NEW AGE CLARIFIES NEWS RELEASE ON ACQUISITION OF CULTIVATION AND RETAIL PROPERTIES
August 29, 2018 – Vancouver, BC
New Age Farm Inc. at the request of IIROC, would like to clarify the news release issued today with respect to its two marijuana property acquisitions in the state of Oregon.
Cave Junction, Oregon
The Cave Junction property consists of 11 acres divided into two separate legal lots. Cave Junction, Oregon is historically known as one of the best micro climates in the world for successful outdoor cultivation of cannabis. The property, which was previously the Althouse Nursery, was converted into a state of the art outdoor and greenhouse cannabis cultivation facility in 2015.
Since then, the property has been operated by Trellis Farms (“Trellis”), an experienced and successful cannabis cultivation company.
Currently Trellis is operating on one of the legal plots and holds a OLCC license for the cultivation of 40,000 square feet of recreational cannabis. Trellis has plans to expand the cultivation to inhabit the second legal plot and add an additional 40,000 square feet of canopy.
Portland, Oregon
The Portland property has been an established dispensary that has operated successfully over the last four years in the state of Oregon and is currently operated by an OLCC licensed retailer. The property is located just miles away from the airport in an up-and-coming part of town.
The Company will be acting as landlord of the Cave Junction and Portland properties (the “Properties”), renting the Properties for a total monthly revenue of $20,000 USD. Following an appraisal done by a SouderHouse LLC to generate the property value, the Company acquired the Properties by way of a three-corner amalgamation, pursuant to which the Company acquired 100% of the issued and outstanding shares of 1175987 B.C. Ltd. and assumed all of its assets, namely the Properties. As consideration for the Properties, the Company issued a total of 73,164,000 common shares to three independent shareholders of 1175987 B.C. Ltd. (representing approximately 22.80% of the Company’s issued and outstanding shares) and paid a finder’s fee of 3,658,200 common shares to an arm’s-length party.
No new insiders and no control persons were created in connection with the acquisition of the Properties.
About New Age Farm
New Age Farm is an agricultural services company offering unique turnkey growing infrastructure and services for licensed growers and processors of luxury marijuana crops at its agri-campuses in Washington State. In November 2012, the Washington State Liquor and Cannabis Board (“WSLCB”) passed Initiative 502 (“I-502”). I-502 authorized the WSLCB to regulate and tax recreational marijuana products for persons over twenty-one years of age and thereby created a new industry for the growing, processing and selling of Washington State-regulated recreational marijuana products. New Age Farm provides innovative solutions for growers and processors in this burgeoning industry.
About We Are Kured, LLC
KURED is a wholly owned subsidiary of New Age Farm, acquired in December 2017. KURED is building an innovative online CBD and lifestyle company. KURED has partnered with best in class hemp cultivators, edible manufacturers, cutting edge product formulators to develop, market and distribute multiple lines of CBD products including, but not limited to, CBD vaporizer pens, topicals, gel capsules and more. All of We Are Kured’s products are 100% THC free and will be available for purchase internationally. THC, or tetrahydrocannabinol, is the primary active ingredient in cannabis.
