TORONTO, June 05, 2019 (GLOBE NEWSWIRE) -- AIM3 Ventures Inc. (TSXV:AIMC.P) ("AIM3")’s qualifying transaction target Southern Sun Pharma Inc. (“Southern Sun” or the “Company”) is pleased to announce the opening of South Africa’s first dedicated CBD store, to be launched under the banner of the Company’s retail and brand distribution subsidiary, “Goodleaf”, as well as the strategic acquisition of local online CBD retailer, “Africanpure”.
Goodleaf
The opening of the Goodleaf store on Buitenkant Street, Cape Town positions the Company as a pioneer in the burgeoning South African legal cannabis sector. The launch of the first brick-and-mortar location and the dedicated online store www.goodleaf.co.za, aligns with the legalization of preparations containing CBD which was gazetted by the South African government at the end of May.
“We’re excited about what Goodleaf brings to the market. The flagship Goodleaf store will offer consumers a well-curated and unique experience in an exclusive downtown space. This store will be the first of a number of premium cannabis stores that we intend to open in high-end retail locations across South Africa,” says Jonni Katz, Head of Brand and Retail for Southern Sun Pharma. As the founder of eco-conscious brands Earthchild and Earthaddict, Katz is a veteran of the South Africa retail industry.
The physical location and the online stock a selection of leading international brands, such as top-selling US brand, Cura Select, reflecting its premium positioning in the rapidly growing CBD sector. It will soon complement this unique offering with its own range of CBD products under the Goodleaf brand.
Africanpure
Southern Sun Pharma is also pleased to announce the acquisition of South Africa’s preeminent emerging local online retailer, Africanpure. Founded in 2018, Africanpure focused on the rapid growth of medicinal cannabis products out of Africa by offering quality, competitively priced and locally produced CBD products.
To date, Africanpure has reported 40% monthly growth, driving sales through its own online store (https://africanpure.co), as well as through independent brick-and-mortar stores.
The transaction forms part of the Company’s ongoing investment into retail and e-commerce, providing an established and accessible online platform for a range of trusted, uniquely African CBD products and bringing a talented management team to the Company.
Warren Schewitz, CEO of Southern Sun Pharma says, “As a vertically integrated cannabis company at the forefront of the transformation of the African cannabis market, we are excited to be building a leading, uniquely African, cannabis retail brand.”
If you have any queries regarding this press release, please contact:
AIM3 Ventures Inc.
Zachary Goldenberg
Chief Executive Officer
E-mail: zach@libertyvp.co
Phone: 647-987-5083
Southern Sun Pharma Inc.
Jenna Cohen
Vice President, Corporate Development and Communications
E-mail: jenna@southernsunpharma.com
Phone: +1 647 649 4974
About AIM3 Ventures
AIM3 was incorporated under the Business Corporations Act (Ontario) and is a Capital Pool Company (as defined in the policies of the TSX Venture Exchange (the “TSXV”)) listed on the TSXV. AIM3 has no commercial operations and no assets other than cash.
Southern Sun Pharma
Southern Sun Pharma, a Canadian registered company, is a multi-license holder with a dedicated focus on Africa. The Company was formed by experienced entrepreneurs with a proven track record of building significant shareholder value, both in Africa and North America. Southern Sun is focused on significantly lower cost production opportunities in Africa to support its plan to distribute and supply both the local cannabis and export markets with a focus on establishing production in countries in near proximity to its headquarters in South Africa.
Southern Sun is also establishing a retail footprint and uniquely African brand and product line. This includes both the rollout of their own stores as well as through partnerships and joint ventures with major retailers and beverage distributors. The brand and retail arm of the Company is overseen by a team of veteran South African retailers who have been successful at building brands from inception into major retail chains.
www.goodleaf.co.za
Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of AIM3 and Southern Sun with respect to future business activities and operating performance. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions (i) the business plans and expectations of the Company including; and (ii) expectations for other economic, business, and/or competitive factors.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflect AIM3 and Southern Sun's respective management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although AIM3 and the Company believe that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of AIM3 or the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; changes in the perception and demand for cannabis in both local and export markets; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation and the costs associated with compliance; costs of building and developing projects and product opportunities; and the risks and uncertainties associated with foreign markets. This forward-looking information may be affected by risks and uncertainties in the business of AIM3 and the Company and market conditions.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although AIM3 and the Company have attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. AIM3 and the Company do not intend, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.