Heritage's Subsidiary PhyeinMed Signs Amended Agreement With Canopy Growth CANN.c
by @thenewswire on March 28, 2018
(TheNewswire)
Vancouver, B.C. / TheNewswire / March 28, 2018 – HERITAGE CANNABIS HOLDINGS CORPORATION (CSE: CANN) (“Heritage” or “Company”) is pleased to announce that its subsidiary PhyeinMed Inc. (“PhyeinMed”), a Health Canada late stage applicant under the ACMPR (Access to Cannabis for Medical Purposes Regulations), has signed an updated Wholesale Agreement with Canopy Growth Corporation (TSX: WEED) (“Canopy”) to supply cannabis and cannabis products to the recreational marketplace via Canopy’s various sales channels and to the medical marketplace via TweedMainStreet.com.
This three-year amended agreement replaces the previous two-year agreement announced August 8, 2017, and addresses expanded supply for both recreational and medicinal purposes. Subject to PhyeinMed receiving a licence to cultivate and sell cannabis products from Health Canada, both companies will work together to create branded products which will be available in retail stores, as well as online in certain provinces where Canopy has access. As of the date of this news release, Canopy has secured recreational supply and/or retail store agreements in Manitoba, Quebec, New Brunswick, Prince Edward Island and Newfoundland & Labrador.
Canopy is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and softgel capsule forms. By utilizing Canopy’s national framework, in addition to the extensive retail distribution channels, this partnership will allow PhyeinMed to substantially accelerate its speed to market as well as open new markets, while shortening the time to first revenues, and minimizing infrastructure costs. Additionally, PhyeinMed will have access to a variety of genetic source material that Canopy has curated for CraftGrow partners to cultivate upon licence approval.
Heritage CEO Jagdip Bal states “With legalization of recreational cannabis getting nearer, it is important to establish markets for our projected growth. This agreement with Canopy keeps our two organizations aligned and allows PhyeinMed to play a role to support Canopy’s expansion plans while significantly improving our near-term outlook.”
About Heritage Cannabis Holdings Corporation
The Company is currently listed as a marijuana issuer having a 75% interest in PhyeinMed Inc, a Health Canada late stage applicant under the ACMPR (Access to Cannabis for Medical Purposes Regulations). It is a parent and development company with strategic plans to continue to acquire Cannabis related companies.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORPORATION
“Jag Bal”
Jagdip Bal
President and CEO
For more information contact:
Jag Bal
Tel: 604-628-1767
jbal@heritagecann.com
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 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.
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