Latest development in Company's execution of strategy to provide additional channels for investors to participate
CALGARY, Feb. 27, 2019 /CNW/ - Westleaf Inc. (TSX-V: WL) (OTCQB:WSLFF) ("Westleaf") is pleased to announce it has been approved to begin trading on the OTCQB effective immediately. Westleaf begins trading tomorrow under the symbol "WSLFF". Investors can find real-time information on the Company and the trading statistics at www.otcmarkets.com.
"We are excited to provide an additional channel for investors to participate in Westleaf by being available to the US market through the OTCQB," noted Scott Hurd, President and CEO of Westleaf. "This comes at a time when we are executing on all aspects of our vertically integrated cannabis strategy, from cultivation, and extraction through to product formulation and retail distribution."
- Trading Under "WSLFF" on OTCQB: Westleaf will be trading under the symbol WSLFF and will be available immediately on the OTCQB;
- Vertically Integrated Company: Westleaf is a Canadian vertically integrated cannabis company operating or developing assets for the Canadian medicinal and recreational cannabis marketplace;
- Westleaf operates or is developing assets across the cannabis value chain, including:
- Cultivation: A 130,000 square foot indoor cultivation facility in Saskatchewan under construction and expected to produce ~14,600 kg of flower per annum once both phases are completed (see assumptions in forward looking statements)
- Extraction: A 60,000 square foot extraction and production facility in Alberta under construction, which is expected to produce a variety of derivative cannabis products, including tincture oil and gel caps (currently allowed under the Cannabis Act in Canada)
- Distribution: Retail operations under the unique Prairie Records brand rolling out across Western Canada with plans to open up to 50 stores by the end of 2020.
Westleaf joins a growing list of Canadian companies that have chosen to trade on the OTCQB. The market provides companies with increased exposure to US and global investors interested in the cannabis space.
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. The Company also has two significant production facilities under construction and scheduled for completion in 2019. For more information, please visit www.westleaf.com or www.prairierecords.ca.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release
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. This news release, forward-looking statements relate, among other things, to: (i) the business and operations of Westleaf, including the implementation of Westleaf's vertically integrated cannabis strategy; (ii) Westleaf's cultivation facility in Saskatchewan currently under construction (the "Thunderchild facility"), including the development of the Thunderchild facility, the quality of the facility, the expected opening date thereof, and production estimates from the Thunderchild facility; (iii) Westleaf's extraction and production facility in Alberta under construction, and (iv) Westleaf's retail operations roll-out across Western Canada. Such forward-looking statements are subject to certain assumptions that are reasonable in management's view, including that the expected production numbers for the Thunderchild facility are based on 7,300 kg of cannabis flower in each of Phase I and Phase II of the Thunderchild cultivation facility, with Phase I consisting of the following: facility floor plate of approximately 65,550 square feet (~85,000 total square feet); Phase I and II each have grow/flower bench capacity of 21,000 square feet and assumes 60 grams per yield per square foot per harvest and 5.8 harvests per annum. Cultivation and sale of cannabis from the Thunderchild facility is subject to receipt of a license from Health Canada. 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: timing and completion of the exterior and interior of Westleaf's facilities under construction; completion of review of the facilities by Health Canada and receipt of a license from Health Canada; compliance with all conditions to draw down on the ATB Financial credit facilities of Westleaf; assumptions regarding facility size, yield and harvests at the facility; general business, economic, competitive, political and social uncertainties;. 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. Except as required by law, Westleaf assume no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
SOURCE Westleaf Inc.