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TORONTO, May 1, 2019 /CNW/ - High Hampton Holdings Corp. (CSE: HC) (FSE: 0HCN) ("High Hampton" or the "Company"), a cannabis brand and distribution company in the U.S. market, today announced that it has filed its Consolidated Unaudited Financial Statements for the quarter ended February 28, 2019. The Consolidated Financial Statements and Management Discussion and Analysis are available on SEDAR at www.sedar.com.
Quarter ended February 28, 2018 Highlights:
- The reduction in liquidity reflects the onetime acquisition costs associated with the Mojave Jane acquisition as well as the continued build out and licensing of existing assets. In January, 2019, High Hampton announced that it had been granted six new state licenses on its property in Cudahy for cultivation, distribution, manufacturing, and non-storefront retail.
- In February 2019, High Hampton announced that CALIGOLD, its wholly owned subsidiary, had released three new products to the market that build on its award-winning brand.
- In February 2019, High Hampton entered into a binding letter of intent to acquire 40% of the 2083 Group, a leader in California's cannabis delivery and brand space. When closed, the deal will provide 2083 with growth capital to expand its delivery presence and will provide High Hampton with access to 2083's delivery customers and consumer data.
- In February 2019, High Hampton announced the evolution of its strategy to focus on consumers and brands, consistent with the overall growth and evolution of California's recreational and wellness-focused cannabis markets.
Subsequent to the quarter:
- In April,2019, High Hampton announced that it had received a conditional use permit and development agreement to build out its 15,000 ft facility and distribution operations in West Sacramento. When operational in late 2019, the facility will serve the lucrative Central and Northern California markets and serve as the company's primary distribution hub.
- In April,2019, High Hampton announced that demolition of its 15,000 ft facility in Cudahy had concluded and that construction was to begin in fiscal Q3, 2019.
"We concluded Q2 with additional licenses and permits to operate in both southern and northern California," commented Gary Latham, Chief Executive Officer of High Hampton. "We also saw the addition of higher capacity extraction equipment for Mojave Jane's operations. That capacity buildout will conclude in Q3, 2019 and Mojave Jane will be up to operating capacity and producing roughly 100 liters of distillate monthly. The substantial ramp up of our overall business operations this year is tied to a sensible spending strategy aimed at scaling expenditures proportional to operational activity.
We are also very excited to close the loop of consumer demand to product and brand production through the investment in the 2083 Group and their delivery platform, SpeedWeed, a transaction we expect to close soon. With this addition, High Hampton will be able to fully understand the consumer markets for recreational and wellness products and produce what the markets demand. Further, through delivery, we can then take those products and brands directly to the market. The future looks very promising, and I am excited to begin taking products to market at scale."
About High Hampton Holdings Corp.
High Hampton Holdings Corp. is a Canadian-based cannabis sector brand and distribution company emerging as a true vertical integrator in California's legal cannabis space serving recreational and wellness markets. The Company's U.S. holdings are comprised of assets set up as a vertical stack including a distribution arm through BRAVO DISTRO; branding, packaging, manufacturing & processing carried out through MOJAVE JANE and CALIGOLD; and cultivation to scale via COACHELLAGRO and 420 REALTY. Operating out of licensed strategic locations within the state, High Hampton is leveraging its brand-focused business model to generate sustainable profits delivering quality product by recognized brands.
High Hampton trades in Canada, ticker symbol HC on the CSE, and in Europe, ticker symbol 0HCN on the FSE. Neither the CSE, nor the FSE has approved nor disapproved the contents of this press release. Neither the CSE, nor the FSE accepts responsibility for the adequacy or accuracy of this release.
Marijuana Industry Involvement
Canadian listings (CSE) will remain in good standing as long as they provide the disclosure that is rightly required by regulators and complying with applicable licensing requirements and the regulatory framework enacted by the applicable state in which they operate. Marijuana is legal in certain states however marijuana remains illegal under US federal law and the approach to enforcement of US federal law against marijuana is subject to change. Shareholders and investors need to be aware that adverse enforcement actions could affect their investments and that High Hampton's ability to access private and public capital could be affected and or could not be available to support continuing operations.
On behalf of the Board of Directors
High Hampton Holdings Corp.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the intention of the parties to complete the Acquisition and certain ancillary transactions contemplated thereby. These transactions are subject to a number of material risks, and there is no assurance that they will be completed on the terms or within the timeframes currently contemplated, or at all. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
All monetary references herein refer to Canadian dollars unless otherwise specified.
SOURCE High Hampton Holdings Corp.
For further information: 8 Wellington St. E. Mezzanine Level | Toronto, On | M5E 1C5 | www.HighHampton.com; Gary Latham, Chief Executive Officer & Director, Email: email@example.com, Phone: 703.629.5338; Christian Scovenna, Senior VP Corporate Finance, Email: christian@HighHampton.com, Phone: 416.453.4708