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TORONTO, April 9, 2018 /CNW/ - Hiku Brands Company Ltd. ("Hiku" or the "Company") (CSE: HIKU), Canada's first vertically-integrated cannabis brand house, is pleased to announce its wholly owned subsidiary DOJA Cannabis Ltd. ("DOJA"), a licensed cannabis producer under the Access to Cannabis for Medical Purposes Regulations (the "ACMPR"), received an amendment to its license from Health Canada to include the sale of dried cannabis, cannabis plants and seeds, effective April 6, 2018.
"Receiving our license to sell is the crowning milestone in our licensing journey that started in 2013. Becoming only the 28th independent company in Canada with a cannabis sales license under the ACMPR gives Hiku the distinct advantage of being able to showcase and establish the DOJA brand in advance of legal adult-use and retail cannabis sales," said Alan Gertner, CEO of Hiku.
With over $27 million of available cash and cash equivalents, Hiku is well capitalized to complete its next phase of cannabis production capacity growth. The build-out of Hiku's second site facility, the "FUTURE LAB", is well underway and expected to be completed in the summer of 2018, expanding Hiku's annual production capacity to over 5,000 kg of dried cannabis flower ahead of Canada's legal adult-use cannabis market.
Hiku is focused on building a portfolio of iconic, engaging cannabis brands, unsurpassed retail experiences and handcrafted cannabis production. With a national retail footprint led by Tokyo Smoke, craft cannabis production through DOJA's ACMPR licensed grow, and Van der Pop's female-focused educational platforms, Hiku houses an industry-leading portfolio that sets the bar for cannabis brands in Canada.
Hiku's wholly-owned subsidiary, DOJA, is federally licensed to cultivate and sell cannabis pursuant to the ACMPR, owning two production facilities in the heart of British Columbia's Okanagan Valley. Hiku operates a network of retail stores selling coffee, clothing and curated accessories, across British Columbia, Alberta and Ontario.
Regarding Forward-Looking Information
This news release contains statements that constitute "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Hiku's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.
Forward-looking statements in this document include statements regarding the anticipated completion date and production capacity of the Future Lab. By their nature, forward-looking statements are based on the opinions and estimates of management at the date the information is made, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Hiku is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release.
SOURCE Hiku Brands Company Ltd.
For further information: Abigail Van Den Broek, email@example.com, 416-799-8510 or visit HIKU's website at www.hiku.com.