Up Cannabis Announces Supply Agreement with Cannabis NB
TORONTO, March 25, 2019 /CNW/ - Newstrike Brands Ltd. (TSX-V:HIP) ("Newstrike" or the "Company"), is pleased to announce that Up Cannabis Inc. ("Up Cannabis"), its wholly-owned subsidiary, has entered into an agreement with Cannabis NB as a licensed producer to supply cannabis.
We are very excited to announce this partnership with Cannabis NB
said Jay Wilgar, CEO of both Newstrike and Up Cannabis.
Being among the select group of licensed producers that will supply cannabis to the New Brunswickmarketplace is a privilege, and we look forward to helping Cannabis NB achieve its goals of providing safe, reliable product to adult-use consumers
With this announcement, Up Cannabis becomes one of only eight Licensed Producers that currently supplies Cannabis NB.
New Brunswick also marks the eighth Canadian province with which Up Cannabis has announced distribution. The company has also announced an arrangement with the Manitoba Liquor and Lotteries Corporation as well as the Prince Edward Island Cannabis Management Corporation. The Company has also formalized agreements with the Nova Scotia Liquor Corporation, the Ontario Cannabis Store and the Alberta Gaming, Liquor & Cannabis Commission. The Company has a signed Memorandum of Understanding with the British Columbia Liquor Distribution as well as having been approved as a supplier to the Saskatchewan Liquor & Gaming Authority.
With agreements in place with eight provincial distributors, Up Cannabis continues to operate within an elite group of Licensed Producers. Health Canada has issued licenses to more than 100 entities under the Cannabis Act, and Up Cannabis is one of only nine with provincial agreements in at least eight provinces.
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. 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 supply, distribution and sales of cannabis to Cannabis New Brunswick. 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 actions, 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.
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SOURCE Newstrike Brands Ltd.