Heritage Cannabis Holdings Corp. (CSE:CANN) (“Heritage” or the “Company”) is pleased to announce the advancement of its previously announced Joint Venture Partnership (“JV”) with Empower Clinics Inc. (CSE: CBDT) (“Empower”) based in Sandy, Oregon, USA.
In September 2019, Heritage announced it had entered into a Letter of Intent (“LOI”) to form a 50/50 ownership JV with Empower for the extraction of hemp for CBD oil production, and formulated CBD products. The JV is equally funded by both parties and since formation CDN$250,000 has been provided to the JV.
Heritage is now advancing the JV with the order and installation of extraction and post-production equipment units at Empower’s existing licenced hemp processing facility in Sandy, Oregon, in order to immediately begin performing hemp-based product manufacturing for proprietary formulations, tolling services, and third-party white labelling services for other distributors throughout the United States.
The proprietary branded products will be distributed through Empower’s corporately owned physician staffed health clinics in Oregon and Arizona, online at www.sunvalleyhealth.com and in upcoming new franchise locations which currently have access to over 165,000 patients.
Additionally, related downstream equipment is now being installed including gel cap processing, tincture bottle and vape cartridge filling, as well as labelling, packaging, storage and shipping services, to offer full-service end-to-end products to third parties.
Heritage is providing training and supervision related to the proprietary methods of extraction and oil production that is already being successfully produced in Canada by Heritage.
“Having the backing of an experienced partner with the financial strength of Heritage Cannabis is proving to be so beneficial for the development of our first extraction facility”, said Steven McAuley, Chief Executive Officer of Empower. “Together, we have already identified numerous opportunities to bring new orders to the JV facility ensuring we leverage the capacity we are building.”
“We are very pleased to be advancing our U.S. strategy through this mutually beneficial partnership with Empower, which provides Heritage ease of access to the world’s largest cannabis market”, stated Clint Sharples, Chief Executive Officer of Heritage. “The installation of extraction units is the next phase of the JV and another step toward successfully furthering our growth strategies.”
About Heritage Cannabis Holdings Corp.
The Company is focused on becoming a vertically integrated cannabis provider that currently has two Health Canada approved licenced producers, through its subsidiaries Voyage Cannabis Corp. and CannaCure Corp. both regulated under the Cannabis Act Regulations. Working under these two licences, Heritage has two additional subsidiaries, Purefarma Solutions, which provides extraction services, and a Medical Services Division which is focused on cannabis based medical solutions. Heritage as the parent company, is focused on providing the resources for its subsidiaries to advance their products or services to compete both domestically and internationally.
Empower is a vertically integrated health & wellness brand with it’s first hemp-derived cannabidiol (CBD) extraction facility under development. The Company produces its proprietary line of CBD based products and distributes products through company owned and franchised clinics, with wholesale partnerships, online channels and with new retail opportunities nationwide in the U.S. The company is a leading multi-state operator of a network of physician-staffed wellness clinics, focused on helping patients improve and protect their health, through innovative physician recommended treatment options. The company has commenced activity on how to connect its significant data, to the potential of the efficacy of alternative treatment options related to hemp-derived CBD therapies.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.
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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.