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Better Plant cautions readers not to place undue reliance on forward-looking statements provided by Better Plant, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Better Plant expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/80230
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