World News: 05:05 GMT Thursday 30th May 2019. [Organic Flower Investments Group Inc. via Globe Newswire via SPi World News]
VANCOUVER, British Columbia, May 30, 2019 (GLOBE NEWSWIRE) -- oror the is pleased to announce the Company has entered into a definitive agreement to acquire all of the issued and outstanding shares of Trichome Cannabrands Inc. (“Trichome”), an Ontario-based branding and licensing company with a diversified portfolio of cannabis product and service trademarks registered in Canada.
Following legalization, Trichome has engaged in an aggressive cross-Canada branding strategy for the newly bourgeoning cannabis industry. As a result, it was able to capitalize on a series of recognizable, though un-registered, trademarks for exclusive use within the cannabis industry. Trichome has a portfolio of 57 registered trademarks in Canada for a diversified range of cannabis products and services, including:
Included in the portfolio of trademarks are regional airport codes, telephone area codes, and other such recognizable regional identifiers that show significant branding potential for the cannabis space.
Joel Dumaresq, Chief Executive Officer and a Director of Organic Flower stated:
"Trichome Cannabrands has developed an impressive stable of high-value trademarks with immediate brand recognition in various communities. The number of registered marks and the robust coverage of the registration with the Registrar of Trademarks in Canada, allows Organic Flower to immediately utilize these marks across its diversified holdings and enhance its marketing and distribution efforts in Canada and other international jurisdictions.”
Under the terms of the definitive agreement, Organic Flower will acquire 100% of all the issued and outstanding shares in the capital of Trichome in exchange for an aggregate of 10,000,000 common shares in the capital of the Company, based upon the five-day VWAP of Organic Flower's common shares for the five trading sessions prior to the announcement of the definitive agreement (the “”). The Payment Shares issuable on the acquisition, are subject to a hold period of at least six (6) months and one (1) day. The closing of this acquisition is subject to customary terms and conditions.
OFIG’s acquired interest in Trichome will form part of the asset sale to AgraFlora Organics International Inc. (“AgraFlora”). As previously announced on May 23, 2019, it is anticipated that the sale price for the sale assets will be comprised of 1.15 shares of Agraflora for each one (1) issued and outstanding share of OFIG at the time of closing of the asset sale.
A finder’s fee is payable on this transaction.
Organic Flower, an investment holding firm, is leveraging strategic relationships, proprietary investments and exclusive partnerships with preeminent international cannabis cultivators and formulators for the development of best in-class products and brands to be marketed and distributed throughout our global footprint.
Joel Dumaresq CEO, Director +1 (604) 687-2038
Learn more about Organic Flower by visiting our website at:
THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: political changes in Canada and internationally, future legislative and regulatory developments involving cannabis in Canada and internationally, the Company’s ability to secure distribution channels in international jurisdictions, competition and other risks affecting the Company in particular and the cannabis industry generally. Without limiting the generality of the foregoing, the forward-looking statements herein relate to, among other things, the Company successfully commencing product formulation and batch testing in a timely manner; and the ability of the Brewhouse to successfully complete its planned facility retrofit initiatives at its facility.
The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward- looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
Globe Newswire: 05:05 GMT Thursday 30th May 2019
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