TORONTO, July 19, 2018 /CNW/ - Beleave Inc. (CSE: BE) (OTCQX: BLEVF) ("Beleave" or the "Company") is excited to announce the acquisition of 100% of the outstanding shares of Seven Oaks Inc. ("SevenOaks") in an all share deal valued at $3,000,000.
"Seven Oaks has a proven track record of working collaboratively to secure wholesale and distribution agreements with retailers across Canada," said Beleave CEO, Andrew Wnek. "Beleave breaking into the recreational market with solid agreements and impactful branding will be a monumental development for us. Seven Oaks' upcoming distribution will not only improve access to our products for many Canadians, it is also continuing our commitment to driving profitability and value for our shareholders."
Seven Oaks' branding appeals to consumers, both conceptually and in the quality it invokes, attracting them to become repeat customers. This acquisition bridges the gap between sourcing cannabis products from an established producer and retailing by leveraging Seven Oak's marketing platform to provide consistent, recognizable quality across Canada.
"After working on supply agreements with Seven Oaks and seeing their efforts to break into the recreational marketplace, it became abundantly clear we could merge their core strengths with our aggressive growth strategy" said Wnek. "Our brand can achieve industry standard by acquiring more brands like Seven Oaks. We are not merely growers of cannabis, but curators of a high-end experience for those seeking the comfort of knowing they are buying a product they can trust."
The founders of Seven Oaks, Grant McLeod and Myles Fontaine, will continue supporting Beleave's aggressive growth by taking senior roles in the Company. Grant will apply over 14-years of legislative and government experience in the role of VP, Regulatory Affairs and General Counsel, while Myles will apply his sales acumen in the role of VP, Sales. "Beleave already has a solid reputation for producing high-quality and clean cannabis. This provided all of the elements that Seven Oaks needed to secure a consistent source of high-quality cannabis for consumers," said McLeod.
The acquisition follows important news of Seven Oaks branded cannabis products being selected by Manitoba Liquor and Lotteries Corporation and the BC Liquor Distribution Branch for sale to consumers in deals that are expected to generate initial revenues of over $2,900,000.
Beleave is preparing to launch Seven Oaks-branded cannabis flower, pre-rolls, and oils after October 17, 2018.
ABOUT BELEAVE INC.
Beleave is a biotech company who's wholly-owned subsidiary Beleave Kannabis Corp. is licensed to cultivate and sell medical cannabis and produce cannabis oils and extracts pursuant to Health Canada's Access to Cannabis for Medical Purpose Relations. Beleave has developed a network of medical cannabis clinics under the Medi-Green banner and has applied for various patents to broaden its strong research focused foundation.
This news release contains "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). The use of any of the words "plan", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking information. These statements are only predictions. Although the Company believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. This information 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.com.