AgraFlora Organics Enters Into Non-Binding CBD Commercialization and Distribution LOI; Commences Discussions With One of Cana...
August 08 2019 - 3:05AM
AgraFlora Organics International Inc.
(“
AgraFlora” or the
“
Company”) (
CSE: AGRA) (Frankfurt:
PU31) (OTCPK: AGFAF), a growth oriented and diversified
international cannabis company, is pleased to announced the Company
has commenced discussions, as well as entered into a non-binding
Cannabidiol (“CBD”) Commercialization and Consulting Letter of
Intent (“LOI”), dated July 31st, 2019, with one of Canada’s largest
food retailers (the “Canadian Food Retailer”).
The Canadian Food Retailer boasts brick and mortar stores from
coast to coast, which operate under a variety of renowned retail
banners. Under the terms of the non-binding LOI, AgraFlora and the
Canadian Food Retailer will pursue a Supply and Consulting
Agreement (the “Supply Agreement”), whereby AgraFlora will supply
the Canadian Food Retailer with a portfolio of CBD-infused consumer
packed goods (“CPGs”).
Brandon Boddy, Chairman and Chief Executive Officer of AgraFlora
stated: “Following a protracted assessment of the Canadian cannabis
marketplace, as well as the associated Health Canada regulations,
we are elated to announce that this prominent Canadian Food
Retailer has selected AgraFlora as a potential partner of choice
for CBD commercialization and distribution, due our assets, human
capital and manufacturing capabilities.
Equipped with scalable manufacturing processes, substantiated by
measurable capital expenditures on property, plant and equipment,
AgraFlora’s downstream separate business units will be well
positioned to fulfill the projected demand for the next generation
of cannabinoid-infused CPGs.
This Canadian Food Retailer is the ideal potential partner for
AgraFlora throughout our pursuit to achieve significant shelf space
for our innovative suite of cannabinoid-infused cosmetics, edibles
and beverages. This proposed partnership with one of Canada’s most
respectable and influential food retailers will function as a
beachhead towards the capture of material market share.”
The non-binding LOI contemplates the branded and private label
creation and supply of AgraFlora’s diverse portfolio of CBD-infused
and/or hemp-oil derived CPG products across the Canadian Food
Retailers diverse brand umbrellas, including but not limited
to:
- Edibles;
- Cosmetics;
- Beverages;
- CBD Performance Products; and,
- Pet Products.
Over the past four quarters, AgraFlora has continued to deploy
an assertive corporate acquisition stratagem, successfully amassing
a diverse portfolio of vertically integrated cannabis assets and
industry partnerships. The Company now boasts a portfolio of
cannabinoid-infused CPG downstream operations, partnerships,
exclusive licences and asset exposure.
About AgraFlora Organics International Inc.
AgraFlora Organics International Inc. is a growth oriented and
diversified company focused on the international cannabis industry.
It owns an indoor cultivation operation in London, ON and is a
joint venture partner in Propagation Service Canada and its
large-scale 2,200,000 sq. ft. greenhouse complex in Delta, BC. The
Company has a successful record of creating shareholder value and
is actively pursuing other opportunities within the cannabis
industry. For more information please visit: www.agraflora.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Brandon Boddy Chairman & CEOT: (604) 682-2928
For additional
information:AgraFlora Organics International Inc.
Tim McNultyE: ir@agraflora.com T: (800) 783-6056 |
For French inquiries: Remy
Scalabrini, Maricom Inc.E: rs@maricom.ca T: (888)
585-MARI |
The CSE and Information Service Provider have
not reviewed and does not accept responsibility for the accuracy or
adequacy of this release.
Forward-looking Information Cautionary
Statement
Except for statements of historic fact, this
news release contains certain "forward-looking information" within
the meaning of applicable securities law. Forward-looking
information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate"
and other similar words, or statements that certain events or
conditions "may" or "will" occur. Forward-looking statements are
based on the opinions and estimates at the date the statements are
made, and are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking statements
including, but not limited to delays or uncertainties with
regulatory approvals, including that of the CSE. There are
uncertainties inherent in forward-looking information, including
factors beyond the Company’s control. There are no assurances that
the business plans for AgraFlora Organics described in this news
release will come into effect on the terms or time frame described
herein. The Company undertakes no obligation to update
forward-looking information if circumstances or management's
estimates or opinions should change except as required by law. The
reader is cautioned not to place undue reliance on forward-looking
statements. Additional information identifying risks and
uncertainties that could affect financial results is contained in
the Company’s filings with Canadian securities regulators, which
are available at www.sedar.com.
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