Newstrike's Tragically Hip-backed Licensed
Producer to Supply Canada's Largest Adult-Use Market
TORONTO, Aug. 21, 2018 /CNW/ - Newstrike Brands Ltd.
(TSX-V:HIP) ("Newstrike" or the "Company"), is
pleased to announce that its wholly-owned subsidiary, Up Cannabis
Inc. ("Up Cannabis"), has entered into an agreement naming
it to the list of official suppliers to the Ontario Cannabis Store
(OCS), positioning Up Cannabis to service Canada's largest adult-use cannabis
market.
"We are absolutely thrilled to be among the select group of
licensed producers to partner with the OCS to service the
ground-breaking launch of Canada's
largest adult-use cannabis market," said Jay Wilgar, CEO of both Newstrike and Up
Cannabis. "This agreement marks yet another significant achievement
for Newstrike and Up, bolstering our strategy to position Up
Cannabis as a premier adult-use brand."
According to a 2018 report from Deloitte, Ontario represents approximately 38 per cent
of Canada's entire adult-use
cannabis market, which translates to a market size upwards of
$1.68 billion1.
Added Wilgar: "We support Ontario's plan to ensure strict regulation of
the retail environment and the need for a measured roll-out as we
approach legalization on October
17th. We look forward to working with the OCS to
ensure safe, regulated and reliable product at competitive prices,
which will help eliminate the black market."
With the OCS signed agreement in place, along with a definitive
Supply Agreement with the Alberta Gaming, Liquor & Cannabis
Commission (AGLC), and a signed Memorandum of Understanding with
the British Columbia Liquor Distribution (BCLDB), Up Cannabis is
well positioned to provide Canadians with adult-use cannabis.
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1
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Deloitte, A Society
in Transition, an Industry Ready to Bloom, 2018 Cannabis Report, p.
5
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About Newstrike and Up Cannabis
Newstrike is the parent company of Up Cannabis Inc., a licensed
producer of cannabis that is licensed to both cultivate and sell
cannabis in all acceptable forms. Newstrike, through Up Cannabis
and together with select strategic partners, including Canada's iconic musicians The Tragically Hip,
is developing a diverse network of high quality cannabis brands.
For more information, visit http://www.up.ca or
http://www.newstrike.ca
Forward-Looking Information
This news release contains forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Newstrike to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. These forward-looking
statements include, but are not limited to, statements relating to
Newstrike's expectations with respect to the legalization, supply
and sales of cannabis. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"expects" or "does not expect", "is expected", "estimates",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved. Accordingly, readers should
not place undue reliance on the forward-looking statements and
information contained in this press release. Since forward-looking
statements and information address future events and conditions, by
their very nature they involve inherent risks and
uncertainties.
Actual results could differ materially from those currently
anticipated due to a number of factors and risks. Readers are
cautioned that the foregoing list of factors is not exhaustive. The
forward-looking statements contained in this news release are made
as of the date of this release and, accordingly, are subject to
change after such date.
Newstrike does not assume any obligation to update or revise any
forward-looking statements, whether written or oral, that may be
made from time to time by us or on our behalf, except as required
by applicable law.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Newstrike Brands Ltd.