Heritage Announces Joint Venture with Empower Clinics for the Production of Hemp Derived CBD Oils and Formulated Products in Oregon USA
Heritage Cannabis Holdings Corp. (CSE:CANN) (“Heritage” or “Company”) is pleased to announce that it has entered into a Letter of Intent (“LOI”) to form a Joint Venture Partnership (“JV”) with Empower Clinics Inc. (CSE: CBDT) (“Empower”) based in Sandy, Oregon USA for the extraction of hemp for CBD oil production, and formulated CBD products.
Terms of the LOI will have Heritage and Empower each with a 50% ownership of the Joint Venture. Heritage, via its wholly owned subsidiary Purefarma Solutions Inc. (“Purefarma”), will install extraction units and related downstream extraction equipment inside Empower’s existing licenced hemp processing facility. In addition, Purefarma will train and supervise the staff on the proprietary methods of extraction and oil production that it produces in Canada. The JV will be equally funded by both companies with Heritage investing an initial $500,000 for start-up funds as the JV completes the build out and the secures high quality hemp supply from local growers.
Once operational, the JV will begin producing proprietary branded products for Empower’s corporately owned physician staffed health clinics in Washington State, Oregon, Nevada and Arizona. These clinics include Sun Valley Health (“Sun Valley”), a subsidiary of Empower, which has direct marketing access to over 165,000 patients and growing as Sun Valley expands its franchised network nationwide. The JV will utilize formulations from Heritage, as well as manufacture Sollievo branded products that Empower distributes throughout its clinic network.
“By moving forward with Heritage in this JV, it allows us to execute our growth strategy more quickly and efficiently. We will expand our clinics and CBD product offerings throughout the USA via our franchise model, as we aim to become a significant part of the cannabis wellness marketplace.” states Steven McAuley, Empower’s Chief Executive Officer.
The JV will also look to manufacture white label products for other distributors throughout the USA, and it is currently in talks with several potential customers to produce tinctures, topicals, gel caps and formulated bulk CBD oil.
“This is a big step for Heritage as we expand our unique capabilities south of the border into the USA. We are fortunate to be working with Empower as they bring distribution, and a licensed facility which will allow us to begin filling an order pipeline immediately.” says Clint Sharples, CEO of Heritage “Since our 30% acquisition of Endocanna Health in California, they have introduced us to many quality opportunities, including this one with Empower, and are targeting many more in the future.”
About Heritage Cannabis Holdings Corp.
The Company is a vertically integrated cannabis provider that currently has two Health Canada approved licenced producers, through its subsidiaries Voyage Cannabis Corp. and CannaCure Corp. both regulated under the Cannabis Act Regulations. Working under these two licences, Heritage has two additional subsidiaries, Purefarma Solutions, which provides extraction services, and BriteLife Sciences that is focused on cannabis based medical solutions. Heritage as the parent Company, is focused on providing resources for its subsidiaries to advance their products or services to compete both domestically and internationally.
About Empower Clinics Inc.
Empower is a vertically integrated and growth-oriented CBD (cannabidiol) life sciences company, and a multistate operator of medical health and wellness clinics, operating the Sun Valley Health clinic brand, for its nine corporate locations and for franchises in the United States. As a CBD product manufacturer under the Sollievo brand, the company distributes its lines through clinics, on-line and through retail partners. Extraction operations are currently being developed in the company’s new extraction facility in Oregon.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.
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The Canadian Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds, the results of financing efforts, the results of exploration activities — that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
In the evolving rush of mergers and acquisitions (M&A) in the Canadian cannabis market, Canopy Growth (NASDAQ:CGC,TSX:WEED) announced it will acquire The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) in a deal worth approximately C$435 million.
Meanwhile, a cannabis operator in the US confirmed this week that it will receive a financial boost from a partner to solidify its position in the burgeoning Pennsylvania state market.
The Board of Directors of Aphria Unanimously Recommends Shareholders Vote “For” the Arrangement
Aphria to Host Special Meeting of Shareholders on Wednesday, April 14, 2021 to Approve Proposed Aphria-Tilray Business Combination
Love Hemp Group PLC (AQSE: LIFE) (OTCQB: WRHLF), one of the UK’s leading CBD and Hemp product suppliers, announces that as part of the equity fundraise announced yesterday, Antony Calamita and Andrew Male, Directors of the Company, subscribed for 285,714 Ordinary Shares and 1,428,571 Ordinary Shares respectively. The subscriptions are at a price of 3.5 pence per ordinary share for a total of £60,000. Following these subscriptions, Antony Calamita is now interested in 54,385,714 Ordinary Shares, representing 8.61% of the Company’s share capital as increased by the fundraising, and Andrew Male is now interested in 6,138,196 Ordinary Shares, representing 0.97% of the Company’s issued share capital as increased by the fundraising
Further, the timetable for receipt of applications under the Broker Option, which was also announced yesterday, has been extended until 5:00 pm 9 April 2021 to capture additional interest which was unable to be completed yesterday.
Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, would like to provide the following dial-in information for the Company’s upcoming Annual and Special Meeting (the “Meeting”) scheduled to be held at 11:00 a.m. Eastern Daylight Time on April 12, 2021. Shareholders and proxyholders may access the Meeting via teleconference by dialing 647-723-3984 or 1-866-365-4406 from Canada or the United States, then entering participation code “8487744” followed by the pound (“#”) sign.
In consideration of the COVID-19 pandemic and the recent restrictions imposed by the Ontario Provincial Government, shareholders and proxyholders will only be able to attend the Meeting via teleconference and will not be permitted to attend the Meeting in person at the address provided on the Notice of Annual and Special Meeting of Shareholders.
Gage Cannabis Announces Exclusive Partnership With Blue River to Bring Award-Winning Cannabis Extracts to Michigan
Gage Growth Corp. (“Gage” or the “Company”) (CSE:GAGE), a leading high-quality craft cannabis brand and operator in Michigan, announced today that it has signed an agreement with Blue River™ Extracts & Terpenes (“Blue River™”) to bring the brand’s award-winning solventless technology and other trademark branded products to the state’s medical patients and cannabis consumers. The Company will have exclusive rights to Blue River™’s premium product offerings in Michigan.