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Flora Enters Into Agreement to Acquire Kasa Wholefoods Company S.A.S.

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TORONTO, Jan. 03, 2020 (GLOBE NEWSWIRE) — Flora Growth Corp. (“Flora” or the “Company”) is pleased to announce that it has entered into a letter of intent (“LOI”) to acquire a 90% equity interest in Kasa Wholefoods Company S.A.S. (the “Transaction”), a Colombian producer of exotic (Amazonian) fruit juices and chocolates.  Kasa operates under the “Mambe” brand in Colombia.

Under the Mambe brand, Kasa produces fruit juices and pulps from organic exotic fruits such as mango, acai, passion fruit, camu and guava, as well as more commonly used fruits such as bananas, strawberries, oranges and apples.  Kasa also produces chocolate confectionary using 70% Colombian cacao.

Mambe products are already widely distributed in Colombia, being sold in Colombia’s largest retailers including Carulla, Tostao’ Café & Pan, Deli Reposteria and is available for purchase through Uber Eats.   

Over the last year, Kasa has been researching and developing CBD-infused juices and chocolate.  Kasa already has a line of CBD-infused juices (10 mg CBD/250 ml of juice) and chocolate bars (40 mg CBD/100 mg of chocolate).  Kasa is ready to sell such CBD-infused products in the Latin American market immediately upon receiving regulatory approval, which is expected in 2020.

Kasa has received several awards and grants from the Colombian government for its innovative products and social impact. Kasa works with local farmers and indigenous Amazonian communities to cultivate fruits for the Mambe beverages which provides sustainable economic opportunities to these communities and is a viable alternative to Amazon deforestation and illegal mining in these areas.

Damian Lopez, Flora’s CEO, commented: “We are excited to acquire an entrepreneurial, innovative company like Kasa Wholefoods.  They have done an excellent job of developing a line of world-class juices and chocolates.  There is immense demand for CBD-infused products in Latin America and worldwide. We will combine our organic CBD-Oil with Kasa’s organic Amazonian based fruit juices and chocolates to satisfy this demand. We expect to obtain regulatory approval in Colombia to infuse food & beverages with CBD in 2020 and be the market leader in this category.”

In order to close the Transaction, Flora must pay to shareholders of Kasa (the “Vendors”) an aggregate amount of USD$294,000 in cash and shall repay Kasa’s outstanding loan payables of USD$91,000.   The Vendors shall retain a 10% equity interest in Kasa which may not be diluted until Flora invests USD$5 million in Kasa.  Following the completion of this financing milestone, all shareholders of Kasa will be diluted if they do not participate in any Kasa financing.

The Transaction is subject to the parties negotiating and entering into a definitive agreement and obtaining of the necessary regulatory approvals.

Flora Growth Corp.

At Flora, we are building the world’s largest and lowest cost vertically-integrated producer of organic cannabis oils, CBD-infused food & beverage, pharmaceutical-grade, medical and cosmetic-grade derivatives from the cannabis plant.

For further information, contact:
Damian Lopez
+1 416 861 2269
damian.lopez@floragrowth.ca
Website: www.floragrowth.ca

Cautionary Notes  
This news release may contain forward-looking statements. These statements include statements regarding the Company’s operations, Kasa’s operations, the Company’s ability to close the Transaction, the Company’s ability to obtain regulatory approvals to infuse CBD-oil into food & beverages and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

Cannabis

Hobo Cannabis Company Secures Majority Market Share in Vancouver with Launch of Fourth Location

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VANCOUVER, British Columbia, Feb. 18, 2020 (GLOBE NEWSWIRE) — Hobo Cannabis Company (“Hobo”) today announces the opening of its newest retail store, located in the heart of Vancouver’s shopping district on Robson Street (1173 Robson Street). This marks the company’s fifth location province-wide, and fourth location in Vancouver, granting Hobo majority market share in the city with the launch of this 2,100 square foot store.
“We’re proud to be further investing in the growth of the cannabis industry and the local community at home on the West Coast,” said Harrison Stoker, VP Brand at Donnelly Group. “As the new year kicks off, we’re so thankful for all that we’ve achieved this past year as we’ve grown Hobo here, in Vancouver, and look forward to bringing Hobo Cannabis Company to more communities across Canada throughout 2020.”The new location features a carefully curated lobby entrance and new design elements to support the rollout of Cannabis 2.0 products including vaporizers and edibles. Hobo Robson will also showcase the company’s first terpene bar: an interactive experience that presents cannabis’ common terpenes as everyday smells, distilled into aromatic essential oil blends by the experts at the group’s Barber & Co laboratory in downtown Vancouver. The bar, which was first previewed at Lift&Co Expo Vancouver in January, will feature terpenes including Myrcene (Herbal), Limonene (Citrus), Caryophyllene (Spice), Terpinolene (Herbaceous), Pinene (Pine), Linalool (Floral) and aims to help buyers explore and get to know their favourite cannabis strains in a new way.This news follows the company’s announcement of three upcoming Ontario locations, including the first legal cannabis retail store in Timmins, as well as a location in Ottawa’s historic ByWard Market, and another in the neighbourhood of Nepean. The announcement comes ahead of the company’s market entry into the prairie provinces, with three locations currently under construction in Alberta.About Hobo Cannabis CompanyHobo Cannabis Company, a Donnelly Group venture, is a Canadian collection of privately-owned retail cannabis stores with locations in B.C., Ontario, and Alberta. As a testament to Hobo’s commitment to the consumer experience and making the cannabis buying experience disarming, compassionate and human, Hobo will employ a contemporary aesthetic rooted in simple, functional design and feature a well-considered product range and frictionless technology.Hobo Cannabis Company’s five locations now include Robson (1173 Robson Street, Vancouver), Kitsilano (1952 West 4th Avenue, Vancouver), Airport (8425 Granville Street, Vancouver), Main (4296 Main Street, Vancouver), and Kelowna (2121 Springfield Road, Kelowna) offering consumers a selection of five cannabis intents: Move (THC dominant), Lift (THC leaning), Balance (equal parts THC to CBD), Calm (CBD dominant), and Rest (THC dominant). For more information, visit https://hobo.ca.Media Contact
Jen Hazell
Talk Shop Media
On behalf of Hobo Cannabis Company
604-738-2220
press@hobo.ca

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Agritek Holdings, Inc. Named Number One Short Term Cannabis Stock on Top 25 List by CANNAINVESTOR Magazine for Week of February 17th 2020

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LOS ANGELES, CA, Feb. 18, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Agritek Holdings, Inc. (AGTKwww.AgritekHoldings.com, a fully integrated, active real estate investor and white label provide for popular hemp brands, today announced that the Company was named the number one from a list of 25 undervalued cannabis companies as the top short term investment by CANNAINVESTOR Magazine this week.

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Christina Lake Cannabis Conducts Management Changes

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VANCOUVER, British Columbia, Feb. 17, 2020 (GLOBE NEWSWIRE) — Christina Lake Cannabis Corp. (the “Company” or  “CLC” or “Christina Lake Cannabis”) announces today that Mr. Benjamin Asuncion has resigned as a director and Mr. Arie Prins has stepped down as President, Chief Executive Officer (“CEO”) and a director of the Company effective immediately. The board of directors has appointed Mr. Joel Dumaresq, Director and Chief Financial Officer as the Company’s interim-CEO to replace Mr. Prins.
Mr. Dumaresq has been active in Christina Lake Cannabis since the outset and will manage the Company through its planned public listing, pending Health Canada licensing, and planned cultivation and processing phases.Over the past 15 months, Mr. Prins oversaw the acquisition, buildout and construction of CLC’s 131-acre outdoor grow facility as well as the recent submission to Health Canada of the Company’s final evidence package in conjunction with its application for a Standard Cultivation License. Christina Lake Cannabis is also pleased to announce that Nicco Dehaan, a sizable investor in, and director of the Company since its founding, has agreed to assume the role of Chief Operating Officer of CLC.  Mr. Dehaan is highly experienced in the industry having held for over seven years a license for the growing of medical Cannabis.  Nicco will be responsible for overseeing all of CLC’s cultivation and processing operations along with expansion on the Company’s ‘131-acre owned-property’ and over ‘200 acre optioned-property’, once the necessary licenses have been secured.The Company further announces the immediate formation of an advisory committee to provide management with input and advice as the Company nears production.  Christina Lake Cannabis is pleased to welcome Mr. Gil Playford and Mr. Mervin Boychuk to the Advisory Committee. Mr. Asuncion will remain involved with Christina Lake Cannabis as an advisor to the Company, and has chosen to vacate his Board position in order to make room on the Board for individuals with direct operational experience.Gil Playford, presently one of Christina Lake Cannabis’ largest shareholders with over a 10% ownership, is a seasoned senior mining executive and founder of LionOre Mining International, with nickel and gold assets in Africa and Australia. In 2007, Mr. Playford spearheaded the sale of LionOre Mining to Norislk Nickel for C$6.8 billion in cash.  Mr. Playford started his professional career with Union Carbide Corp. for 25 years and various senior executive positions including Managing Director in Switzerland, Belgium and Germany.  Mr. Playford also was the Chairman and CEO of Union Carbide Canada and Chief Financial Officer of Union Carbide in New York.  He became Chairman and CEO of UCAR Carbon, a joint venture with Mitsubishi and took the partnership public as GrafTech International.  Mr. Playford is presently Chairman and CEO of Bearing Lithium Corp. (BRZ-TSXV), a mineral and exploration development company listed on the Toronto Venture Stock Exchange (TSXV). Gil holds an Engineering Degree from McGill University in Montreal and a Master’s in Business Administration from York University in Toronto.Mervin Boychuk is a serial entrepreneur having founded, built, and sold four private businesses over his 35-year career. Mr. Boychuk joined South Rock Ltd, a private road construction company, in 1978 and subsequently became President & CEO in 1980. Under his guidance, the company grew from 20 employees to over 350, with annual revenues in excess of C$180 million, before subsequently selling to Aecon Group Inc. in 2009. During his tenure at South Rock, Merv co-founded RecycleWest, a waste oil collection and supply company, which was later sold to Newalta in 1995. In 1996, Merv co-founded EnviroWest which serviced the BC, Alberta, and Saskatchewan vacuum truck sludge and waste oil collection markets. EnviroWest was sold to GFL Environmental in 2010, a large waste management company which employs over 8,850 people. Merv is a significant shareholder in Christina Lake Cannabis and continues to be active in the family-owned waste treatment business in Calgary and Edmonton. Commented Joel Dumaresq, “I would like to personally thank Arie for his leadership during the construction of what we believe is Canada’s premier outdoor grow facility.  As we await Health Canada approval of our cultivation application, and further as we prepare for our public listing, our operational capabilities have been greatly enhanced with the addition of Nicco, along with Gil and Merv, two highly-accomplished private entrepreneurs and operators.”About Christina Lake Cannabis Corp.Christina Lake Cannabis Corp is a late-stage applicant under the Cannabis Act, having submitted its Statement of Readiness and Evidence Package for a Standard Cultivation License, in addition to a Research and Development License. CLC’s facility is comprised of a 32-acre property, which includes over 870,000 square feet of outdoor grow space, offices, propagation and drying rooms.  CLC plans to cultivate cannabis using strains specifically developed for outdoor cultivation and it is planning to produce up to 17,700 kg from its 32-acre facility before developing it’s adjoining 99-acre expansion property, which will bring it’s cultivation footprint to over 4.35 million square feet or over 88,000 kg of low-cost, high-quality, sun-grown cannabis annually.For more information about CLC, please visit: www.clcannabis.comNote Regarding Forward-Looking Information and StatementsForward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.comOn behalf of:Joel Dumaresq
Joel Dumaresq
CEO and Director

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