OTTAWA, Dec. 10, 2018 /CNW/ - CannaRoyalty Corp. d/b/a Origin House (CSE: OH) (OTCQX: ORHOF) ("Origin House" or the "Company"), a leading North American cannabis products and brands company, today provided an update on its previously announced normal course issuer bid ("NCIB").
The sales of certain of Origin House's non-core assets for significant returns, like today's announcement of the agreement to sell its equity interest in Bodhi Research, allowed the Company to commence a normal course issuer bid as announced on August 14, 2018. At that time the Board approved the purchase of up to 5% of Origin House's total shares outstanding for a total of 2,697,185 shares. As of the close of markets on December 7, 2018, the Company has bought back 94,100 shares out of the total approved 2,697,185, amounting to 3% of the approved buyback, and plans to continue to execute the NCIB subject to all regulatory conditions.
Marc Lustig, Chairman and CEO of Origin House commented, "Due to our careful management of the Company's capital and successful liquidation of early investments, we continue to have substantial excess cash beyond our business needs. We are actively deploying capital into our business, strategic acquisitions and our brand partners in California. Due to Management and the Board's faith in Origin House's future prospects, we are actively investing in ourselves, by acquiring our own shares, when market volatility presents attractive opportunities. We remain steadfastly focused on creating value for our shareholders, through these multiple avenues."
About Origin House Origin House is a growing cannabis products and brands company operating across key markets in the U.S. and Canada, with a strategic focus on becoming a preeminent global house of cannabis brands. The Company's foundation is in California, the world's largest regulated cannabis market, where it delivers over 130 branded cannabis products to the majority of licensed dispensaries. Origin House's brand development platform is operated out of five licensed facilities located across California, and provides distribution, manufacturing, cultivation and marketing services for its brand partners. The Company is actively developing infrastructure to support the proliferation of its brands internationally, initially through its acquisition of Canadian retailer 180 Smoke. Origin House's shares trade on the Canadian Securities Exchange (CSE) under the symbol "OH" and on the OTCQX under the symbol "ORHOF". Origin House is the registered business name of CannaRoyalty Corp. For more information, visit www.originhouse.com.
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