Experiential Hub to be featured in Spiritleaf Retail Store in The Tragically Hip's hometown of Kingston
TORONTO, Feb. 13, 2019 /CNW/ - Newstrike Brands Ltd. (TSX-V:HIP) ("Newstrike" or the "Company"), and its wholly-owned subsidiary, Up Cannabis Inc. ("Up Cannabis"), are pleased to announce that an Up Cannabis "Experiential Hub" will be featured prominently in Ontario's first Spiritleaf store, expected to be located in Kingston, Ontario, in connection with a retail agreement entered into between Spiritleaf and a Ontario cannabis retail lottery winner.
Inner Spirit Holdings ("Inner Spirit") (CSE: ISH) announced earlier today that Inner Spirit's subsidiary, Spirit Leaf Inc. ("SLI"), has entered into an agreement with one of the initial 25 cannabis retail lottery winners in Ontario to open a Spiritleaf cannabis retail store in Kingston.
The Spiritleaf store—the company's first in the Ontario market—is planned to be located on Princess Street, in the heart of Kingston, and will feature an Up Cannabis Experiential Hub, or a "store-within-a-store," designed to complement existing Spiritleaf design elements and provide education about cannabis, while showcasing both companies' love of music and various community and charitable endeavours. An opening date of April 1st is targeted, to coincide with the launch of cannabis retail stores throughout Ontario.
"We are thrilled to partner with Spiritleaf and look forward to seeing an Up Cannabis Experiential Hub in one of the first retail stores in the province," said Jay Wilgar, CEO of both Newstrike and Up Cannabis. "Up Cannabis' ties to Kingston run deep as the hometown of our partners, The Tragically Hip, with many special milestones in our company's history taking place there, and more to come. We're excited to see the stars aligning for both our brands as the Ontario retail marketplace takes shape."
The news follows the investment agreement and strategic alliance agreement entered into between Newstrike and Inner Spirit whereby each of the companies acquired equity interests in each other and provides for the retail distribution of Up Cannabis products and the creation and operation of Up Cannabis-branded customer lounges or Experiential Hubs in Spiritleaf stores, as regulations allow. Inner Spirit currently has four Spiritleaf retail franchise stores with Up Cannabis Experiential Hubs currently operating in Alberta and Saskatchewan with a fifth outlet scheduled to open Calgary on February 14, 2019.
In connection with recent executive appointments. The Company has granted incentive stock options to purchase up to an aggregate of 1,500,000 common shares of the Company (the "Options"). The Options are exercisable for a period of 5 years at a price of $0.56 per share, based on the 15-day volume weighted average price of Newstrike's common shares on the TSX Venture Exchange as of February 11, 2019, plus a premium of ten percent. All Options were granted in accordance with the Company's stock option plan.
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
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 supply, distribution and sales of cannabis to any Spiritleaf retail locations and the licensing and launch of the Kingston, Ontario Spiritleaf location. 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: Newstrike Investor Relations: 1-877-541-9151, [email protected]; Jay Wilgar, CEO, Newstrike, (905) 844-8866