Heritage Cannabis Corp. (CSE:CANN) (“Heritage” or “Company”) is pleased to announce that it has entered into a strategic supply and contract manufacturing agreement with Sugarbud Craft Growers Corp. (TSXV:SUGR) (“Sugarbud”).
Pursuant to the agreement, Sugarbud will supply Heritage with a minimum of 100 kilograms of dried premium cannabis per month for an initial term of two years commencing May 1, 2020 and Heritage will provide extraction, formulation and production services to Sugarbud for the development of pre-filled vape cartridges, utilizing proprietary formulations created by Sugarbud, all subject to licensing and regulatory approvals.
One of Heritage’s strategic goals is to become Canada’s leader in supplying premium, all natural, vape oil and vape products. Through its subsidiary, Purefarma Solutions Inc., (“Purefarma”), Heritage has a ‘direct to vape’ process which sees no harmful additives, artificial or otherwise, being blended into the vaping oil. This allows Heritage’s customers the ability to see consistency in the strain profile between the cannabis input material and the oil being produced.
“The supply and contract manufacturing agreement with Heritage is a significant milestone for Sugarbud as we continue to execute and expand upon our overall product leadership strategy,” stated John Kondrosky, CEO of Sugarbud. “We are pleased to be working alongside Heritage in this exciting growth segment and we are confident the partnership with Heritage will equip us to deliver products with quality, safety and integrity as we prepare to introduce our proprietary premium vape pen formulations to the Canadian cannabis adult-use and medical market,” Mr. Kondrosky continued.
“We are pleased to have this agreement with Sugarbud as they embark on their first grow. This allows us to work with them from the beginning to align their grow and strains with what we know provides the best results with our processes.” states Clint Sharples, CEO of Heritage “Sugarbud joins the group of Licenced Growers supplying Heritage with high quality cannabis for our extraction needs. As the market evolves, we believe quality will be the differentiating factor for the end user.”
About Heritage Cannabis Holdings Corp.
The Company is 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 BriteLife Sciences that is focused on cannabis based medical solutions. Heritage as the parent Company, is focused on providing resources for its subsidiaries to advance their products or services to compete both domestically and internationally.
About Sugarbud Craft Growers Corp.
Sugarbud is a federally licensed Alberta-based publicly traded cannabis company focused on the cultivation and production of high-quality premium cannabis, and product leadership through the development, production and distribution of value-added cannabis products in Canada.
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 ability to obtain export permits, prices for biomass, demand for medical and recreational cannabis, and acceptance of cannabis products in foreign jurisdictions– 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.