Vertical Wellness CEO, J. Smoke Wallin, to Join Vencanna Board as a New Director
CALGARY, July 22, 2019 /CNW/ - Top Strike Resources Corp. (d.b.a. Vencanna Ventures Inc.) ("Vencanna" or the "Company") (CSE: VENI) announces it has entered into a strategic partnership with Vertical Companies ("Vertical"). As part of this partnership, the Company has entered into an agreement whereby Vencanna will loan Vertical up to $4,000,000 for inventory expansion and general working capital purposes (the "Loan"). The Loan bears interest at commercial rates and includes an undisclosed number of warrants to acquire common shares in the capital of Vertical.
As part of the strategic partnership, Vencanna is pleased to welcome J. Smoke Wallin as the newest member of the board of directors of the Company. Mr. Wallin is the President of Vertical and the CEO of Vertical Wellness, a vertically-integrated brand company in the hemp-based CBD industry. In addition to his cannabis industry leadership, Mr. Wallin is a serial entrepreneur and accomplished leader in the CPG, food & beverage, alcohol, and technology industries; he served as Chairman and President of the Wine and Spirits Wholesalers of America.
Prior to joining Vertical, Mr. Wallin helped build National Wine & Spirits (now part of RNDC) into one of the largest distributors of beer, wine, and spirits in the U.S., with over $1 billion in beverage sales serving more than 36,000 retail accounts. Mr. Wallin is also a frequent speaker at global cannabis and CBD conferences and has been sought out as a guest speaker at the likes of Cornell, Dartmouth, USC, and Vanderbilt. Mr. Wallin holds an MBA from Vanderbilt University and a BS in Agricultural Economics from Cornell University.
Message from Vencanna CEO, David McGorman
"We welcome the addition of Smoke to our board. He brings a wealth of experience and knowledge that will be instrumental as the Company embarks on its U.S. strategy. With his deep ties throughout the sector and his strong track record of success and guidance, I know I speak for the whole board when I say we feel very fortunate to have Smoke as part of Vencanna. We look forward to working with Smoke and his world-class team at Vertical."
Message from Vertical Wellness CEO, Smoke Wallin
"We have come to know the Vencanna leadership well and are in complete alignment on where the industry is going and the key strategies to successfully execute on this shared industry vision. As a result, our teams have been working together to figure out the right way for us to align our businesses. Given our scale operations, which include the largest brand IP portfolio in the industry, this transaction is an example of us continuing to increase our access to capital to support our rapid brand growth and acquisitions. I look forward to assisting Vencanna in their mission to build their U.S. cannabis holdings as a director and strategic partner."
Vertical is a leading vertically-integrated multi-state operator and brand and distribution company in the medical and adult-use cannabis industry. Vertical has operations in Arizona and California, combined with strategic partnerships in Ohio and additional markets that strategically position it to take advantage of the legalization and normalization of cannabis globally. Vertical closed on a $64 million Series A financing round in April and subsequently spun out its hemp and CBD assets into Vertical Wellness. Vertical is led by an executive team of entrepreneurs and business leaders from the alcohol, agriculture, CPG, distribution, entertainment, food, healthcare, and medical industries.
On September 24, 2018, the Company announced the completion of a recapitalization financing, the appointment of a new management team and board of directors and commencement of trading on the CSE. The transactions have transitioned the Company from an oil and gas issuer to a merchant capital firm, rebranded as "Vencanna Ventures Inc.". The recapitalized Company aims to be a go-to capital provider for early-stage global cannabis initiatives with an emphasis on strong management operating in state compliant jurisdictions with barriers to entry. The Company looks to provide investors with a diversified, high-growth, cannabis investment strategy through strategic investments focused through-out the value chain (cultivation, processing and distribution, and including ancillary businesses).
This news release may include forward-looking statements including opinions, assumptions, estimates, the Company's and Vertical's assessment of future plans and operations, and, more particularly, statements concerning the Loan and the arrangements under, and potential benefits of, the strategic partnership between the Company and Vertical. When used in this document, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Company and Vertical which include, but are not limited to, the future operations of the Company and Vertical and the potential for the strategic partnership to provide new investment opportunities in the United States. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Vencanna cautions that the strategic partnership and other forward-looking statements relating to Vencanna are subject to all of the risks and uncertainties normally incident to such endeavors. Except as required by applicable laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Top Strike Resources Corp.
For further information: regarding this news release, please contact: David McGorman, Chief Executive Officer and Director, [email protected]; Jason Ewasuik, Vice President, Originations, [email protected]; Top Strike Resources Corp., Suite 310, 250 - 6th Avenue S.W., Calgary, AB T2P 3H7; Vertical Media Contact: Jon Lindsay Phillips, RLM Public Relations, (+1) 646-828-8566, [email protected]