Heritage Cannabis Holdings Corp. (CSE:CANN) (“Heritage” or “Company”) is pleased to announce that it has signed a Hemp Processing Agreement (the “Agreement”) with 3277991 Nova Scotia Limited, doing business as Truro Cannabis Co. (“Truro”).
The Agreement will see Heritage’s subsidiary Voyage Cannabis Corp (“Voyage”) take possession of hemp biomass sourced by Truro and produce bulk crude oil or further formulated products (“Product”) for delivery and sale to final purchasers legally able to purchase the Product identified by Truro, both within and outside of Canada. The Agreement contemplates an initial export of medically focused Product to the Caribbean, for which a Health Canada export permit has already been obtained by Voyage. The initial receipt of biomass was approximately 700 kilograms.
In addition to extraction and formulation services, Voyage will, subject to receipt of appropriate regulatory approvals, provide export support services to Truro and final purchasers under the Agreement.
“This transaction will see a Heritage subsidiary conduct business outside of Canada for the first time in our company’s history, in line with our strategic vision of building a more global platform which will take us into other markets while we continue to grow our Canadian operations.” states Clint Sharples, CEO of Heritage “We look forward to a long term and expanded relationship with Truro as we operate as their selected extraction and formulation partner to grow both domestically and abroad.”
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 Truro Cannabis Co.
Truro’s leadership have years of cannabis experience, are considered cannabis purists with deep roots in the industry, and respect the plant for all that it offers. Truro marries advanced plant science with traditional cultivation techniques to craft a premium product. Truro obtained its Cultivation Licence from Health Canada in June 2019.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.
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The Canadian Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
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.