OTTAWA, Dec. 10, 2018 /CNW/ - CannaRoyalty Corp. d/b/a Origin House (CSE: OH) (OTCQX: ORHOF) ("Origin House" or the "Company"), a leading North American cannabis products and brands company, today provided an update on its previously announced normal course issuer bid ("NCIB").
The sales of certain of Origin House's non-core assets for significant returns, like today's announcement of the agreement to sell its equity interest in Bodhi Research, allowed the Company to commence a normal course issuer bid as announced on August 14, 2018. At that time the Board approved the purchase of up to 5% of Origin House's total shares outstanding for a total of 2,697,185 shares. As of the close of markets on December 7, 2018, the Company has bought back 94,100 shares out of the total approved 2,697,185, amounting to 3% of the approved buyback, and plans to continue to execute the NCIB subject to all regulatory conditions.
Marc Lustig, Chairman and CEO of Origin House commented, "Due to our careful management of the Company's capital and successful liquidation of early investments, we continue to have substantial excess cash beyond our business needs. We are actively deploying capital into our business, strategic acquisitions and our brand partners in California. Due to Management and the Board's faith in Origin House's future prospects, we are actively investing in ourselves, by acquiring our own shares, when market volatility presents attractive opportunities. We remain steadfastly focused on creating value for our shareholders, through these multiple avenues."
About Origin House
Origin House is a growing cannabis products and brands company operating across key markets in the U.S. and Canada, with a strategic focus on becoming a preeminent global house of cannabis brands. The Company's foundation is in California, the world's largest regulated cannabis market, where it delivers over 130 branded cannabis products 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. The Company 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 Canadian Securities Exchange (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 execution of the Company's strategy, new opportunities, the Company's continued execution of its normal course issuer bid, 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