VANCOUVER, British Columbia, April 15, 2019 (GLOBE NEWSWIRE) -- Organic Flower Investments Group Inc. (CSE: SOW)(FWB: 2K6)(OTC: QILFF) ("Organic Flower" or “OFIG” or the “Company”) is pleased to announce it has entered into a Letter of Intent (“LOI”), dated April 12, 2019, to acquire 100 per cent of the issued and outstanding common voting shares (the “Shares”) of Canutra Naturals Ltd. (“Canutra”).
CANUTRA NATURALS LTD.
Canutra Naturals Ltd. is a Canadian cannabidiol (“CBD”) cosmetics/topicals manufacturing company, equipped with a vertically integrated, farm-to-face model. Directly and through trade partners, Canutra cultivates, extracts, manufactures, and markets its premium skincare, cosmetics and cannabinoid product lines from its flagship facility in Kent County, New Brunswick. Canutra is dedicated to improving the health and wellness of the consumer population through the research, development and streamlined delivery of revolutionary cannabis/CBD products and technologies.
Canutra has developed a suite of trusted consumer brands, including Whole Hemp Health, a Canadian all-natural, hand-made skincare line; formulated with organic hemp seed oil. Canutra markets its Whole Hemp Health product line by way of brick-and-mortar retail outlets, Amazon Prime, as well as direct-to-consumer; through Canutra’s integrated Shopify e-commerce platform; www.wholehemphealth.ca.
Organic hemp seed oil is gaining significant adoption within the personal care and cosmetics marketplace, due to its nutrient groupings, essential fatty acids and optimal omega three and six profiles; resulting in ideal configurations for sustainable skincare. According to the Research and Markets, the global hemp oil market accounted for US$81 million in 2017 and is expected to approach US$1.2 billion by 2026, expanding at a compound annual growth rate (“CAGR”) of 35.8%.1
CULTIVATION LICENSES AND INFRASTRUCTURE
Canutra’s wholly owned subsidiary Canutra Farms, owns and operates 76 acres of un-zoned agricultural land with 1,000 feet of river frontage in Kent County, New Brunswick. Canutra Farms was formerly a federally owned farm and research facility and is equipped with over 17,500 square feet of commercial-grade facilities and 12 separate structures. Canutra Farms was granted an industrial hemp license for its New Brunswick land parcel in 2017.
Canutra was also awarded a cannabis research license by Health Canada in 2018. In addition, Canutra boasts a research and development partnership with the Université de Moncton (“UM”). Canutra will collaborate with UM to augment its portfolio of intellectual property (“IP”) including:
Canutra is in the process of assembling its application to Health Canada for licensed cultivator, processor, and distributor status. Canutra Farms benefits from having no zoning and is therefore a ready-to-build site for further expansion, with the capacity for more than 1,000,000 square feet of licensed cannabis facilities. Concurrently, Canutra is working to expand upon its hemp license and cannabis research license programs.
SCALABLE TURNKEY MANUFACTURING
Canutra’s products are strategically manufactured in the same county as Canutra farms, affording Canutra the ability to swiftly expand the breadth of its product line from its current seven stock keeping units (“SKUs”) to more than 40 SKUs. This turnkey manufacturing infrastructure positions Canutra to expeditiously capitalize on current and future market trends in the rapidly expanding cannabis consumer products space. Canutra is finalizing the development phase of a suite of innovative SKUs including:
Joel Dumaresq, Chief Executive Officer and a Director or Organic Flower stated: “Canutra’s robust product offering is situated at the nexus of the US$130 billion2 global cosmetics/skincare market, and the burgeoning North American cannabinoid market. The North American cannabis industry is forecasted to grow to US$19 billion3 by 2020 and Canutra is tactically positioned to capture signature market share.
It is understood that Canadian regulations for CBD in topical format will be formalized in 2020. At that time Canutra will be positioned to launch its Rx line of CBD infused Whole Hemp Health and other CBD infused topicals, alongside its established product lines”.
THE CANUTRA TEAM
Canutra is equipped with the human capital and industry expertise necessary to effectively scale its manufacturing and distribution operations, while continuing to architect innovative cannabinoid-infused SKUs. The Canutra team includes:
ABOUT ORGANIC FLOWER INVESTMENTS
Leveraging strategic relationships, proprietary investments and exclusive partnerships with preeminent international cannabis cultivators and formulators for the development of best in class products and brands to be marketed and distributed throughout our global footprint.
Via its wholly owned subsidiary, Delta Organic Cannabis Corp (“DOC”), Organic Flower is launching one of the largest and most efficient cannabis facilities on the planet. Organic Flower has control or direction over 44,852,040 common shares of Agra, representing 10.12 per cent of the issued and outstanding shares of Agra on a non-diluted basis.
ON BEHALF OF THE ORGANIC FLOWER INVESTMENTS GROUP INC. BOARD OF DIRECTORS
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Learn more about Organic Flower by visiting our website at: https://sowcannabis.ca/
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Notice Regarding Forward Looking Information:
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: political changes in Canada and internationally, future legislative and regulatory developments involving cannabis in Canada and internationally, the Company’s ability to secure distribution channels in international jurisdictions, competition and other risks affecting the Company in particular and the cannabis industry generally.
The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward- looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.