Heritage Cannabis Holdings Corp (HERTF)

[Alwaysbmikki]

Heritage Cannabis Enters Joint Venture with Cannahive Inc. to Produce Edible
Cannabis Infused Products

Toronto, ON, August 18, 2020 – Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX:
HERTF) (“Heritage” or the “Company”), today announced that it has signed a term sheet
to enter into a two-year joint venture with Cannahive Inc. (“Cannahive”), with an option to
renew for additional one-year terms. The joint venture (“Joint Venture”) will be formed to
produce cannabis infused edible products under Heritage’s brands to be sold to the provincial
and territorial boards as well as licensed retailers in Canada.
Cannahive provides experienced manufacturing management services and will contribute a
portfolio of intellectual property and processing patents for pharma-grade commercial
manufacturing of edible cannabis products.
The Joint Venture will operate at CannaCure, Heritage’s existing Health Canada licensed
facility in Fort Erie, Ontario (“CannaCure”), where CannaCure will provide the facilities,
warehousing, quality assurance and other required services, and Cannahive will provide all
production and packaging equipment as well as all ongoing equipment maintenance. Proceeds
from the joint venture will be equally shared between the parties after the payment of all
direct costs incurred.
The Joint Venture will begin with utilizing Cannahive’s formulations for the production of
gummies and chocolates, while CannaCure will provide the cannabis oil for all products.
“With our vape cartridge and tincture products hitting the shelves in BC, Alberta and Manitoba
in the coming weeks, the Joint Venture with Cannahive is a low cost, low risk approach for
Heritage to enter the next phase of our cannabis 2.0 strategy,” stated Clint Sharples, CEO of
Heritage. “We are excited to be launching our edibles product vertical with the backing of the
Cannahive team who has the talent and experience to make this next phase of Heritage’s
strategy successful.”
The Joint Venture is expected to be formed by the end of September 2020.
https://heritagecann.com/wp-content/uploads/2020/08/CANN-PR-Cannahive-August-18-2020.pdf