CALGARY, April 30, 2019 /CNW/ - Westleaf Inc. (TSX-V: WL) (OTCQB: WSLFF) ("Westleaf") announces that it has received voluntary commitments from each of its executive officers and directors (the "D&O's") pursuant to which the D&O's have agreed that they will not offer, sell, assign, transfer, contract to sell or otherwise dispose of, or announce the intention to otherwise dispose of, any of their common shares of Westleaf ("Westleaf Shares") or any securities convertible into Westleaf Shares such that all of the Westleaf Shares held either directly or indirectly by D&O's will now be restricted from any trading, unless approved by Westleaf's board of directors, until September 29, 2019. This commitment is in addition to any escrow imposed by the TSX Venture Exchange.
"Westleaf's directors and officers remain committed to Westleaf and its growth, and their voluntary commitment to not sell their Westleaf Shares or their securities convertible into Westleaf Shares, as an act of good faith, is expected to send a positive message to our shareholders," stated Scott Hurd, Director, President and CEO.
About Westleaf Inc.
Westleaf is a vertically integrated cannabis company focused on innovative retail experiences and engaging cannabis brands as well as cultivation, production and extraction of cannabis products. Westleaf is rolling out a national retail footprint for its retail concept Prairie Records, with stores planned for British Columbia, Alberta, Saskatchewan and potentially Ontario. The retail concept leverages the instinctual tie between recreational cannabis and music and redefines the cannabis purchasing experience. Westleaf also has two significant production facilities under construction, with completion anticipated to occur in 2019. For more information, please visit http://www.westleaf.com or www.prairierecords.ca.
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, completion of the production facilities and timing thereof. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, receipt of all regulatory approval and completion of construction. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release.
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