Experiential Hub to be featured in Spiritleaf
Retail Store in The Tragically Hip's hometown of Kingston
TORONTO, Feb. 13, 2019 /CNW/ - Newstrike Brands
Ltd. (TSX-V:HIP) ("Newstrike" or the "Company"),
and its wholly-owned subsidiary, Up Cannabis Inc. ("Up Cannabis"),
are pleased to announce that an Up Cannabis "Experiential Hub" will
be featured prominently in Ontario's first Spiritleaf store, expected to
be located in Kingston, Ontario,
in connection with a retail agreement entered into between
Spiritleaf and a Ontario cannabis
retail lottery winner.
Inner Spirit Holdings ("Inner Spirit") (CSE: ISH) announced
earlier today that Inner Spirit's subsidiary, Spirit Leaf Inc.
("SLI"), has entered into an agreement with one of the initial 25
cannabis retail lottery winners in Ontario to open a Spiritleaf cannabis retail
store in Kingston.
The Spiritleaf store—the company's first in the Ontario market—is planned to be located on
Princess Street, in the heart of Kingston, and will feature an Up Cannabis
Experiential Hub, or a "store-within-a-store," designed to
complement existing Spiritleaf design elements and provide
education about cannabis, while showcasing both companies' love of
music and various community and charitable endeavours. An opening
date of April 1st is
targeted, to coincide with the launch of cannabis retail stores
throughout Ontario.
"We are thrilled to partner with Spiritleaf and look forward to
seeing an Up Cannabis Experiential Hub in one of the first retail
stores in the province," said Jay
Wilgar, CEO of both Newstrike and Up Cannabis. "Up Cannabis'
ties to Kingston run deep as
the hometown of our partners, The Tragically Hip, with many
special milestones in our company's history taking place there, and
more to come. We're excited to see the stars aligning for both our
brands as the Ontario retail
marketplace takes shape."
The news follows the investment agreement and strategic alliance
agreement entered into between Newstrike and Inner Spirit whereby
each of the companies acquired equity interests in each other and
provides for the retail distribution of Up Cannabis products and
the creation and operation of Up Cannabis-branded customer lounges
or Experiential Hubs in Spiritleaf stores, as regulations
allow. Inner Spirit currently has four Spiritleaf
retail franchise stores with Up Cannabis Experiential
Hubs currently operating in Alberta and Saskatchewan with a fifth outlet scheduled to
open Calgary on February 14, 2019.
Other Matters
In connection with recent executive appointments. The Company
has granted incentive stock options to purchase up to an aggregate
of 1,500,000 common shares of the Company (the "Options").
The Options are exercisable for a period of 5 years at a price of
$0.56 per share, based on the 15-day
volume weighted average price of Newstrike's common shares on the
TSX Venture Exchange as of February 11,
2019, plus a premium of ten percent. All Options were
granted in accordance with the Company's stock option plan.
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 supply, distribution
and sales of cannabis to any Spiritleaf retail locations and the
licensing and launch of the Kingston,
Ontario Spiritleaf location. 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.