CALGARY, June 11, 2019 /CNW/ - Westleaf Inc. (TSX-V:
WL) (OTCQB:WSLFF), ("Westleaf"), is pleased to
announce that it has been approved for graduation from Tier 2 to
Tier 1 issuer status on the TSX Venture Exchange (the
"TSXV").
"Graduating to a Tier 1 listing on the TSXV reflects the ongoing
progress of Westleaf as we continue the development of our
vertically integrated cannabis company engaged in retail
operations, cultivation, production and extraction of cannabis
products" said Scott Hurd, Chief
Executive Officer of Westleaf. "We see the graduation to Tier 1
issuer status as another positive step and acknowledgement we are
executing on our business strategy to create a premium cannabis
company."
The TSXV classifies issuers into different tiers based on
standards including historical financial performance, stage of
development and financial resources. Tier 1 is the TSXV's premier
tier and is reserved for the TSXV's most advanced issuers. Tier 1
issuers benefit from decreased filing requirements and improved
service standards.
With the graduation to a Tier 1 listing, the common shares of
Westleaf ("Westleaf Shares") previously deposited into
escrow pursuant to the rules of the TSXV will now be governed by
the release provisions of Tier 1 issuer escrow and as a result a
certain number of such Westleaf Shares will be eligible for release
from escrow immediately. As announced by Westleaf on April 30, 2019, in addition to any escrow
requirements imposed by the TSXV, each of the executive officers
and directors of Westleaf has voluntarily committed to not offer,
sell, assign, transfer or otherwise dispose of their Westleaf
Shares or any securities convertible into Westleaf Shares until
September 29, 2019.
About Westleaf Inc.
Westleaf is a vertically integrated cannabis company focused on
innovative retail experiences and engaging cannabis brands as well
as cultivation, production and extraction of cannabis products.
Westleaf is rolling out a national retail footprint for its retail
concept Prairie Records, with stores planned for
British Columbia, Alberta, Saskatchewan and potentially Manitoba and Ontario. Westleaf also has two significant
production facilities under construction Thunderchild
Cultivation in Battleford,
Saskatchewan and The Plant extraction and
manufacturing facility in Calgary,
Alberta, both are scheduled for completion in 2019. For more
information, please visit www.westleaf.com or
www.prairierecords.ca.
Additional Information
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
Cautionary Statements
This news release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") within the meaning of the applicable Canadian
securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on
expectations, estimates and projections as at the date of this news
release. Any statement that involves discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always
using phrases such as "expects", or "does not expect", "is
expected", "anticipates" or "does not anticipate", "plans",
"budget", "scheduled", "forecasts", "estimates", "believes" or
"intends" or variations of such words and phrases or stating that
certain actions, events or results "may" or "could", "would",
"might" or "will" be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
statements. This news release, forward-looking statements relate,
among other things, to the development of retail cannabis stores
and the business and operations of the Westleaf, the release of
Westleaf Shares from escrow, or the sale or disposition of Westleaf
Shares by executive directors and officers of Westleaf.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: general business, economic, competitive, political and
social uncertainties; and the delay or failure to receive board,
shareholder, court or regulatory approvals. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on the forward-looking statements and
information contained in this news release. Except as required by
law, Westleaf assumes no obligation to update the forward-looking
statements of beliefs, opinions, projections, or other factors,
should they change.
SOURCE Westleaf Inc.