TORONTO, July 05, 2018 (GLOBE NEWSWIRE) -- 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 a definitive Supply Agreement with the Alberta Gaming, Liquor & Cannabis Commission (AGLC) that will see a variety of Up Cannabis product sold via AGLC-approved strategic retail partners and locations, and through the AGLC at www.albertacannabis.org.
“This deal is another significant achievement for Newstrike and a critical step in our strategy to position Up Cannabis as a premier adult-use brand,” said Jay Wilgar, CEO of Newstrike and Up Cannabis. “With the AGLC overseeing distribution to the anticipated 250 private brick and mortar retail stores expected to open within the first year of legalization and the AGLC online store, this partnership represents a significant opportunity to develop our presence in Western Canada, ultimately driving sales and revenue.”
Canadian provinces and territories will determine both how and where cannabis will be sold, with the majority distributing cannabis exclusively through provincially owned and operated corporations. As such, supply agreements with the provincial boards are integral to Newstrike’s business strategy. Alberta’s adult-use cannabis market is estimated to be worth as much as $1 billion annually1.
The supply agreement is conditional upon the federal and provincial governments adopting the necessary regulatory framework.
For further information or to request an interview, please contact:
Director, Communications & Public Relations
Up Cannabis Inc.
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. Up Cannabis is in turn the parent company of Up Cannabis Niagara Inc. 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
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, marketing and branding 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 action s, 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.