TORONTO, Dec. 11, 2018 /CNW/ - Newstrike Brands Ltd. (TSX-V:HIP) ("Newstrike" or the "Company") is pleased to announce that it has completed its previously-announced transaction with Peter Neal and Chris Neal and their company, Neal Brothers Inc. ("Neal Brothers") to create a co-branded specialty food products company (the "Joint Venture ") to develop, market and sell cannabis edibles. Newstrike has also completed its transaction to acquire a minority interest in Neal Brothers, pursuant to a share purchase agreement (the "Share Purchase").
"We're excited to be putting our capabilities together to develop innovative products that enhance both our brands and build long-lasting value in the market," said Jay Wilgar, CEO of Newstrike.
"Adult-use legalized cannabis is just getting started in Canada and we have an ideal partner in Newstrike to develop this opportunity together and unlock the potential for cannabis edibles," said Peter Neal, President and Co-founder, Neal Brothers.
The completion of the Joint Venture and the Share Purchase transaction follows the satisfaction of all closing conditions.
About Newstrike and Up Cannabis
Newstrike is the parent company of Up Cannabis Inc., a licensed producer of cannabis that is licensed to both cultivate and sell cannabis in all acceptable forms. Newstrike, through Up Cannabis and together with select strategic partners, including Canada's iconic musicians The Tragically Hip, is developing a diverse network of high-quality cannabis brands. For more information, visit http://www.up.ca or http://www.newstrike.ca.
About Neal Brothers Inc.
Neal Brothers is a highly respected leader and innovator in the natural, organic and specialty foods sector in Canada. Started by brothers Chris and Peter Neal in their Mom's kitchen in Aurora, Ontario in 1988, Neal Brothers branded products have been available across Canada for over 30 years. For more information, visit www.nealbrothersfoods.com.
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Newstrike to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These forward-looking statements include, but are not limited to, statements relating to the operationalization of the Joint Venture. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date.
Newstrike does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
Neither 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 Newstrike Brands Ltd.
For further information: Newstrike Investor Relations, 1-877-541-9151, [email protected]; Jay Wilgar, Chief Executive Officer, (905) 844-8866