NAC also provides update on Australian licensing
agreement with The Hydroponics Company
OTTAWA, May 4, 2018 /CNW/ - National Access Cannabis
Corp. ("NAC" or the "Company") (TSX VENTURE: NAC), Canada's best practices leader in delivering
secure, safe and responsible access to legal cannabis, today
announced that it has signed a non-binding letter of intent (the
"LOI") with LaSanta S.A.S. ("LaSanta"), a Colombian-based company
licensed to produce cannabidiol oil products, to carry LaSanta
products in NAC medical clinics in various provinces in
Canada, as legally permitted.
Under the terms of the agreement, LaSanta has initially agreed to
provide a total of a minimum of 600 kilograms of cannabis resin or
an equivalent volume of cannabis oil for medical use only.
"Providing our medical clinic customers with secure access to
high-quality cannabis products is an important factor in building
strong brand loyalty," said Mark
Goliger, Chief Executive Officer of National Access
Cannabis. "LaSanta has deep cultivation and extraction experience
and I look forward to building this relationship."
NAC also provided an update on its previously announced IP
licensing agreement (the "Agreement") with The Hydroponics Company
Limited (ASX: THC) ("THC"). Following an extensive review and
consultations between NAC and THC it was determined that the
current Australian regulatory framework would not support the
implementation of NAC's medical clinic model in the country. As a
result, a joint determination has been made to terminate the
Agreement. Notwithstanding the termination of the Agreement, both
parties maintain an ongoing dialogue with respect to the provision
of professional medicinal cannabis products and services.
Mr. Goliger commented, "We remain committed to providing
patients with innovative and convenient access to medical cannabis,
including through networks of pharmacies, as we recently announced
in Canada. While the current
Australian regulatory framework does not support our established,
medical clinic model that we successfully operate in Canada, our teams continues to explore
opportunities to help service patients globally."
About National Access Cannabis
National Access Cannabis is Canada's best practices leader in delivering
secure, safe, and responsible access to legal cannabis. Through its
Canada-wide network of care
centres, NAC enables patients and the public to gain knowledge and
access to Canada's network of
authorized Licensed Producers of Cannabis. National Access Cannabis
Corp. is listed on the TSX Venture Exchange under the symbol (TSXV:
NAC). For more information, visit
www.nationalaccesscannabis.com
Cautionary Statements
This news release contains forward looking statements and
forward looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward looking
statements or information. Forward-looking statements and
information in this news release includes, but is not limited to,
statements concerning future developments, including the Company's
plans to expand its business relationship with LaSanta, the
Company's plan to open a network of retail locations, any future
business relationship between the Company and THC and the
exploration of business opportunities globally. Although the
Company believes that the expectations and assumptions on which the
forward looking statements and information are based are
reasonable, undue reliance should not be placed on the forward
looking statements and information because the Company cannot give
any assurance that they will prove to be correct. Since
forward looking statements and information address future events
and conditions, by their very nature they involve inherent risks
and uncertainties. The forward-looking statements and
information in this news release is based on certain key
expectations and assumptions made by management, including, but not
limited to, expectations and assumptions concerning the possible
signing of a definitive agreement with LaSanta. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, risks associated with general economic
conditions; adverse industry events; marketing costs; loss of
markets; future legislative and regulatory developments involving
cannabis; inability to access sufficient capital from internal and
external sources, and/or inability to access sufficient capital on
favourable terms; the medical and potential cannabis industry in
Canada generally; income tax and
regulatory matters; the ability of the Company to implement its
business strategies; competition; crop failure; currency and
interest rate fluctuations; and other risks. The Company
cautions that the foregoing list of risks and uncertainties is not
exhaustive.
In addition, the reader is cautioned that historical results
are not necessarily indicative of future performance. The
forward-looking statements and information contained in this news
release are made as of the date hereof and the Company undertakes
no obligation to update publicly or revise any forward looking
statement or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
Neither the 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 National Access Cannabis Corp.