VANCOUVER, British Columbia, Jan. 04, 2019 (GLOBE NEWSWIRE) -- The Yield Growth Corp. (CSE:BOSS) announces that it has engaged Incanco Cannabis Consultants to assist in the development of plans and the preparation of applications for a micro-processing license, a research licence and a medical sales licence under the The Cannabis Act for Yield Growth and its subsidiaries.
Yield Growth plans to apply for these licenses so it will legally be able to infuse its full line of wellness products with Cannabinoids, including in particular CBD and THC, and sell them in Canada. Health Canada has proposed regulations for cannabis edibles, extracts and topicals which are expected to be adopted into law in October 2019. Yield Growth intends to be a leader in this new industry.
Incanco’s principal, John W. Conroy, Q.C., is one of Canada’s leading experts on cannabis law with over 40 years’ experience in the area. Mr. Conroy has been at the forefront of cannabis legalization in Canada. He incorporated the National Organization for the Reform of Marijuana Laws (NORML) in Canada in 1977 and has been a member of the USA NORML Legal Committee since the mid-1970s. He incorporated the BC Compassion Club Society in 1997 and has served as its General Counsel ever since. He has appeared in the courts at all levels on Cannabis issues, including the Supreme Court of Canada and was lead counsel in the recent medical marijuana case, Allard v Canada, where the Federal Court of Canada declared the previous medical marijuana regulations to be unconstitutional and led to the current Access to Cannabis for Medical Purposes Regulations (ACMPR) now under the Cannabis Act. His input was sought and provided at the federal and provincial levels regarding the legalization of cannabis in Canada, and he appeared as a witness before the Federal Parliamentary Standing Committee on Health regarding Bill C-45 The Cannabis Act 2017, which subsequently became law on October 17, 2018.
“We are extremely pleased to engage John Conroy to bring our cannabis topicals to market in Canada,” says Penny Green, CEO of Yield Growth, “We anticipate that with his expertise, we will be able to secure a micro-processing license.”
Incanco Cannabis Consultants has also been engaged to assist in finding international opportunities for Yield Growth and to assist in developing a plan to launch a hemp root oil extraction and production facility. As consideration for entering into the agreement, Yield Growth issued Incanco Cannabis 200,000 units, each unit consisting of one share and one warrant to purchase another share at $0.34. The agreement is for a five year term. Additional compensation is payable to Incanco throughout the term.
About The Yield Growth Corp.
The Yield Growth Corp. is a diverse team of business executives dedicated to rapid, sustainable financial growth of cannabis assets. Its directors and officers have experience working at multi-billion dollar international companies including M.A.C Cosmetics, Aritzia, Skechers, Best Buy, Future Shop, Pepsi and Coca-Cola.
Urban Juve Provisions Inc., which has a catalogue of more than 50 wellness formulas, is wholly owned by Yield Growth. Urban Juve organically synthesizes ancient knowledge and modern techniques to create exceptional beauty and wellness solutions. Ayurvedic knowledge delineates three general categories or skin types. Urban Juve has translated these as Vitalize, Balance and Align, each with its own dedicated range of skin and body care formulations. Urban Juve has registered with Health Canada 26 products containing cannabis sativa hemp oil. The company has also filed 11 provisional patent applications in the United States. Urban Juve’s skin care products are sold in Canada, with distribution agreements signed for markets in the United States and Italy. Urban Juve has licensed its formulas to Yield Growth wholly owned subsidiary UJ Topicals Inc., which is launching its cannabis topicals line in Oregon, U.S.A.
Investor Relations Contacts:
Penny Green, Director, President & CEO
Kristina Pillon, Investor Relations
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, intellectual property protection, and sale of, and demand for, Urban Juve and UJ Topicals products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Yield Growth cautions readers not to place undue reliance on forward-looking statements provided by Yield Growth, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Yield Growth expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/9c67c382-6960-4faa-ab65-0bdc5df2a22b