TORONTO, Dec. 11, 2018 /CNW/ - Newstrike Brands
Ltd. (TSX-V:HIP) ("Newstrike" or
the "Company") is pleased to announce that it has
completed its previously-announced transaction with Peter
Neal and Chris Neal and their company, Neal
Brothers Inc. ("Neal
Brothers") to create a co-branded specialty food
products company (the "Joint Venture ") to develop,
market and sell cannabis edibles. Newstrike has also completed its
transaction to acquire a minority interest in Neal Brothers, pursuant to a share purchase
agreement (the "Share Purchase").
"We're excited to be putting our capabilities together to
develop innovative products that enhance both our brands and build
long-lasting value in the market," said Jay
Wilgar, CEO of Newstrike.
"Adult-use legalized cannabis is just getting started in
Canada and we have an ideal
partner in Newstrike to develop this opportunity together and
unlock the potential for cannabis edibles," said Peter Neal, President and Co-founder,
Neal Brothers.
The completion of the Joint Venture and the Share Purchase
transaction follows the satisfaction of all closing conditions.
About Newstrike and Up Cannabis
Newstrike is the parent company of Up Cannabis Inc., a licensed
producer of cannabis that is licensed to both cultivate and sell
cannabis in all acceptable forms. Newstrike, through Up Cannabis
and together with select strategic partners,
including Canada's iconic musicians The Tragically Hip,
is developing a diverse network of high-quality cannabis brands.
For more information, visit http://www.up.ca or
http://www.newstrike.ca.
About Neal Brothers Inc.
Neal Brothers is a highly
respected leader and innovator in the natural, organic and
specialty foods sector in Canada.
Started by brothers Chris and Peter
Neal in their Mom's kitchen in Aurora, Ontario in 1988, Neal Brothers branded products have been
available across Canada for over
30 years. For more information, visit
www.nealbrothersfoods.com.
Forward-Looking Information
This news release contains forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Newstrike to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"estimates", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. These forward-looking
statements include, but are not limited to, statements relating to
the operationalization of the Joint Venture. Accordingly, readers
should not place undue reliance on the forward-looking statements
and information contained in this press release. Since
forward-looking statements and information address future events
and conditions, by their very nature they involve inherent risks
and uncertainties.
Actual results could differ materially from those currently
anticipated due to a number of factors and risks. Readers are
cautioned that the foregoing list of factors is not exhaustive. The
forward-looking statements contained in this news release are made
as of the date of this release and, accordingly, are subject to
change after such date.
Newstrike does not assume any obligation to update or revise any
forward-looking statements, whether written or oral, that may be
made from time to time by us or on our behalf, except as required
by applicable law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Newstrike Brands Ltd.