CALGARY, June 11, 2019 /CNW/ - Westleaf Inc. (TSX-V: WL) (OTCQB:WSLFF), ("Westleaf"), is pleased to announce that it has been approved for graduation from Tier 2 to Tier 1 issuer status on the TSX Venture Exchange (the "TSXV").
"Graduating to a Tier 1 listing on the TSXV reflects the ongoing progress of Westleaf as we continue the development of our vertically integrated cannabis company engaged in retail operations, cultivation, production and extraction of cannabis products" said Scott Hurd, Chief Executive Officer of Westleaf. "We see the graduation to Tier 1 issuer status as another positive step and acknowledgement we are executing on our business strategy to create a premium cannabis company."
The TSXV classifies issuers into different tiers based on standards including historical financial performance, stage of development and financial resources. Tier 1 is the TSXV's premier tier and is reserved for the TSXV's most advanced issuers. Tier 1 issuers benefit from decreased filing requirements and improved service standards.
With the graduation to a Tier 1 listing, the common shares of Westleaf ("Westleaf Shares") previously deposited into escrow pursuant to the rules of the TSXV will now be governed by the release provisions of Tier 1 issuer escrow and as a result a certain number of such Westleaf Shares will be eligible for release from escrow immediately. As announced by Westleaf on April 30, 2019, in addition to any escrow requirements imposed by the TSXV, each of the executive officers and directors of Westleaf has voluntarily committed to not offer, sell, assign, transfer or otherwise dispose of their Westleaf Shares or any securities convertible into Westleaf Shares until September 29, 2019.
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 Manitoba and Ontario. Westleaf also has two significant production facilities under construction Thunderchild Cultivation in Battleford, Saskatchewan and The Plant extraction and manufacturing facility in Calgary, Alberta, both are scheduled for completion in 2019. For more information, please visit www.westleaf.com or www.prairierecords.ca.
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
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 the development of retail cannabis stores and the business and operations of the Westleaf, the release of Westleaf Shares from escrow, or the sale or disposition of Westleaf Shares by executive directors and officers of Westleaf. 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: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder, court or regulatory approvals. 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 assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
SOURCE Westleaf Inc.
For further information: Bruce Leslie, [email protected], 403-801-7612