Heritage’s first sales in the U.S. begin in West Virginia, with full revenue ramp-up expected in 2023
TORONTO, November 02, 2022–(BUSINESS WIRE)–Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Company”), is pleased to announce that it has completed its first production run in the United States and has shipped products to dispensaries in the State of West Virginia, which are now available for purchase. First products to ship include RAD distillate vapes, with RAD live resin and live rosin now in production and shipping within the coming weeks.
Heritage commenced operations in the state of West Virginia through a relationship with Harvest Care Medical, LLC (“Harvest Care”), after Harvest Care recently received its processing license from the West Virginia Office of Medical Cannabis.
This milestone marks Heritage’s first U.S. product shipment, and with further expansion into additional states in our U.S. strategic plan, we are poised to capture market share with our established brands and formulations.
“We are more than excited to have shipped our first U.S. products in West Virginia. This is an ideal time to be building our reputation in the U.S. with our outstanding products, and in advance of the potential decriminalization of cannabis in the U.S. that was recently signalled by President Biden,” said David Schwede, CEO of Heritage. “Our first U.S. shipment is a meaningful milestone for Heritage and adds a high gross margin revenue stream to the business that is unseen in Canada. We are diligently working on launching new products and brands for the U.S. market to add additional high gross margin revenue into the fold.”
Heritage has been working with Harvest Care, a leading grower, processor, and provider of top-quality medical cannabis products in the state of West Virginia, with ten dispensary licenses of which two are currently in operation. Harvest Care was granted one of ten cultivation licenses last year and is contributing that and the processing license to the relationship, allowing Heritage to produce branded products to be offered to medical cannabis consumers in West Virginia.
About Heritage Cannabis Holdings Corp.
Heritage Cannabis is a leading cannabis company offering innovative products to both the medical and recreational legal cannabis markets in Canada and the U.S., operating under two licensed manufacturing facilities in Canada. The company has an extensive portfolio of high-quality cannabis products under the brands Purefarma, Pura Vida, RAD, 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.
David Schwede, CEO
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.
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