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● Capital injection enables SpeedWeed to expand infrastructure, market reach and pursue accelerated revenue growth
● Company publishes CEO letter providing further context to strategy, achievements and growth initiatives
TORONTO, Sept. 23, 2019 /CNW/ - Mojave Jane (CSE: JANE) (OTC: HHPHF) (FSE: OHCN), a California cannabis company, today announced that, following the closing of its recent financing, the Company is making the second tranche investment in 2083 Group ("2083"), the owner of SpeedWeed. The tranche of $500,000, once completed, will increase the Company's ownership interest in 2083 Group to just under 25%, on the way to an ultimate 40% ownership position.
The capital injection into 2083 will be used to expand SpeedWeed's existing Southern Californian market reach, and fund 2083's expansion initiatives related to its cannabis marketing, media and celebrity endorsement business.
SpeedWeed is a technology company active in the cannabis delivery sector with strong similarities to well-known app-based services in the food ordering and delivery market. Furthermore, SpeedWeed provides vitally important marketing and fulfilment services to brands and dispensaries, making it a key partner to the industry by enhancing reach, revenues and margins.
SpeedWeed works with industry-leading brands, and in some cases is the exclusive fulfillment partner, reflecting the importance of SpeedWeed to connect brands and consumers, a vital link in the value chain. Underlying its delivery business is the industry-leading, in-house developed software suite, which has created industry-leading, seamless fulfilment workflow.
With a large and growing base of over 200,000 registered potential customers, the company has been able to develop the industry's largest data set on consumer preferences, enabling dispensaries and brands to finetune their stocking and production strategies. Mojave will be able to leverage this data to optimize the go-to-market strategy of its own brands, such as CALIGOLD.
Mojave Jane's CEO Gary Latham comments:
"The dispensary market in California is ultra competitive. SpeedWeed delivers a broad suite of services beyond logistics, enabling our dispensary partners to increase their reach, grow revenues and improve their margins. This makes SpeedWeed a vitally important partner, and consequently we have a large and growing waiting list of new partners looking to sign up. This capital injection enables us to expand SpeedWeed's network, drive revenue growth, and expand into the important Northern Californian market. Additionally, the funds will enable us to launch innovative business models that we will report on shortly. Finally, the partnership will also accelerate the expansion of our own brands, such as CALIGOLD and increase Mojave's visibility through 2083's deep branding and media capabilities."
AJ Gentile, CEO of 2083 Group, added, "High taxes and costs have driven most California cannabis customers to the illicit market. This partnership addresses that problem. SpeedWeed and its growing network of retailers, combined with Mojave's production capabilities, finally gives consumers access to safe, legal cannabis products that are priced competitively. Being an engineer, I think of SpeedWeed as the software that runs on Mojave Jane's hardware. Together, we're full stack."
Concurrent with this press release, the Company has published a letter to shareholders from the CEO on its website: www.mojavejane.com
Mr. Latham added, "I invite shareholders to visit our website and read the CEO letter, as it provides further context to our strategy, achievements, execution and initiatives. With our assets, and innovative and disruptive partners, we have developed an infrastructure that is built to deliver accelerated revenue growth. We are in a stronger position than ever to execute on our strategy, and we look forward to reporting frequently on future achievements."
About 2083 Group Incorporated
2083 Group owns and operates a number of consumer-facing companies in the cannabis space.
- "SpeedWeed" is one of California's largest cannabis delivery services in America's fastest-growing industry and has become synonymous with legal, on-demand cannabis delivery servicing, a quickly growing database of 200,000 consumers throughout California.
- "Verdalink" develops proprietary software solutions for the cannabis industry, including: order routing, logistics, real-time GPS driver tracking, inventory control, customer geofencing and marketing capabilities in a single platform.
- "The Joint Studios, Inc." is a media production facility in the heart of Hollywood, producing over 40 live and recorded shows, delivering and distributing content through Sirius-XM, Cumulus Networks, iHeartRadio, Premiere, The World Famous Comedy Store and All Things Comedy.
- "SW Celebrity, LLC" develops celebrity-endorsed cannabis brands and products, connects cannabis brands with celebrities and influencers who promote these products through a vast network of live venues and studio-produced content.
Innovative technology, celebrity support, political activism, industry leadership and obsession with customer satisfaction have made 2083 Group one of the most exciting cannabis companies in the industry.
To learn more, visit 2083group.com.
About Mojave Jane Brands
Mojave Jane Brands Inc. is a Canadian-based cannabis company emerging as a true vertical integrator in California's legal cannabis space, serving both the recreational and wellness markets. The Company's U.S. holdings are focused on processing and manufacturing, branding, marketing and distribution. Through ownership of high-end brands such as Caligold, partnerships with innovators such as HAI Beverages, and investments in leading distributor SpeedWeed, the Company is well positioned to capitalize on the rapidly growing legal opportunity in the world's largest cannabis market.
Mojave Jane trades in Canada, ticker symbol JANE on the CSE, and in Europe, ticker symbol OHCN 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 Mojave Jane'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
Mojave Jane Brands Inc.
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 Mojave Jane Brands Inc.
For further information: For more information about Mojave Jane, please contact: 8 Wellington St. E. Mezzanine Level | Toronto, On | M5E 1C5 | www.MojaveJane.com; Gary Latham, Chief Executive Officer & Director, Email: [email protected], Phone: 760.552.7122