CALGARY, Jan. 8, 2019 /CNW/ - Westleaf Inc., formerly IGC Resources Inc. ("Westleaf" or the "Company"), a Canadian cannabis company, is pleased to announce that the TSX Venture Exchange (the "Exchange") has issued a Final Exchange Bulletin with respect to the Company's previously announced business combination with IGC Resources Inc. The Company's common shares will resume trading on the Exchange under the trading symbol "WL" on Wednesday, January 9th 2019. The Company is well positioned to execute on its aggressive vertically integrated strategy, which includes the rapid build out of its retail properties and completing the development of its production assets to provide a superior offering of cannabis products to the Canadian market.
"The decision to take the business public allows Westleaf to accelerate our growth and build upon the success we achieved in 2018," said Scott Hurd, President and CEO of Westleaf Inc. "It reaffirms Westleaf's commitment to providing exceptional value to its shareholders by focusing on maximizing profit margins, achieving its growth ambitions and generating robust market share."
Westleaf Inc. Highlights
- Vertically Integrated: Premium retail locations secured in British Columbia, Alberta and Saskatchewan; state-of-the-art extraction and production facility under construction in Calgary, Alberta; large scale indoor cannabis cultivation facility under construction in Battleford, Saskatchewan;
- A Unique Cannabis Retail Experience: Prairie Records reinvents the cannabis purchasing experience with a tactile, musically themed, shopping journey through an engaging record store style concept;
- Superior Retail Footprint: Targeting more than 30 locations to launch in 2019 and 2020 in densely populated neighbourhoods and tourist destinations;
- The Team: Combining cannabis cultivation experts, veteran business development professionals, and tenacious capital market specialists, Westleaf's senior team brings integrity, innovation, and industry-defining thought leadership to the cannabis sector;
- M&A Focused: Track record of successful partnerships and acquisitions with a value-oriented investment approach;
- Strategic Partnerships with Leading Industry Players: Tilray, VIVO Cannabis, ATB Financial, Canndara Canada and Delta 9; and
- Strong Financial Position: Access to up to $57 million of capital (~$27 million of cash and up to $30 million in low cost, non-dilutive capital).
About Westleaf Inc.
Westleaf is a vertically integrated cannabis company with assets across the cannabis value chain, with an emphasis on engaging cannabis retail and product brands. Focused on innovative retail experiences, 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. For more information, please visit 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, to: trading of the Common Shares and the timing thereof, the business and operations of Westleaf and the proposed value to shareholders contemplated by management. 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, except as required by law.
This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
Neither the 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 press release.
SOURCE Westleaf Inc.
For further information: Chelsea Smyth, 403.616.4956, [email protected]