OTTAWA, April 10, 2019 /CNW/ - CannaRoyalty Corp. d/b/a Origin House (CSE: OH) (OTCQX: ORHOF) ("Origin House" or the "Company"), a North American cannabis products and brands company today provided an update on Sonoma County permit approvals received by the Company's pending acquiree, California-based cannabis cultivator Cub City LLC ("Cub City") and wholly-owned subsidiary, FloraCal Farms ("FloraCal").
- Cub City received a Minor Use Permit ("MUP") from the County of Sonoma for cultivation, processing, non-volatile manufacturing, and distribution at its Santa Rosa facility. The MUP was approved by a unanimous vote of the Sonoma County Board of Zoning Adjustments (the "Board"), following a public hearing on March 28, 2019. The appeal period for the Board's decision ended on April 8, 2019 without any appeal being filed.
- As previously announced, the Company has signed a binding term sheet for the acquisition of the business of Cub City (the "Acquisition"). The closing of the Acquisition is expected to be in Q2 2019.
- FloraCal received a Minor Use Permit from the County of Sonoma to undertake construction of the third and final phase of build-out and upgrades at its Santa Rosa facility. The finished facility will have an annual production capacity of approximately 1,100 kg of premium flower per year, as well as processing and distribution entitlements.
Cub City and FloraCal have already received their provisional state cultivation licenses – the first two such licenses to be issued in Sonoma County.
"Cub City's approval to operate, and FloraCal's permit to commence the final build out of its facilities in Sonoma County are key milestones in augmenting our growing California footprint," said Afzal Hasan, President and General Counsel at Origin House. "With the close of the Acquisition and support from the County, we look forward to continuing to expand our infrastructure, expertise and team to unlock further growth opportunities in California. On behalf of our entire team, we thank Sonoma County and the Board of Zoning Adjustments for seeing the potential in our business and the positive impact it will have on economic development, as well as the community."
About Origin House
Origin House is a growing cannabis brands and distribution company operating across key markets in the U.S. and Canada, with a strategic focus on becoming a preeminent global house of cannabis brands. Origin House's foundation is in California, the world's largest regulated cannabis market, where it delivers over 130 branded cannabis products from 50+ brands to the majority of licensed dispensaries. Origin House's brand development platform is operated out of five licensed facilities located across California, and provides distribution, manufacturing, cultivation and marketing services for its brand partners. Origin House is actively developing infrastructure to support the proliferation of its brands internationally, initially through its acquisition of Canadian retailer 180 Smoke. Origin House's shares trade on the CSE under the symbol "OH" and on the OTCQX under the symbol "ORHOF". Origin House is the registered business name of CannaRoyalty Corp. For more information, visit www.originhouse.com.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Origin House's periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward- looking statements.
Forward-looking statements may include, without limitation, statements relating to the Company's timing and completion of the Acquisition, the execution of the Company's strategy, new opportunities, the Company's timing and process for expansion in Canada and globally, new opportunities, future growth and other statements.
Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects that are engaged in activities currently considered illegal under US federal law; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
SOURCE Origin House
For further information: General: [email protected], 1-844-556-5070; Investors, Jonathan Ross, CFA, LodeRock Advisors Inc., [email protected], 416-283-0178; Media: Priyam Chakraborty, Communications Manager, Origin House, [email protected], 647-232-9287