North Bud Farms Announces the Appointment of Sean Homuth as Acting Chief Financial Officer
Momentum Public Relations
Press Release: October 17
North Bud Farms Inc. (CSE: NBUD) (OTCQB: NOBDF) (“NORTHBUD” or the “Company”) is pleased to announce the appointment of Sean Homuth as Acting Chief Financial Officer (CFO), effective today. Mr. Homuth’s permanent role as CFO will commence upon receiving Health Canada security clearance required for all Officers and Directors of the Company.
“As NORTHBUD expands its presence into the USA with the anticipated closing of its previously announced letters of intent with the Qlora Group (California) and Nevada Botanical Science (Nevada), we are strategically adding additional expertise in international business and finance,” said Ryan Brown, CEO of North Bud Farms Inc.
Mr. Homuth brings extensive experience with both Canadian and U.S. publicly traded organizations both in industry as well as from a client perspective during his tenure at Ernst & Young and, more recently, as an independent consultant. Previously, Mr. Homuth was Chief Financial Officer at Orezone Gold Corporation (and Vice President, Finance and Administration for its predecessor company, Orezone Resources Inc.) a publicly listed company headquartered in Canada with operations in West Africa. At Orezone Mr. Homuth led a global team of finance professionals and was involved in over $800 million in financings and M&A transactions with the company and its predecessor. Mr. Homuth holds accounting designations in both Canada (CPA, CA) and the United States (CPA – Illinois).
“We are pleased to welcome Sean to our dynamic team as NORTHBUD expands its footprint into the USA,” stated Ryan Brown, CEO of North Bud Farms Inc. “Sean brings specialty experience in accounting and finance for international companies as well as a profound knowledge of capital markets, having worked with and advised many public companies over the years. He joins NORTHBUD at an exciting time in its development as his leadership and experience will be essential in executing our strategic plan and taking the company to its next level of growth.”
Brendan Stutt, the Company’s incumbent CFO, who has made invaluable contributions to the Company’s financial leadership and culture, will work to ensure a smooth transition and will remain with the Company in a non-executive role.
Mr. Brown stated: “We would like to thank Brendan for his contributions to the Company, in particular the successful listing of NORTHBUD on the Canadian Securities Exchange.”
About North Bud Farms Inc.
North Bud Farms Inc., through its wholly owned subsidiary GrowPros MMP Inc., is pursuing a licence under The Cannabis Act. The Company has built a state-of-the-art purpose-built cannabis production facility located on 135 acres of Agricultural Land in Low, Quebec, Canada. NORTHBUD through its wholly owned U.S. subsidiary, Bonfire Brands USA has entered into agreements to acquire assets in California and Nevada.
For more information visit: www.northbud.com
Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
Certain statements and information included in this press release that, to the extent they are not historical fact, constitute forward-looking information or statements (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements, including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. This press release contains forward- looking statements including those relating to the entering into of the Definitive Agreement and closing of the Transaction with the Qlora Group and Nevada Botanical Science. Forward-looking statements are based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risk factors included in the Company’s final long form prospectus dated August 21, 2018, which is available under the Company’s SEDAR profile at www.sedar.com. Accordingly, readers should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all of such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking statements to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws. This news release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
North Bud Farms Inc.
Edward Miller
VP, IR & Communications
Office: (855) 628-3420 ext. 3
investors@northbud.com
North Bud Farms Restructures Proposed California Operations with Signing of Offer to Purchase 11-Acre Property in Salinas, California
Momentum Public Relation
Press Release: September 12, 2019
North Bud Farms Inc. (CSE: NBUD) (OTCQB: NOBDF) (“NORTHBUD” or the “Company”) is pleased to announce that Bonfire Brands USA, a wholly owned subsidiary of NORTHBUD, has entered into a land purchase agreement with the Qlora Group to acquire a fully operational Cannabis farm consisting of approximately 300,000 sq. ft. of greenhouse capacity located in Salinas, California. With the near 11-acre cultivation facility comes additional licenses for processing and distribution. The transaction is valued at USD$11 million.
The facility in Salinas, California is currently licensed and operating a 60,000 sq. ft. greenhouse capable of producing 12,000 kg a year and holds the approval to expand up to approximately 300,000 sq. ft. of capacity with estimated yields of 60,000 kg a year. This infrastructure will serve as the primary operation for Bonfire Brands USA within the state of California, which is considered to be the largest cannabis market in the United States.
“Over the past seven months we have observed an evolution in the California market,” stated Justin Braune, President of Bonfire Brands USA. “Many existing legacy operations have been unsuccessful in transitioning their businesses into the adult use market post January 1st, 2019. Supply issues and licensing time frames have caused widespread re positioning of market shares amongst many verticals. Since the creation of Bonfire, we have determined that the acquisition of strategic licensed infrastructure will provide Bonfire with the most efficient operational structure possible. By controlling the complete vertical in one location per state we will have the capacity to increase both our offerings and margins. This will enable us to further improve our own brands as well as we work with complementary partners over a wide spectrum of product segments.”
Transaction Terms
Bonfire Brands USA entered into the land purchase agreement effective September 9, 2019. The purchase price of the land is USD$8M. As part of the 60-day escrow agreement Bonfire Brands USA will make an initial deposit of USD$500,000. The remaining USD$7.5M mortgage will be held by the seller at a fixed interest rate. Over the first 12 months, Bonfire Brands USA will make interest only payments before entering into a traditional principal and interest mortgage. Upon successfully transferring all licenses from Monterey Holdings to Bonfire Brands USA, the Company will issue a convertible debt note in the amount of CAD$2.5M. The debt note will be redeemable in four equal installments to be paid in cash or common shares of NORTHBUD (valued at the 30-day VWAP of the common shares on the CSE) at the discretion of the note holder. If the note holder chooses to redeem in cash, then the installment will be paid in monthly installments over a 3-month period. Any issuance of common shares of NORTHBUD will be subject to receipt of applicable regulatory approvals, including that of the CSE, and standard restrictions on resale.
Upon closing of the real estate transaction, it is expected that Bonfire Brands USA will begin to immediately operate the facilities under an operations agreement until the license transfer is complete.
In addition, Bonfire Brands USA intends to acquire the remaining assets of the Qlora Group related to the brands “California Bud Co.” and “Live For The Day” (LFTD) in exchange for common shares of NORTHBUD. Qlora Group advises that the brands accounted for USD$4.5M in unaudited revenue in 2018. This transaction is expected to take approximately six months to complete for a consideration of USD$500,000.
The Transaction is a significant acquisition but will not result in a “Fundamental Change” pursuant to the policies of the CSE. NORTHBUD will be preparing the necessary corporate and securities filings in order to secure the required approvals for the Transaction.
NORTHBUD has agreed to pay up to 5% in finder fees to arm’s length parties in connection with the closing of the Transaction. The fee is payable in common shares of NORTHBUD.
The closing of the Transaction is conditional on the receipt by the parties of applicable corporate and regulatory approvals including that of the CSE.
U.S. Expansion Update
NORTHBUD is pleased to have solidified its California expansion strategy with this this proposed transaction with Qlora Group and in light of this development and other factors NORTHBUD has agreed to mutually terminate the previously announced letters of intent regarding Eureka Vapor and Tanforan Ventures LLC. Mr. Justin Braune, President of Bonfire Brands USA will lead all NORTHBUD’s U.S. operations.
“Over the past seven months we have been working diligently to complete these transactions, however, during this time the market in California has evolved significantly,” said Ryan Brown, CEO of NORTHBUD. “When the opportunity to purchase licensed real estate in one of the most desired cultivation climates in the state presented itself, we felt that this was the best strategy to maximize revenue as well as protecting shareholder value. The acquisition of this property will provide NORTHBUD with larger revenue potential and significantly less dilution than the previous proposed transactions. We look forward to a potential collaboration with both companies in the future and wish them the best of success.”
The Nevada Botanical Science LOI agreement is still in place and the Company will update shareholders on material progress related to that transaction in due course.
While the proposed transactions involving Nevada Botanical Science and Monterey Holdings are complementary, they are independent and the Company may ultimately proceed to close one, both or none of the proposed transactions, depending on market conditions and regulatory requirements.
Corporate Update
NORTHBUD is pleased to update shareholders that the Evidence of Readiness Package was submitted to Health Canada and upon issuance of a standard cultivation licence from Health Canada, NORTHBUD will be ready to begin Canadian operations.
About North Bud Farms Inc.
North Bud Farms Inc., through its wholly owned subsidiary GrowPros MMP Inc., is pursuing a licence under The Cannabis Act. The Company has built a state-of-the-art purpose-built cannabis production facility located on 135 acres of Agricultural Land in Low, Quebec, Canada. NORTHBUD through its wholly owned U.S. subsidiary, Bonfire Brands USA has entered into agreements to acquire assets in California and Nevada.
For more information visit: www.northbud.com
Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
Certain statements and information included in this press release that, to the extent they are not historical fact, constitute forward-looking information or statements (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements, including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. This press release contains forward- looking statements including those relating to the entering into of the Definitive Agreement and closing of the Transaction with Qlora. Forward-looking statements are based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risk factors included in the Company’s final long form prospectus dated August 21, 2018, which is available under the Company’s SEDAR profile at www.sedar.com. Accordingly, readers should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all of such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking statements to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws. This news release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
North Bud Farms Inc.
Edward Miller
VP, IR & Communications
Office: (855) 628-3420 ext. 3
investors@northbud.com
North Bud Farms Completes Construction of its Phase One Cultivation Facility and Establishes U.S. Based Subsidiary, Bonfire Brands USA
Momentum Public Relations
Press Release: August 14, 2019
North Bud Farms Inc.(CSE: NBUD) (OTCQB: NOBDF) (“NORTHBUD” or the “Company”) is pleased to announce the completion of its 24,500 square foot phase one indoor cannabis cultivation facility located on 135 acres of land in Low, Quebec, Canada. This week consultants are finalizing the facility’s Evidence of Readiness Package for submission to Health Canada.
“This is an important milestone for NORTHBUD, as we transition from the construction phase to pre-operational phase,” said Ryan Brown, CEO of NORTHBUD. “We believe that we have built an extremely cost-effective facility that will allow us to be competitive in all aspects of the Canadian market. With the addition of over 500,000 square feet of outdoor production later this year, we anticipate production of over 10 million grams of Cannabis in calendar 2020.”
Creation of New U.S. Subsidiary
NORTHBUD wishes to inform shareholders that they have established a wholly owned U.S. based subsidiary. Bonfire Brands USA Inc. has been established to own and operate NORTHBUD’s proposed acquisitions in the U.S. markets.
NORTHBUD is pleased to announce that it has appointed Justin Braune as President of Bonfire Brands USA. Mr. Braune currently serves as the CEO of EUREKA Vapor and will lead all of the NORTHBUD’s U.S. operations.
Mr. Braune brings over 10 years of industry experience to the NORTHBUD team. A graduate of the United States Naval Academy, he served in the U.S. Navy for ten years where he helped manage nuclear reactor systems aboard the USS Ronald Reagan. He holds an MBA from the University of Southern California’s Marshall School of Business.
Prior to joining EUREKA Vapor, Mr. Braune served as President at Made By Science, a startup science and delivery technology company which was recently acquired by Acreage Holdings. Mr. Braune has served as CEO and President for multiple startup private and public companies over his 10-year career in the cannabis industry.
“I look forward to working with Justin as we move into the operational phase of our U.S. expansion plan,” said Ryan Brown, CEO of NORTHBUD. “Justin has extensive contacts in the U.S. cannabis industry which will be very valuable as we continue to expand and enter into new partnerships.”
About North Bud Farms Inc.
North Bud Farms Inc., through its wholly owned subsidiary GrowPros MMP Inc., is pursuing a licence under The Cannabis Act. The Company has built a state-of-the-art purpose-built cannabis production facility located on 95 acres of Agricultural Land in Low, Quebec, Canada. North Bud Farms Inc. has entered into agreements to acquire assets in California, Colorado and Nevada.
For more information visit: www.northbud.com
Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
Certain statements and information included in this press release that, to the extent they are not historical fact, constitute forward-looking information or statements (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements, including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. Forward-looking statements are based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risk factors included in the Company’s final long form prospectus dated August 21, 2018, which is available under the Company’s SEDAR profile at www.sedar.com. Accordingly, readers should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all of such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking statements to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws. This news release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
North Bud Farms Inc.
Edward Miller
VP, IR & Communications
Office: (855) 628-3420 ext. 3
investors@northbud.com
- Published in Cannabis, CBD, Medical Marijuana, News Home, NorthBud
North Bud Farms Closes Second Tranche of Private Placement Financing
Momentum Public Relations
Press Release: July 3rd, 2019
North Bud Farms Inc. (CSE: NBUD) (OTCQB: NOBDF) (“NORTHBUD” or the “Company”) is pleased to announce the closing of a second tranche of its non-brokered private placement, previously announced on May 15, 2019, for gross proceeds of $1,122,000, by issuing 3,740,000 units at a price of $0.30 per unit. Each unit is comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share of the Company at a price of $0.40 per share for a period of twenty-four months.
The Company plans to use the net proceeds of the offering to hire additional staff for its Canadian operations, pursue M&A opportunities in the United States, including new state license applications, and for general working capital purposes.
The Company expects to close on the balance of the previously announced private placement of up to $4 million in one or more additional tranches of the offering in the near future, subject to the receipt of all necessary regulatory approvals. All securities issued pursuant to the offering are subject to a four-month hold period in accordance with applicable Canadian securities laws.
About North Bud Farms Inc.
North Bud Farms Inc., through its wholly owned subsidiary GrowPros MMP Inc., is pursuing a licence under The Cannabis Act. North Bud Farms Inc. is constructing a state-of-the-art purpose-built cannabis production facility located on 95 acres of Agricultural Land in Low, Quebec. North Bud Farms Inc. will be focused on Pharmaceutical and Food Grade cannabinoid production in preparation for the legalization of edibles and ingestible products scheduled for October 2019.
For more information visit: www.northbud.com
Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
Certain statements and information included in this press release that, to the extent they are not historical fact, constitute forward-looking information or statements (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements, including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. Forward-looking statements are based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risk factors included in the Company’s final long form prospectus dated August 21, 2018, which is available under the Company’s SEDAR profile at www.sedar.com. Accordingly, readers should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all of such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking statements to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws. This news release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
North Bud Farms Inc.
Edward Miller
VP, IR & Communications
Office: (855) 628-3420 ext. 3
investors@northbud.com
- Published in Cannabis, Marijuana, Medical Marijuana, News Home, NorthBud
North Bud Farms Signs Binding Letter of Intent to Acquire Nevada Botanical Science
Momentum Public Relations
Press Release: June 25
North Bud Farms Inc.(CSE: NBUD) (OTCQB: NOBDF) (“NORTHBUD” or the “Company”) is pleased to announce that it has entered into a binding letter of intent (“LOI”), effective June 23, 2019, to acquire all of the issued and outstanding securities of Nevada Botanical Science, Inc. (“NBS”) in a transaction valued at USD$7 million.
Nevada Botanical Science is located in Reno, Nevada. They hold medical and adult use licenses for cultivation extraction and distribution. NBS’ operation is located on 3.2 acres of land within the Reno green zone industrial park. NBS currently operates a 5,000 sq. ft. indoor cultivation facility and have been approved for expansion of up to 100,000 sq. ft. The property also houses an extraction facility and commercial kitchen capable of manufacturing beverages and edibles. Operated by healthcare professionals, NBS has been primarily focused on the cultivation and manufacturing of medical cannabis products. NBS currently manufactures and sells award winning* (Jack Herer Cup 2018) topical pain creams, balms and lotions under the Trichomic brand.
“We are very excited to have the opportunity to enter the Nevada market,” said Ryan Brown, CEO of NORTHBUD. “The Nevada market is considered one of the best markets in America with recreational sales of USD$580 million in the first full year of legalization* (2017 Nevada Dept. of Taxation). Assuming the successful closing of the proposed transaction with NBS and our previously announced transactions with Eureka Vapor and Tanforan Ventures, we are building an excellent platform in the 3 largest markets in the United States on which to build our brand focused strategy.”
“The NBS team is pleased to be entering into this agreement with NORTHBUD, as we believe that NORTHBUD and its brands will be a perfect addition to our existing medical business and allow us to capitalize on the Nevada recreational market,” said Robert Dalrymple, MD., CEO of Nevada Botanical Science.
Transaction Terms
The proposed transaction (the “Transaction”) is currently structured as a share purchase agreement whereby in exchange for the purchase of all of the securities of NBS, NORTHBUD will pay USD$6M in cash and issue USD$1M in common shares (“Common Shares”) to the shareholders of Nevada Botanical Science (the “NBS Shareholders”) with the price per Common Share to be determined based on a formula of the higher of (a) CAD$0.35 per Common Share and (b) the 30-day volume weighted average price (“VWAP”) calculated on the closing date (the “Closing Date”) of a definitive agreement in respect of the Transaction (the “Definitive Agreement”). In addition, NORTHBUD has agreed to loan up to USD$500,000 under a promissory note to NBS while the companies work towards a definitive agreement. Specific terms of the promissory note are not yet determined, however any amounts loaned to NBS under the promissory note will be fully refundable and may be converted into equity in NBS, at the option of NORTHBUD, in the event that the transaction is not completed. NORTHBUD and NBS Shareholders expect to enter into the Definitive Agreement on or before October 1, 2019.
The Transaction is a significant acquisition but will not result in a “Fundamental Change” pursuant to the policies of the Canadian Securities Exchange (“CSE”). Financial information on NBS will be disclosed following receipt of audited financial statements in connection with the Company’s due diligence. NORTHBUD will be preparing the necessary corporate and securities filings in order to secure the required approvals for the Transaction.
NORTHBUD has agreed to pay up USD$280,000 in broker/finder fees to arm’s length parties in connection with the closing of the Transaction.
The closing of the Transaction is conditional on the receipt by the parties of applicable corporate and regulatory approvals including that of the CSE.
While the proposed transactions involving NBS, Tanforan Ventures and Eureka Vapor are complementary, they are independent and the Company may ultimately proceed to close one, two, all or none of the proposed transactions, depending on market conditions and regulatory requirements.
About Nevada Botanical Science, Inc.
Founded by a group of northern Nevada physicians and healthcare professionals who believe in the promise of medical cannabis, Nevada Botanical Science has developed a world class cannabis production, research and development facility in Reno’s Washoe County. Its work and commitment are fully in compliance with the Hippocratic Oath as well as Nevada statute. Nevada Botanical Science is dedicated to ensuring the highest measure of safety, governance and stewardship for its patients, employees and the community it serves.
For more information visit: www.nevadabotanicalscience.com
About North Bud Farms Inc.
North Bud Farms Inc., through its wholly owned subsidiary GrowPros MMP Inc., is pursuing a licence under The Cannabis Act. The Company is constructing a state-of-the-art purpose-built cannabis production facility located on 95 acres of Agricultural Land in Low, Quebec. North Bud Farms Inc. has entered into agreements to acquire assets in California, Colorado and Nevada.
For more information visit: www.northbud.com
Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward- looking statements including those relating to the entering into of the Definitive Agreement, closing of the Transaction and associated approvals, Nevada Botanical Science’s ability to achieve milestones under the Definitive Agreement and associated Common Share issuances. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Such risks and uncertainties include, among others, the risk factors included in North Bud Farms Inc.’s final long form prospectus dated August 21, 2018 which is available under the issuer’s SEDAR profile at www.sedar.com.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
North Bud Farms Inc.
Edward Miller
VP, IR & Communications
Office: (855) 628-3420 ext. 3
investors@northbud.com
North Bud Capital Acquires Shares and Warrants of North Bud Farms Inc.
Momentum Public Relations
Press Release: June 20, 2019
This news release is issued by North Bud Capital Holdings Ltd. (“North Bud Capital”) pursuant to the early warning requirements of National Instrument 62-104 and National Instrument 62-103 with respect to the acquisition by North Bud Capital of units of North Bud Farms Inc. (the “Issuer”).
On June 19, 2019, in connection with the closing of a non-brokered private placement of the Issuer, North Bud Capital purchased 3,333,333 units in the share capital of the Reporting Issuer, at a price of $0.30 per unit, for gross proceeds to the Issuer of $1,000,000 (the “Private Placement Transaction”). Each unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder thereof to purchase one additional common share in the share capital of the Issuer, at an exercise price of $0.40, and expiring on June 19, 2021.
Prior to the Private Placement Transaction, North Bud Capital owned and controlled 7,084,500 common shares in the share capital of the Issuer, representing 12.75% of the issued and outstanding common shares of the Issuer.
As a result of the closing of Private Placement Transaction, North Bud Capital holds a total of 10,417,833 common shares of the Issuer, representing 17.49% of the issued and outstanding common shares of the Issuer, and assuming the exercise of the 3,333,333 warrants comprised in the units, will hold a total of 13,751,166 common shares, representing a total of 21.86% of the issued and outstanding common shares of the Issuer on a partially diluted basis.
Depending on economic or market conditions, or matters relating to the Issuer, North Bud Capital may in the future choose to either acquire additional securities of the Issuer or dispose of securities of the Issuer.
For further information, and to obtain a copy of the early warning report filed under applicable securities legislation in connection with the transactions described herein, please go to the Issuer’s profile on the SEDAR website at www.sedar.com, or contact Mr. Ryan Brown, CEO of North Bud Capital at 855-359-2475.
North Bud Capital Holdings Ltd.
38 Ch. Scott
Chelsea, Quebec
J9B 1R5
North Bud Farms Signs Binding Letter of Intent to Acquire California Licensed Extraction Company Tanforan Ventures
Momentum Public Relations
Press Release: June 18, 2019
North Bud Farms Inc.(CSE: NBUD) (OTCQB: NOBDF) (“NORTHBUD” or the “Company”) is pleased to announce that effective June 15, 2019 it has entered into a binding letter of intent (“LOI”) to acquire all of the issued and outstanding securities of Tanforan Ventures LLC (“Tanforan”), a California-based licensed operator holding Category 7 extraction and distribution licenses, in a transaction valued at CAD$8.6 million.
Tanforan holds manufacturing and distribution licenses in the state of California and is in the final stages of completing its new Category 7 licensed extraction facility in Woodland, California.
“We are very excited to have the opportunity to secure additional infrastructure and talent as we continue to execute on our U.S. expansion plans,” said Ryan Brown, CEO of North Bud Farms. “This strategically located extraction facility will facilitate the transportation of crude extract derived from bio-mass grown at contract farms located in Northern California. Assuming the successful closing of the proposed transaction with Tanforan and our previously announced transaction with Eureka Vapor, we intend to further process the crude extract into a finished consumer product at Eureka Vapor’s manufacturing and distribution facility located in Los Angeles to service the Southern California market.”
Transaction Terms
The proposed transaction (the “Transaction”) is currently structured as a share purchase agreement whereby in exchange for the purchase of all of the securities of Tanforan, NORTHBUD will issue CAD$5 million in common shares (“Common Shares”) to the shareholders of Tanforan (the “Tanforan Shareholders”) with the price per Common Share to be determined based on a formula of the higher of (a) CAD$0.35 per Common Share and (b) the 30-day volume weighted average price (“VWAP”) calculated on the closing date (the “Closing Date”) of a definitive agreement in respect of the Transaction (the “Definitive Agreement”). NORTHBUD and Tanforan expect to enter into the Definitive Agreement by October 1, 2019.
In addition, Tanforan shareholders will be entitled to receive up to an additional CAD$3.6 million in Common Shares of NORTHBUD, on a pro rata basis, upon Tanforan achieving revenue of USD$11,700,000 from extraction contracts over a 12 month period following the closing of the Transaction. All of the foregoing revenue milestone Common Shares will have a deemed value equal to the consideration shares and will be subject to the same escrow period.
10% of the Common Shares to be issued pursuant to the Definitive Agreement will be issued to the Tanforan shareholders on the Closing Date, with the remainder of the Common Shares to be issued in equal tranches after six, twelve, eighteen, and twenty-four months from the Closing Date (the “Escrow Period”).
The Transaction is a significant acquisition, but will not result in a “Fundamental Change” pursuant to the policies of the CSE. NORTHBUD will be preparing the necessary corporate and securities filings in order to secure the required approvals for the Transaction.
NORTHBUD has agreed to pay $150,000 in broker/finder fees to arm’s length parties in connection with the closing of the Transaction.
The closing of the Transaction is conditional on Tanforan receiving its final Certificate of Occupancy from the city of Woodland, the receipt of all applicable permits as well as the receipt by the parties of applicable corporate and regulatory approvals including that of the CSE.
“The opportunity to acquire a state-of-the-art facility with an experienced operations team is an exciting prospect for NORTHBUD,” says Ryan Brown, CEO of NORTHBUD. “We believe that the combination of Tanforan’s facility and services combined with Eureka Vapor’s products and distribution will give NORTHBUD an excellent platform to capitalize on the California recreational cannabis market, considered to be the largest in North America.”
“The Tanforan team is excited to join forces with NORTHBUD and Eureka to capitalize on the largest consumer market in North America,” said Shannan Day, CEO of Tanforan Ventures. “Tanforan has extensive exclusive agreements with licensed Cannabis farms in Northern California and we look forward to working with NORTHBUD and Eureka to create high quality products for distribution in Southern California.”
While the proposed transactions involving Tanforan and Eureka Vapor are complementary, they are independent and the Company may ultimately proceed to close one, both or neither of the proposed transactions, depending on market conditions and regulatory requirements.
Update on Acquisition of Eureka Vapor
As previously announced in the Company’s press release dated May 15, 2019, NORTHBUD and Eureka Vapor LLC (“Eureka”) continue to work towards completing a definitive agreement whereby NORTHBUD is to acquire all of the issued and outstanding shares of Eureka and all of its subsidiaries. Based on projected timelines for the completion of the audit of Eureka’s financial statements, the companies expect to sign a definitive agreement in the third quarter of the 2019 calendar year.
Update on Financing
The Company expects to close a first tranche of its non-brokered private placement later this week. As previously announced on May 15, 2019, the private placement is for up to 13,333,333 units at a price of $0.30 per unit, for gross proceeds of up to $4 million. Each unit will be comprised of one common share of the Company and one common share purchase warrant. Each warrant will entitle the holder to acquire an additional share at a price of $0.40 for a period of 24 months from the closing date.
About Tanforan Ventures LLC.
Historically Tanforan’s business operated under the proposition 215 regulatory structure. As of January 2019, Tanforan successfully applied for and received a volatile extraction license under the California adult use regulations laws. Tanforan specializes in white label extraction services.
About North Bud Farms Inc.
North Bud Farms Inc., through its wholly owned subsidiary GrowPros MMP Inc., is pursuing a licence under The Cannabis Act. The Company is constructing a state-of-the-art purpose-built cannabis production facility located on 95 acres of Agricultural Land in Low, Quebec. North Bud Farms Inc. will be focused on Pharmaceutical and Food Grade cannabinoid production in preparation for the legalization of edibles and ingestible products scheduled for October 2019.
About Eureka Vapor LLC
Headquartered in Los Angeles, California, EUREKA Vapor was founded in 2011 and holds licenses in both California and Colorado. EUREKA Vapor’s multi state operation manufactures and sells a premium line of vaporizer cartridges, disposable vapor pens and proprietary vaporizer batteries designed to work with their highly sought-after CO2 extracted oil. Using their refined extraction processes and techniques developed over almost a decade of extracting, EUREKA Vapor is committed to providing the cleanest and safest natural oil cartridges in the industry. Long referred to as one of the leaders in the industry, EUREKA has one of the most loyal customer bases in the category which reflects their commitment to honesty and transparency above all else. EUREKA continually looks for innovative ways to improve and refine their product offerings in order to deliver the best, most consistent vaping experience in the industry.
For more information visit: www.northbud.com
Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward- looking statements including those relating to the entering into of the Definitive Agreement, closing of the Transaction and associated approvals, Tanforan’s ability to achieve milestones under the Definitive Agreement and associated Common Share issuances. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Such risks and uncertainties include, among others, the risk factors included in North Bud Farms Inc.’s final long form prospectus dated August 21, 2018 which is available under the issuer’s SEDAR profile at www.sedar.com.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
North Bud Farms Inc.
Edward Miller
VP, IR & Communications
Office: (855) 628-3420 ext. 3
investors@northbud.com
North Bud Farms Arranges Private Placement Financing and Provides Corporate UpdateMomentum Public Relations Press Release: May 15, 2019
Momentum Public Relations
Press Release: May 15, 2019
North Bud Farms Inc. (CSE: NBUD) (OTCQB: NOBDF) (“NORTHBUD” or the “Company”) announces a non-brokered private placement of up to 13,333,333 units, at a price of $0.30 per unit, for gross proceeds of up to $4 million. Each unit will be comprised of one common share of the Company and one common share purchase warrant. Each warrant will entitle the holder to acquire an additional share at a price of $0.40 for a period of 24 months from the date of closing of the offering. Insiders of the Company have demonstrated their commitment to the continued success of the Company by committing to a lead investment of $1 million in the proposed offering. The Company plans to use the net proceeds of the offering to hire additional staff for its Canadian operations, pursue M&A opportunities in the United States, including new state license applications, and for general working capital purposes.
“These funds will be essential to fund ongoing acquisition efforts in the United States and prepare our Canadian production facility for operations,” said Ryan Brown, CEO of North Bud Farms.
The offering is expected to be completed on or before May 31, 2019, subject to the receipt of all necessary regulatory approvals. All securities issued pursuant to the offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws.
As mentioned, certain directors, officers and other insiders have committed to participate in the offering. Accordingly, any such participation would be considered a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemptions from the formal valuation requirements and majority of the minority shareholder approval requirements of MI 61-101 contained in Section 5.5(a) and Section 5.7(1)(a) in respect of any such related party transaction on the basis that the fair market value of the transaction does not exceed more than 25% of the Company’s market capitalization. The Company expects to file a material change report in respect of any related party transaction on SEDAR prior to the closing of the offering, the whole as required by MI 61-101.
Eureka Vapor LLC Update
The Company is pleased to update shareholders on the status of its planned strategic acquisition of multi-state licensed operator, Eureka Vapor (“Eureka”), as the companies continue to work towards completing a definitive agreement. Based on projected timelines for the completion of the audit of Eureka’s financial statements, the companies expect to sign a definitive agreement in the third quarter of the 2019 calendar year.
“We are excited to be joining forces with NORTHBUD to drive strong long-term revenue growth in both Canada and the United States,” said Justin Braune, CEO of Eureka Vapor. “The Eureka team continues to evaluate synergistic acquisitions in multiple U.S. states to expand both the Eureka Vapor and NORTHBUD brands post-closing of our transaction.”
Corporate Update
The Company is in the final stages of preparation for submission of the required evidence package to Health Canada for its cannabis production facility located in Low, Quebec. Consultants have scheduled the evidence package for the end of June and it will be submitted to Health Canada upon its completion.
“We are very excited to be nearing completion of this project,” said Ryan Brown, CEO of North Bud Farms. “We are equally encouraged by recent changes in the application process that will allocate more resources to companies who are operationally ready. The Company will provide an update post submission of the evidence package.”
About North Bud Farms Inc.
North Bud Farms Inc., through its wholly owned subsidiary GrowPros MMP Inc., is pursuing a licence under The Cannabis Act. North Bud Farms Inc. is constructing a state-of-the-art purpose-built cannabis production facility located on 95 acres of Agricultural Land in Low, Quebec. North Bud Farms Inc. will be focused on Pharmaceutical and Food Grade cannabinoid production in preparation for the legalization of edibles and ingestible products scheduled for October 2019.
For more information visit: www.northbud.com
Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
Certain statements and information included in this press release that, to the extent they are not historical fact, constitute forward-looking information or statements (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements, including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. Forward-looking statements are based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risk factors included in the Company’s final long form prospectus dated August 21, 2018, which is available under the Company’s SEDAR profile at www.sedar.com. Accordingly, readers should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all of such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking statements to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws. This news release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
North Bud Farms Inc.
Edward Miller
VP, IR & Communications
Office: (855) 628-3420 ext. 3
investors@northbud.com
North Bud Farms Signs Binding Letter of Intent to Enter U.S. Market with Strategic Acquisition of Multi-State Licensed Operator Eureka Vapor
Momentum Public Relations
Press Release: March 6, 2019
North Bud Farms Inc. (CSE: NBUD) (OTCQB: NOBDF) (“NORTHBUD” or the “Company”) is pleased to announce that effective March 3, 2019 it entered into a binding letter of intent (“LOI”) to acquire all the issued and outstanding shares of Eureka Vapor LLC. and all of its subsidiaries (“Eureka”), a U.S. multi-state cannabis operator, and arm’s length to the Company, in a transaction valued at CAD$20 million.
Eureka, through its wholly-owned subsidiaries holds Manufacturing and Distribution licenses in the states of California and Colorado. Eureka manufactures and sells a premium line of disposable vapor pens as well as multi-use cartridge-style vapor pens and hardware. Eureka has been operating in California and Colorado since 2011 and 2015, respectively, showing significant organic growth year over year. In 2018, Eureka recognized revenue of approximately CAD$11.5 million* with a net profit margin of 16%* from its California and Colorado operations. Eureka anticipates further growth in revenue due to anticipated changes to retail regulation of adult cannabis use in California. Eureka products are currently available in over 100 retail stores. (*all figures are unaudited). For more information about Eureka Vapor, visit: www.eurekavapor.com.
Transaction Terms
The proposed transaction (the “Transaction”) is structured as a share purchase agreement whereby in exchange for the purchase of all of the shares of Eureka, NORTHBUD will issue CAD$20 million in common shares (“Common Shares”) to the shareholders of Eureka (the “Eureka Shareholders”) with the price per Common Share to be determined based on a formula of the higher of (a) CAD$0.35 per Common Share and (b) the 30-day volume weighted average price (“VWAP”) calculated on the closing date (the “Closing Date”) of a definitive agreement in respect of the transaction (the “Definitive Agreement”). NORTHBUD and Eureka expect to enter into the Definitive Agreement by May 30, 2019. 10% of the Common Shares issued pursuant to the Definitive Agreement will be issued to the Eureka Shareholders on the Closing Date, with the remainder of Common Shares issued in equal tranches of six, twelve, eighteen, and twenty-four months from the Closing Date (the “Escrow Period”). The Transaction will be considered a “Fundamental Change” pursuant to the policies of the CSE and will accordingly require a new listing statement (the “Listing Statement”). Given that effective as of the Closing Date the Company will have United States cannabis operations, the Listing Statement will provide disclosure of the risks associated with cannabis operations in the United States. Closing of the Transaction is subject to applicable corporate and regulatory approvals as well as shareholder and CSE approval.
In addition, Eureka Shareholders will be eligible to receive up to an additional CAD$25 million of Common Shares (“Revenue Milestone Shares”) based on the achievement of USD$25 million of revenue derived from existing Eureka California and Colorado operations. Eureka Shareholders will receive Revenue Milestone Shares pro rata, on a quarterly basis, based on the percentage of USD$25 million of revenue generated in that quarter. All Revenue Milestone Shares will continue to be subject to the remainder of the Escrow Period at the time of issuance and will only be releasable in accordance with the Escrow Period. The Revenue Milestone Shares will be issued at the 10-day VWAP at the time of issuance.
“The opportunity to partner with a recognized brand in some of the most developed retail markets in North America is an exciting development for NORTHBUD,” says Ryan Brown, CEO of NORTHBUD. “We believe that vape cartridges represent a high margin and high-growth product segment of the market. The Eureka team are proven operators and possess an unmatched product knowledge which is evidenced by the strong brand loyalty that they have established.”
“Aligning ourselves with NORTHBUD provides Eureka with both exposure to the Canadian public markets as well as the largest federally legal adult-use market in the world,” says Justin Braune, CEO of Eureka Vapor. “We will be working with the NORTHBUD team to introduce our product line into the Canadian market for the fourth quarter of 2019 when vape pens will be permitted.”
Granting of Stock Options
The Company also announces the granting of 150,000 stock options to a consultant and employee. Each option entitles the holder to acquire one Common Share for a period of five years at an exercise price of CAD$0.35 per Common Share. The options all vest immediately.
About Eureka Vapor LLC.
Headquartered in Los Angeles, California, EUREKA Vapor was founded in 2011 and holds licenses in both California and Colorado. EUREKA Vapor’s multi state operation manufactures and sells a premium line of vaporizer cartridges, disposable vapor pens and proprietary vaporizer batteries designed to work with their highly sought-after CO2 extracted oil. Using their refined extraction processes and techniques developed over almost a decade of extracting, EUREKA Vapor is committed to providing the cleanest and safest natural oil cartridges in the industry. Long referred to as one of the leaders in the industry, EUREKA has one of the most loyal customer bases in the category which reflects their commitment to honesty and transparency above all else. EUREKA continually looks for innovative ways to improve and refine their product offerings in order to deliver the best, most consistent vaping experience in the industry.
For more information, visit: www.eurekavapor.com
About North Bud Farms Inc.
North Bud Farms Inc., through its wholly-owned subsidiary GrowPros MMP Inc., is pursuing a licence under The Cannabis Act. The Company is constructing a state-of-the-art purpose-built cannabis production facility located on 95 acres of Agricultural Land in Low, Quebec. North Bud Farms Inc. will be focused on Pharmaceutical and Food Grade cannabinoid production in preparation for the legalization of edibles and ingestible products scheduled for October 2019.
For more information, visit: www.northbud.com
Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward- looking statements including those relating to the projected growth of Eureka in 2019, the entering into of the Definitive Agreement, closing of the Transaction and associated approvals, Eureka’s ability to achieve milestones under the Definitive Agreement and associated Common Share issuances, the growth of the vape industry and its profitability, the timing of the introduction of Eureka vape pens into the Canadian market, and the projected legalization of edibles and ingestible products scheduled for October 2019. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Such risks and uncertainties include, among others, the risk factors included in North Bud Farms Inc.’s final long form prospectus dated August 21, 2018 which is available under the issuer’s SEDAR profile at www.sedar.com.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
North Bud Farms Inc.
Edward Miller
VP, IR & Communications
Office: (855) 628-3420 ext. 3
investors@northbud.com
- Published in Cannabis, Marijuana, Medical Marijuana, News Home, NorthBud
NORTHBUD Amends Licence Application to Add 500K SQ. FT. of Outdoor Cultivation Area and Provides a Corporate Update
Momentum Public Relations
Press Release: December 20, 2018
North Bud Farms Inc.(CSE: NBUD) (“NORTHBUD” or the “Company”) announced the amendment of its licence application to add 500K SQ. FT. of outdoor cultivation area and provides shareholders with a corporate update on the progress of the corporation and status on its various activities.
Construction of our Cannabis Production Facility in Low, Quebec:
The construction of NORTHBUD’s cultivation facility is progressing on schedule and on budget. The building is soon to be completely enclosed and ready for the next phase in construction. Please see our website www.northbud.com/blog for videos, photos and ongoing updates.
Request for Outdoor Cultivation License:
NORTHBUD is pursuing a standard cultivation licence under The Cannabis Act after acquiring a confirmation of readiness stage ACMPR licence application in early 2018.
The NORTHBUD production facility is located on a 95-acre parcel of farmland in rural Quebec. Under the new regulations, licenced producers can cultivate outdoors. In collaboration with Cannabis Compliance Inc. NORTHBUD will be amending its application to include a 1000 x 500ft outdoor cultivation area. We anticipate this outdoor production footprint to be operational in the spring of 2020 pending the required approvals by Health Canada. NORTHBUD expects to begin implementation of the required infrastructure in Q2 2019 after completion of our 25k sq. ft. indoor production facility that is currently under construction.
Implementation of this additional low-cost production footprint will provide NORTHBUD a unique platform to cultivate both premium quality dried flower as well as low cost commodity grade organic biomass to be transformed into food and pharma grade inputs. This will position NORTHBUD to capitalize on the highest margin market segments.
As the consumer market develops, we believe our diverse centralized infrastructure will provide NORTHBUD a solid, low cost, high quality cannabis supply, which will serve as the core of our products and brand moving forward.
The Gatineau valley has traditionally been a fertile area for outdoor cannabis cultivation with a growing season that typically occurs between mid June and early October. NORTHBUD will be engaging local legacy cultivators to acquire genetics with a track record of success in this particular climate. Our outdoor cultivation will follow international GAP (good agricultural practices) with the drying, trimming and packaging to be done in accordance with GMP standards inside our state-of-the-art custom designed cultivation facility.
About North Bud Farms Inc.
North Bud Farms Inc., through its wholly owned subsidiary GrowPros MMP Inc. which was acquired in February 2018, is pursuing a licence under The Cannabis Act. North Bud Farms Inc. is constructing a state-of-the-art purpose-built cannabis production facility located on 95 acres of Agricultural Land in Low, Quebec. North Bud Farms Inc. will be focused on Pharmaceutical and Food Grade cannabinoid production in preparation for the legalization of edibles and ingestible products scheduled for October 2019.
For more information visit: www.northbud.com
Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward- looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Such risks and uncertainties include, among others, the risk factors included in North Bud Farms Inc.’s final long form prospectus dated August 21, 2018 which is available under the issuer’s SEDAR profile at www.sedar.com.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
North Bud Farms Inc.
Edward Miller
VP, IR & Communications
Office: (855) 628-3420 ext. 3
investors@northbud.com
- Published in Marijuana, Medical Marijuana, News Home, NorthBud
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