NAC also provides update on Australian licensing agreement with The Hydroponics Company
OTTAWA, May 4, 2018 /CNW/ - National Access Cannabis Corp. ("NAC" or the "Company") (TSX VENTURE: NAC), Canada's best practices leader in delivering secure, safe and responsible access to legal cannabis, today announced that it has signed a non-binding letter of intent (the "LOI") with LaSanta S.A.S. ("LaSanta"), a Colombian-based company licensed to produce cannabidiol oil products, to carry LaSanta products in NAC medical clinics in various provinces in Canada, as legally permitted. Under the terms of the agreement, LaSanta has initially agreed to provide a total of a minimum of 600 kilograms of cannabis resin or an equivalent volume of cannabis oil for medical use only.
"Providing our medical clinic customers with secure access to high-quality cannabis products is an important factor in building strong brand loyalty," said Mark Goliger, Chief Executive Officer of National Access Cannabis. "LaSanta has deep cultivation and extraction experience and I look forward to building this relationship."
NAC also provided an update on its previously announced IP licensing agreement (the "Agreement") with The Hydroponics Company Limited (ASX: THC) ("THC"). Following an extensive review and consultations between NAC and THC it was determined that the current Australian regulatory framework would not support the implementation of NAC's medical clinic model in the country. As a result, a joint determination has been made to terminate the Agreement. Notwithstanding the termination of the Agreement, both parties maintain an ongoing dialogue with respect to the provision of professional medicinal cannabis products and services.
Mr. Goliger commented, "We remain committed to providing patients with innovative and convenient access to medical cannabis, including through networks of pharmacies, as we recently announced in Canada. While the current Australian regulatory framework does not support our established, medical clinic model that we successfully operate in Canada, our teams continues to explore opportunities to help service patients globally."
About National Access Cannabis
National Access Cannabis is Canada's best practices leader in delivering secure, safe, and responsible access to legal cannabis. Through its Canada-wide network of care centres, NAC enables patients and the public to gain knowledge and access to Canada's network of authorized Licensed Producers of Cannabis. National Access Cannabis Corp. is listed on the TSX Venture Exchange under the symbol (TSXV: NAC). For more information, visit www.nationalaccesscannabis.com
This news release contains forward looking statements and forward looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward looking statements or information. Forward-looking statements and information in this news release includes, but is not limited to, statements concerning future developments, including the Company's plans to expand its business relationship with LaSanta, the Company's plan to open a network of retail locations, any future business relationship between the Company and THC and the exploration of business opportunities globally. Although the Company believes that the expectations and assumptions on which the forward looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Company cannot give any assurance that they will prove to be correct. Since forward looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward-looking statements and information in this news release is based on certain key expectations and assumptions made by management, including, but not limited to, expectations and assumptions concerning the possible signing of a definitive agreement with LaSanta. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the medical and potential cannabis industry in Canada generally; income tax and regulatory matters; the ability of the Company to implement its business strategies; competition; crop failure; currency and interest rate fluctuations; and other risks. The Company cautions that the foregoing list of risks and uncertainties is not exhaustive.
In addition, the reader is cautioned that historical results are not necessarily indicative of future performance. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward looking statement or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE National Access Cannabis Corp.
For further information: National Access Cannabis Corp., Mark Goliger, Chief Executive Officer, 1 (800) 411-1126, [email protected]; Investor Relations, Robert Kelly, LodeRock Advisors Inc., (416) 992-4539, [email protected]