Heritage Cannabis Holdings Corp. (CSE:CANN;OTCMKT:HERTF) (“Heritage” or “Company”) is pleased to announce that its subsidiary CannaCure Corporation (“CannaCure”) has executed a ‘Supply and Purchase’ agreement with CannTrust Inc. (TSX:TRST) (“CannTrust”) for cannabis genetics to be delivered as soon as possible.
Under the terms of the one-year agreement, CannaCure will purchase one of CannTrust’s most popular strains at market rates, with CannTrust having a right of first refusal to purchase all bulk dried cannabis grown with these genetics, at a pre-determined range of pricing. The agreement allows for CannaCure, at its discretion, to request an increase in the number of clones it receives under the terms of the agreement.
“We are very happy to come to an arrangement with an industry leading licensed producer of the calibre of CannTrust.” says Patrick Gagne, Director of CannaCure “This agreement is another step in achieving a significant presence in the Canadian cannabis market, and it puts us on a path to obtaining our sales license.”
Clint Sharples, Chairman and interim CEO of Heritage states “We continue to make progress in executing on our business plan. This agreement between CannaCure and CannTrust is another significant milestone achievement. I couldn’t be happier with our team and the advancements they are all making.”
About Heritage Cannabis Holdings Corp.
The Company is focused on becoming a vertically integrated cannabis provider that currently has two Health Canada approved licensed producers, through its subsidiaries PhyeinMed Inc. and CannaCure Corp. both regulated under the Cannabis Act Regulations. Heritage is focused on advancing its scale and technology footprint to compete both domestically and internationally.
About CannTrust Inc.
Since its inception in 2014, CannTrust has led the Canadian market in producing standardized cannabis products.
As a federally regulated licensed producer, CannTrust brings more than 40 years of pharmacy and healthcare experience to the medical cannabis industry. CannTrust currently operates its 450,000 sq. ft. Niagara Perpetual Harvest Facility. The 600,000 sq. ft. greenhouse expansion has begun and is fully funded. The industry’s broadest product portfolio is prepared and packaged at the 60,000 sq. ft. manufacturing Centre of excellence in Vaughan, Ontario.
CannTrust is committed to research and innovation, as well as contributing to the growing body of evidence-based research regarding the use and efficacy of cannabis. Its product development teams along with its exclusive global pharma partner, Apotex Inc., are diligently innovating and developing products that will make it easier for patients to use medical cannabis. CannTrust supports ongoing patient education about medical cannabis and has a compassionate use program to support patients with financial needs.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.
Chairman and interim CEO
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This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds, the results of financing efforts, the results of exploration activities — that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.