New regulations are incorporated in project planning as California legalizes recreational cannabis use
TORONTO, Jan. 2, 2018 /CNW/ - High Hampton Holdings Corp. (CSE: HC)(FSE: 0HCN) ("High Hampton" or the "Company") is pleased to announce that it has entered an extensive strategic planning phase as it awaits the award of the Conditional Use Permit ("CUP") for its 10.8-acre CoachellaGro Asset located within the Coachella cultivation zone, California. With the legalization of recreational cannabis use in California as of January 1, 2018, the state is rolling out new license application processes, regulations and the track-and-trace system as part of the Marijuana Enforcement Tracking Reporting Compliance ("METRC").
Although High Hampton's focus is currently only on the cultivation and distribution of medicinal cannabis as a means to de-risk its asset and provide a higher value product, the Company is utilizing the extensive experience of its senior management team and strategic advisors to ensure compliance with all the latest regulatory provisions by the time it can begin cultivation. Management's focus remains on preparing for probable policy updates and changes as the new regulations shape the California cannabis market.
As of January 1, 2018, only businesses who have been granted a temporary license through the Department of Public Health's Manufactured Cannabis Safety Branch ("MCSB") and the Bureau of Cannabis Control ("BCC") can legally operate and sell for adult use. While the state is legalizing recreational use, there are still some local governments who have not established or passed ordinances for neither medical or recreational use. High Hampton's wholly-owned CoachellaGro operation will utilize a 10.8-acre land parcel within a proposed cannabis industrial park in Coachella where by an ordinance, the City of Coachella has set aside 90 acres within which will be a legal framework for the cultivation, production, extraction and transportation of cannabis.
David E. Argudo, CEO of High Hampton, commented:
"I strongly believe that the legalization of medical and recreational marijuana creates a large opportunity for cannabis businesses in California. High Hampton is focused on medicinal cannabis as we move toward the new regulations for both recreational medicinal use. I am proud of the experience within our team to guide us in this important planning stage within the framework of the new regulations, and I am confident that we have the team to meet all future compliance obligations within the evolving regulatory framework such as tracking each of our plants from seed to sale within the deployed track and trace regulatory system METRC."
About High Hampton Holdings
High Hampton Holdings is a cannabis sector investment company focused on opportunities in California. The Company's wholly owned subsidiary, CoachellaGro Corp., is a California corporation focused on the development of a 10.8-acre property situated in the proposed cannabis industrial park located in Coachella, California. CoachellaGro is in the application process for a conditional use permit for development of a full-service production facility in order to serve third party state licensed medical marijuana operators. The City of Coachella has been progressive in setting up city ordinance that sets aside 90 acres within which will be a legal framework for the cultivation, production, extraction and transportation of cannabis. The complex is intended to contain all the necessary; security, infrastructure, equipment, labour and skilled management, supplies and ancillary services for a closed loop production process flow.
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: High Hampton, please contact: 8 Wellington St. E. Mezzanine Level | Toronto, On | M5E 1C5 | www.HighHampton.com; David E. Argudo, Chief Executive Officer, Email: [email protected]; Or Christian Scovenna, Director & VP Corporate Finance, Email: [email protected], Phone: 416.453.4708