A North American cannabis products and brands company today announced that the Company’s distribution arm, Continuum, has entered into an agreement (the “Agreement“) to become the exclusive distributor of Cannabiniers™, producer of Two Roots™, Creative Waters™, and Baskin™ cannabis-infused products in California.
“Our California distribution platform continues to strengthen as we prepare for the closing of the acquisition of the Company by Cresco Labs Inc. (“Cresco Labs“), upon receipt of regulatory approvals” said Marc Lustig, Chairman and CEO of Origin House. “We believe infused beverages will be one of the key product categories of the future and are proud to partner with Cannabiniers – a well-known brewer and growing infused beverage brand. We continue to see signs that the California market is gaining momentum as focused efforts to put pressure on illegal players continue to shift dollars to the legal market.”
Michael Hayford, CEO of Lighthouse Strategies, parent company to Cannabiniers, added, “Cannabiniers and its portfolio of smoke-free, healthier cannabis products is committed to quality and focused on providing consumers with a discreet, authentic beverage experience. In our search for a distribution partner in the California market, Continuum emerged as the clear choice. Not only does the Company have a statewide distribution and support platform as well as relationships with a majority of legal dispensaries in the state, but the team on the ground in California truly understands how successful brands are built. We look forward to getting started and expect this to be a value-driving partnership for both of our organizations.”
The initial term of the Agreement is one year.
Cannabiniers is a developer of global cannabis brands that revolutionize the industry with first to market, patented, safe, fast-acting infusion technology. The company believes the future of cannabis consumption is dependent upon products that normalize personal and social usage without changing lifestyle patterns and behavioral norms. Two Roots is the world’s first non-alcoholic, cannabis-infused craft beer, available in three core styles, including: Lager, IPA, and Wheat, and seasonal brews, including its high-octane, cannabis flavored Straight Drank, which was developed in collaboration with Jetty Extracts. Creative Waters is its newest line of fast-acting, micro-dosed sparkling waters consisting of three CBD-infused flavors, as well as three additional flavors infused with a combined ratio of both CBD and THC, and Baskin is its line of cannabis-infused personal care products.
Management Team Update
Afzal Hasan, President and General Counsel, will be leaving the Company effective immediately. His departure was mutually planned to coincide with the Company’s current phase of development and in anticipation of the close of the acquisition of the Company by Cresco Labs.
A replacement President will not be sought. The Company has promoted its Associate General Counsels, Adrian Lambie for the US, and Pearl Chan for Canada, to the roles of General Counsel (US) and General Counsel (Canada), respectively. Mr. Hasan will continue to advise the Company in a consulting role.
Regarding the departure of Mr. Hasan, Mr. Lustig commented, “Afzal played a pivotal role in the Company’s strategy and execution since being appointed President in early 2018. I sincerely thank him for his hard work and commitment to our company and we look forward to his continued contribution as a consultant to Origin House and to Cresco Labs following the anticipated closing of the acquisition.”
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Origin House’s periodic filings with Canadian securities regulators. When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should,” and similar expressions, are forward- looking statements.
Forward-looking statements may include, without limitation, statements relating to the timing and completion of the transactions and agreements contemplated in this press release (including without limitation, the acquisition of the Company by Cresco Labs), the future growth and environment of the California legal cannabis market, the execution of the Company’s strategy, new opportunities, the Company’s timing and process for expansion in Canada and globally, new opportunities, future growth and other statements.
Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects that are engaged in activities currently considered illegal under US federal law; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
