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Saturday, 01/21/2023 5:36:51 AM

Saturday, January 21, 2023 5:36:51 AM

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“7:30a ET 12/21/2022 - Globe Newswire
Irwin Naturals THC Products to Be Available in Oregon

Company announces licensing agreement with Oregon company to distribute Irwin Naturals THC productsGlobeNewswireDecember 21, 2022
LOS ANGELES, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) ("Irwin" or the "Company") announced on a licensing agreement with JV 805 LLC dba Hyphae Wellness ("Hyphae Wellness"), one of Oregon's premier mushroom and cannabis product developers, to manufacture, sublicense and distribute Irwin Naturals THC products throughout that state.

Klee Irwin, CEO of Irwin Naturals, said, "We're excited and grateful to have such an incredible partner as we take this next step toward getting Irwin Naturals THC products on the dispensary shelves in every state where cannabis is legal. Oregon is an important market for us, and Geoff Ostrove is a true pioneer in the industry. The team at Hyphae Wellness not only provides state-wide distribution but can also ensure the high-quality that Irwin Naturals customers expect in our products."

Geoff Ostrove, Hyphae Wellness CEO, said, "The chance to work with a national brand like Irwin Naturals is a tremendous opportunity not just for our company, but for our entire state's cannabis industry. This is a household brand that is normalizing and advocating mainstream use of THC, as well as seeking to achieve distribution across the country. We're excited to be chosen as their partner here in Oregon."

Irwin Naturals previously reached licensing agreements for the manufacture and distribution of its THC products in California, Colorado, Ohio, New Mexico, and Michigan. The addition of Oregon means that Irwin Naturals THC products are headed to dispensary shelves in five of the 19 states where marijuana is legal for recreational use, including three of the top five markets in the country.

Irwin Naturals was founded in 1994 and has built itself into a brand that is now recognized in 80 percent of American households1 with best-in-class nutraceuticals, such as its famous "Power to Sleep PM." Irwin Naturals products are available in more than 100,000 stores in North America.

Under the licensing agreement, Irwin Naturals THC products will be manufactured and distributed through Hyphae Wellness, a craft mushroom and cannabis company focused on living soil cultivation methods and solventless manufacturing processes. Based in Eugene, it has state-wide distribution, working with more than 100 retailers across the state. Ostrove has two Master's degrees and a Doctorate from the University of Oregon. In 2016, he became the President and Founder of one of the first companies in Oregon authorized to cultivate cannabis for recreational use.

Cannabis is now legal in the majority of states. However, because it is not legal at the federal level, cannabis products must be approved on a state-by-state basis. Irwin Naturals is achieving national distribution by reaching exclusive licensing agreements with cannabis manufacturers in different states. Of the 19 states that now allow recreational use of marijuana, Irwin Naturals has licensing agreements with companies in five of those states: California, Colorado, Michigan, New Mexico, and now Oregon. It also has a licensing agreement with a company in Ohio where cannabis use is allowed for medical purposes.

Oregon legalized the medical use of marijuana in November 1998 when a citizen initiative was passed by voters. Non-medical cultivation and use of marijuana became legal in the state on July 1, 2015.”

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