Eden Empire Receives Approval in Principle for Flagship Cannabis Retail Store in Vancouver, British Columbia

Vancouver, British Columbia, CANADA

VANCOUVER, British Columbia, May 18, 2021 (GLOBE NEWSWIRE) -- Eden Empire Inc. (CSE: EDEN) (the "Company" or "EDEN™") is thrilled to announce that it has received its Approval in Principle (“AIP”) from the Liquor & Cannabis Regulation Branch of the Province of British Columbia (the “LRCB”) for a cannabis retail store in Vancouver’s West End. The location will serve as EDEN’s flagship store located at 1674 Davie Street in Vancouver, British Columbia. Receiving AIP from the LRCB is one of the final steps required in licensing a cannabis retail store in the Province of British Columbia.

Key Takeaways

  • Located in the Lower Davie Village area, this location is considered one of the most densely populated and expanding neighborhoods in Vancouver.
  • Sits just steps away from the bustling Sunset Beach area, a BC Liquor store, and numerous adult-focused establishments.

Gerry Trapasso, Director & CEO, commented, "We are excited to add this flagship location to the numerous cannabis retail stores anticipated to operate under the EDEN brand in Vancouver. This specific location was previously a popular cannabis store and we look forward to welcoming back those local customers. Receiving AIP from the LCRB marks a significant milestone for the Company. We are ready for further expansion in the Province of British Columbia to showcase what truly sets EDEN’s brand and customer experience apart.”

For further information or should you have any questions, please feel free to email us at investors@edenempire.com.

Gerry Trapasso, CEO

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.

About Eden Empire

Eden Empire is in the business of investments and operations in the cannabis sector and engaging in retail cannabis sales. Eden Empire intends to expand its retail operations in Canada and to expand its business to cannabis cultivation, extraction and processing‎ and become a fully integrated cannabis product company in the United States.

Eden Empire has an award winning and established nationwide brand, including a substantial intellectual property portfolio, and a dedicated management team with extensive cannabis industry experience. Upon completion of Eden Empire's currently intended acquisitions, and approval to operate its retail locations, the Company is expected to have a significant retail cannabis footprint in Canada and Michigan. Retail cannabis operations are an emerging sector with significant cash flow potential.

Cautionary Note Regarding Forward-Looking Statements

This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", “upon” "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information include, but are not limited to, statements with respect to the completion by the Company of the final steps required to license its flagship cannabis retail store in the Province of British Columbia; the future customer base of the Company’s flagship cannabis retail store;; the future operation of numerous cannabis stores in Vancouver; the Company’s future expansion and operations of retail cannabis stores in the United States and Canada; the Company expanding its business to cannabis cultivation, extraction and processing and becoming a fully integrated cannabis company in the United States; the completion of the Company’s currently intended acquisitions; the receipt of all necessary licenses and approvals to operate the Company’s retail locations; and the proposed future transactions Eden may undertake and their expected timing.

Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Eden Empire to control or predict, that may cause Eden Empire's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: Eden Empire may not obtain the requisite regulatory approvals and may not begin operating cannabis retail or cultivation and processing operations; that the actual use of proceeds may differ from those currently stated; the inherent risks involved in the general securities markets; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; currency fluctuations; regulatory restrictions and the possibility for changes in laws, rules, and regulations in the industry; liability, competition, loss of key employees and other related risks and uncertainties. Eden Empire does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements.