Lineage Grow Company Ltd. (CSE:BUDD) is pleased to announce the appointment of Steve Peterson, a top cannabis retail executive with extensive dispensary management experience, to the role of VP, Retail.
“Retail is a key component of our strategy,” said Lineage CEO Peter Bilodeau. “It is where we intend to capture market share for our products by offering consumers a welcoming and engaging shopping experience and unique products. We see significant potential to improve the performance of the assets we’re acquiring and create a synergy between locations in developing a national brand. By adding Steve’s industry knowledge, we will be in position to deploy best-in-class operating procedures and marketing strategies to drive improved performance.”
Steve Peterson is a recognized cannabis executive that has combined his General Manager experience of running one of California’s largest cannabis retailers, Elemental Wellness Center, with working a variety of cannabis manufacturers, cultivators, and service providers to meet the needs of this emerging industry through his partners at Turning Points Global. Internationally, Peterson has also consulted with an Israeli firm in raising funds for over 30 clinical trials and soon the export of cannabis and consulted for I-5 Holdings Ltd. on acquisitions which, prior to being acquired by Captor Capital Corp., operated two dispensaries in Los Angeles operating under the MedMen brand.
Peterson’s hiring comes at a time when Lineage is looking to expand its retail footprint in North America. In December 2017, Lineage announced the acquisition of two dispensaries operating under the Terpene Station banner with a solid track record of serving the Oregon craft cannabis market. Since then, Lineage has maintained a torrid pace of acquisitions having secured agreements to acquire interests in LUX Cannabis Dispensary, one of 16 licensed dispensaries in San Jose, and Herbiculture Inc., one of the few licensed medical marijuana retailers in Maryland. As the Company works towards closing these acquisitions, adding an abundant source of cannabis retail knowledge to assist with integrating and overseeing operations is a significant milestone.
About Lineage Grow Company Ltd.
Lineage Grow Company Ltd. is a reporting issuer that is listed on the Canadian Securities Exchange (“CSE”). Lineage is focused on assembling licensed operators with good growth potential and superior management, either through direct acquisition or through joint ventures, with an aim towards a dominant vertically-integrated cannabis business that leverages best-in-class cultivation, brands, distribution, and retail assets. Lineage is targeting legalized cannabis markets across multiple jurisdictions in the United States and Canada and is seeking to deploy best practices in cultivation, branding, distribution, and retail management to drive performance across the Company’s asset base. Lineage has entered into binding letters of intent to purchase two cannabis dispensaries in Oregon, one in San Jose, California. In addition, Lineage has entered into an agreement to acquire a 35% interest in a dispensary in Maryland and another agreement for a 20% interest in a grower/processor permit applicant in Pennsylvania.
For updates on the Company’s activities and highlights of the Company’s press releases, investor deck and other media coverage, please visit Lineage’s web site (under construction) at www.lineagegrow.com.
For further information, please contact:
David Posner, Director
Lineage Grow Company Ltd.
This news release may contain “forward-looking” statements and information based on current expectations. These ”forward looking” statements may use such words as ”may”, ”will”, ”expect”, ”believe”, ”plan” and other similar terminology. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward looking information in this press release includes the statement that the Company may complete the Offering, the terms of the Offering, the expected use of proceeds, management’s plan to establish dominant vertically-integrated cannabis businesses that leverage best-in-class cultivation, brands, distribution, and retail assets; and management’s intention to target legalized cannabis markets across multiple jurisdictions in the United States and Canada; and (xii) management’s plan to deploy best practices in cultivation, branding, distribution and retail management to drive performance across the Company’s asset base. These statements should not be read as guarantees of future performance or results. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such risks include operational risks; U.S. federal regulation risks; variation in state regulations; change of cannabis laws; security risks; risks related to operational permits and authorizations; risks on liability, enforcement complaints etc.; banking risks; risk that the Company’s limited operating history makes evaluating its business and prospects difficult; need for funds; risk that the Company may be exposed to infringement or misappropriation claims by third parties, which, if determined adversely to the Company, could subject the Company to significant liabilities and other costs; risk that the Company may need to incur significant expenses to enforce its proprietary rights, and if the Company is unable to protect such rights, its competitive position could be harmed; risks related to trade secrets; risk that Company is dependent upon its existing management, its key research and development personnel and its growing and extraction personnel, and its business may be severely disrupted if it loses their services; risk of potential for conflict of interest; risk related to inability to innovate and find efficiencies; competition risks; risk that a drop in the retail price of medical marijuana products may negatively impact the business; consumer acceptance of marijuana; potential future acquisitions and/or strategic alliances may fail to materialize and may have an adverse effect on the Company’s ability to manage its business; risk on management of growth; risk related to general economic trends; tax risk and currency fluctuation risks. For details of the risks faced by the Company, please see the Company’s listing statement dated February 26, 2018 available at www.sedar.com under the Company’s profile. There is no certainty that any of these events will occur. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by applicable securities laws.
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