Collaboration Opens the Door to Innovative Private Label Offerings upon Legalization
TORONTO, Sept. 26, 2018 /CNW/ - Newstrike Brands Ltd. (TSX-V:HIP) ("Newstrike" or the "Company"), is pleased to announce that its wholly-owned subsidiary, Up Cannabis Inc. ("Up Cannabis"), has partnered with Green Tank Technologies as a supplier for vaporization hardware and technology.
The partnership teams Up Cannabis with an innovative and cutting-edge vaporization hardware provider, paving the way for Up Cannabis' private label vape pen consumer offerings upon their expected legalization in 2019.
"We believe in the synergy that will be created by pairing the strength of the Up Cannabis brand with Green Tank as a proven hardware and technology partner," said Jay Wilgar, CEO of both Newstrike and Up Cannabis. "Our cannabis oils coupled with their innovative hardware will mean the best of both worlds for adult-use consumers upon the legalization of vaporizers. We're excited at the possibilities and are focused on developing a consumer product offering that will lead the segment, furthering our strategic plan to create a premier adult-use cannabis brand."
Up Cannabis and Green Tank will also look to begin collaboration on the research and development of innovative new vaporization products. According to BDS Analytics, in recently legalized adult-use markets like California, vapes accounted for approximately 25 per cent of cannabis product sales for the first six months of 2018.1
We're thrilled to be partnered with Up Cannabis to create the highest quality vape experience for their consumers," said Corey Koffler, COO of Green Tank Technologies. "As vaporizer experts, our mission is to craft premium hardware that powers the brands of our customers by being specifically engineered to the profiles of their extracts. Up Cannabis and Green Tank have a shared vision for the vape consumer offering, which made the decision for the companies to partner very easy."
About Newstrike and Up Cannabis
Newstrike is the parent company of Up Cannabis Inc., a licenced producer of cannabis that is licenced 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 Green Tank Technologies
Green Tank Technologies designs, develops and manufactures innovative, high-performance vaporization hardware exclusive to the cannabis industry. The company is committed to providing licensed producers and extractors with state-of-the-art vaporization technology, engineered specifically for each brand's extract formulations.
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. These forward-looking statements include, but are not limited to, statements relating to Newstrike's expectations with respect to the legalization, supply and sales of cannabis and cannabis vaporizers in Canada. 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. 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: please contact: Newstrike Investor Relations, 1-877-541-9151, [email protected]; Jason Redman, Chief Financial Officer, (905) 844-8866; Green Tank Technologies, Corey Koffler, Chief Operating Officer, (800) 935-1399, [email protected]