TORONTO, January 23, 2024–(BUSINESS WIRE)–Heritage Cannabis Holdings Corp. (CSE: CANN)(“Heritage” or the “Company”), a licensed cannabis company with global distribution. Currently distributing its branded product catalogue nationally in Canada and multi-state U.S. distribution for its RAD™ branded cannabis products, as well as a collection of global B2B customers, is pleased to announce the launch of new products and brands recently added to Heritage’s portfolio.
Adults Only targets the “high octane” consumer with a high quality cannabis experience. Initially launching with liquid diamond vapes, the brand makes the Canadian cannabis landscape more fun and entertaining.
Since its launch, the brand has enjoyed great success, already ranking as a top performing vape brand in Canada, with individual products under the brand currently coming in at 5th and 6th in the Ontario when it comes to revenue. With new products under the brand being launched, Heritage expects its Adults Only brand ranking at 11th place across all Licensed Producers to continue to climb.
RAD™ Fuel Cell
RAD™ offers high-quality products at affordable prices, delivering quality concentrates and competitive price points to meet the needs and preferences of all types of cannabis consumers while effectively harnessing the captivating power of nostalgia in the brand.
As one of Heritage’s signature brands, the Company is launching RAD™ Fuel Cell vape cartridges across Canada. These new vape cartridges are made with custom premium ceramic hardware and are already seeing strong penetration in the market.
The Juicy Hoots brand is all about flavour, and a one-of-a-kind product experience. Housed in premium custom hardware, these vape cartridges offer the juiciest hit with every sip.
Heritage is currently undertaking the national launch of Juicy Hoots with products already shipped to Alberta and Ontario in early January.
David Schwede, CEO of Heritage said, “At Heritage, we recognize the cannabis market is vast and competitive to say the least and we are addressing that by differentiating our products and brands to build and maintain a loyal customer base. We have one of the most attractive collections of vape products, from our brand look and hardware design to our unbeatable flavour profiles, we are gaining traction across the country and excited to propel our new brands to the same success as Adults Only. As we continue to extend our brands and products, we expect to see the success reflected in our revenue and will apply our differentiated approach to additional categories when the time is right.”
Additionally, Heritage announces that the Company has issued common shares in the capital of Heritage (the “Shares”) to certain employees and management of the Company as consideration for annual bonuses and sales commissions in respect of their performances in the 2023 fiscal year. The Company sought and was granted relief to the Canadian Securities Exchange’s minimum price rule, and issued 44,549,726 Shares at a price of $0.015 per Share.
Schwede continued, “Our people put in a tremendous amount of work during 2023 to get our products and brands where they are today in both Canada and the U.S. and they deserve some reward and recognition for their efforts. While the capital markets have yet to reflect this traction and as we are still moving toward cash-flow positive territory, I will be forgoing a bonus payment at this time.”
Heritage also announces that the Company has issued a new warrant certificate to NFS Leasing Canada Ltd. (the “Lender”) on January 22, 2024, entitling the Lender to subscribe for and purchase up to 1,454,226 common shares in the capital of Heritage at an exercise price of $0.05 per common share (the “Warrants”). The Warrants have an expiry date of January 22, 2027.
The issuance of the Warrants to the Lender is subject to the final approval of the Canadian Securities Exchange. All securities issued will be subject to a four-month hold period, which will expire on the date that is four months and one day from the date of issue.
About Heritage Cannabis Holdings Corp.
Heritage is a leading cannabis company offering innovative products to both the medical and recreational legal cannabis markets in Canada and the U.S., operating two licensed manufacturing facilities in Canada. The company has an extensive portfolio of high-quality cannabis products under the brands Purefarma, Pura Vida, RAD, Adults Only, Juicy Hoots, Premium 5, Thrifty, feelgood., the CB4 suite of medical products in Canada and ArthroCBD in the U.S.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements.
An investment in securities of the Company is speculative and subject to several risks including, without limitation, the risks discussed under the heading “Risks and Uncertainties” in the Company’s annual management discussion and analysis for the year ended October 31, 2021 and dated May 10, 2022. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
In connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice.
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