TORONTO–(BUSINESS WIRE)–Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Company”), is pleased to provide a corporate update regarding the increasing uptake of recreational brands in Canada and the launch of medical products in the U.S., Canada, and abroad.
Canadian Recreational Products
Heritage has commenced shipping its derivative products under its RAD brand to the British Columbia Liquor Distribution Branch (“BCLDB”) and Alberta Gaming, Liquor and Cannabis (“AGLC”), which will be sold through the province’s authorized channels. Products shipped include RAD Shatter, RAD Crumble, RAD Vapes, RAD CBD Isolate and feelgood topicals, with additional products like RAD Refreshers shipping by the end of February. RAD is Heritage’s new value brand dedicated to providing cannabis consumers with the most affordable products while still maintaining the highest quality standard possible.
Additionally, Heritage has applied for its flower sales license from Health Canada to support the requested launch of RAD Reefer and RAD Doobies, which are also expected to be available across Canada.
In Ontario, Heritage previously announced that it had received an order from the Ontario Cannabis Store (“OCS”) for its Pura Vida’s DayBreak Sativa Honey Oil Drops and NightFall Indica Honey Oil Drops, as well as Purefarma’s Hemplixir 30 CBD Oil and 15:15 Balance CBD Oil. Based on conversations with the province, Heritage is optimistic that additional SKUs will be picked up by the OCS in the near future.
Across the remainder of Canada, Heritage has submitted for review all product SKUs to Alberta, Saskatchewan, Manitoba, Nova Scotia, New Brunswick, Newfoundland, Northwest Territories, Shelter Market and Shoppers Drug Mart. Additionally, Heritage is working through the approval process for Quebec and hopes to see products listed by Q2 2021.
Canadian Extraction Services
Heritage continues to expand its services business with two recently signed supply agreements, the first with Concept cannabis, a Saskatchewan-based brand, for the supply of flower, pre-rolls, and vapes, and the second with an Alberta based cannabis retailer for the supply of tincture oils. Heritage is in the final stages of signing supply agreements with two additional cannabis companies for similar supply agreements. Additionally, Heritage is actively working on securing a supply contract with a major Canadian cannabis provider for the supply of extracts.
“Following the acquisition of Premium 5 by Heritage, our combined entity is picking up the pace on product launches, service agreements, and further innovation and product development to bring Canadian consumers the products they are seeking,” stated David Schwede, President of Heritage’s recreational cannabis division. “Bringing Premium 5 onto Heritage’s platform is already revealing synergies through cost reduction, product innovation, and leveraging the broader infrastructure to produce and ship products efficiently – a benefit that we believe will flow through to our investors.”
In the United States, Heritage, through its U.S. subsidiary Opticann, is preparing for the eCommerce launch of ArthroCBD, the CBD 25 mg softgel brand formulated using VESIsorb®, which provides 4.5x the absorption versus other oral CBD products on the market as proven in a published clinical trial in peer reviewed journal Molecules in 2019. Additionally, three topical products formulated with VESIsorb® for the treatment of eczema, psoriasis, and local pain are being prepared for launch to reach retail over-the-counter consumers at leading national retailers including CVS, Walgreens, Rite-Aid, Kroeger, Walmart and Costco. To support this effort, Opticann will present its products and brands at the National Association of Chain Drug Stores (“NACDS”) annual meeting in late April, with the expectation to launch product sales later this year.
In Canada, Heritage’s medical prescription-based CBD products focused on the goal of assisting with chronic inflammatory pain and dermal conditions, and which are supported by clinical data are in the in-licensing phase. These products will be marketed to physicians and clinics across Canada and available to patients directly from Heritage. Additionally, as previously announced, Heritage is preparing for the launch of Chyll™, an innovative CBD/CBDA filmstrip being produced in partnership with IntelGenx.
“As we prepare to launch our initial suite of products formulated using VESIsorb® technology in the U.S., we continue to innovate and expand our product portfolio with products that use proprietary pharmaceutical technology to enhance performance and are backed by data. We believe this is the needed approach to reach the vast number of patients who can benefit from these products but who have never tried these medical alternatives,” commented Umar Syed, Heritage’s President, Medical Division. “We continue to focus on expanding our medical sales in the U.S. and Canada, and are broadening our market reach internationally through the planned launch of CBD/CBDA filmstrips in Australia and our previously announced agreement with Entourage Phytolabs for the bulk sale of CBD and THC extracts for the Brazilian medical market.”
About Heritage Cannabis Holdings Corp.
Heritage is a cannabinoid company focused on the production and sale of medical and recreational hemp-based and cannabis-based products and services. In Canada, Heritage operates through its subsidiaries Voyage Cannabis Corp. and CannaCure Corp., both regulated under the Cannabis Act Regulations. Working under these subsidiaries and the Purefarma, Pura Vida and Premium 5 brands, Heritage focuses on extraction and the creation of derivative products for recreational consumers, as well as the formulation of cannabis based medical solutions. In the U.S., Heritage operates under Opticann Inc., a Colorado based oral and topical cannabinoid company with the rights to exclusively sell CBD and CBG products made with the patented VESIsorb® drug delivery system for optimized absorption and stability. As the parent company, Heritage is focused on providing the resources for its subsidiaries to advance their products or services to compete both domestically and internationally.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.