TORONTO – (BUSINESS WIRE) – Please replace the September 13, 2021 publication with the following corrected version due to several revisions.
The updated version is:
HERITAGE CANNABIS EXECUTES TERM SHEET WITH MERIDA CAPITAL HOLDINGS TO ENTRY THE MISSOURI MARKET IN RELATION TO 3FIFTEEN PRIMO CANNABIS. TO SUPPORT
The funding will accelerate Heritage’s expansion into Missouri and the launch of Heritage-branded products in the state by the end of 2021
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Company”) has signed a term sheet with Merida Capital Partners IV LP and its affiliates (“Merida”) to fund its entry into the State of Missouri. Missouri’s first legal medical sale took place in October 2020, and according to the Missouri Department of Health, there are already 140 licensed pharmacies responsible for over $ 65 million in retail sales and $ 21 million in retail sales per month in the first half of 2021 July. Total retail sales in Missouri are expected to rise to $ 650 million by 2025, according to New Frontier Data. The state of Missouri passed the 100,000 patient mark in May 2021 (seven months after the initial sale), and since then, robust patient adoption trends have continued.
Previously, Heritage had announced a five-year relationship with Como Health LLC, which operates as 3Fifteen Primo Cannabis (“3Fifteen”), to enter the US market in Missouri. 3Fifteen has five pharmacy licenses, three of which are in operation and two are under construction. 3Fifteen has a manufacturing license that allows it to manufacture Heritage branded products and sell them to medical cannabis patients in Missouri.
The collaboration will provide minimum shelves for Heritage branded products in 3Fifteen pharmacies in Missouri.
“We are focused on expanding our brand offering in new high-growth markets, and with strong market growth forecast in Missouri and the support of Merida, we are confident that we can leverage 3Fifteen’s market position to achieve this,” said David Schwede, CEO of Erbe. “We see strong demand for our brands in Canada and expect a similar response in Missouri and other states with our extraction know-how and inspired branding expertise as we continue our US expansion.”
“Merida is excited to support Heritage’s expansion in the US and remains convinced that Missouri is an attractive medical market with further regulatory upside potential in the coming years,” said Max Gerard, partner at Merida Capital Holdings. “Merida expects concentrates and other derivative products to perform well in the regional markets 3Fifteen operates in – St. Louis, Columbia and Branson West. In addition, we continue to appreciate the extraction expertise that Heritage brings to the rest of our portfolio of over 60 companies. ”
About Heritage Cannabis Holdings Corp.
Heritage is a leading cannabis company providing innovative products to both the medical and recreational cannabis markets in Canada and the United States, with two licensed manufacturing facilities in Canada. The company has an extensive portfolio of high quality cannabis products under the brands Purefarma, Pura Vida, RAD, Premium 5, feelgood., CB4 and ArthroCBD.
About Merida Capital Holdings
Merida Capital Holdings is a private equity firm that targets fundamental growth drivers that accelerate the rapid development of the cannabis and hemp industries. Merida’s motto, Responsible Investing in the Cannabis Ecosystem, underscores its focus on governance and identifies leading cultivation technologies, products and services related to the development of cannabis and hemp as agricultural products, herbal medicines, ingredients in pharmaceutical formulations and recreational consumers. For more information, please visit www.meridacap.com or follow Merida on Twitter @meridacap.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.
The Canadian Securities Exchange assumes no responsibility for the adequacy or accuracy of this news release.
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws and may also contain statements that are “forward-looking statements” within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act. May represent 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current status, but instead represent only the company’s views with respect to future events, plans or goals, many of which are inherently uncertain and beyond our control the company. In general, such forward-looking information or forward-looking statements may be identified by the use of forward-looking terminology such as “plans,” “expected,” “expected,” “is expected,” “budget,” “planned,” “estimated,” “projected “,” intends “,” anticipates “or” does not expect “or” believes “, or variations of such words and expressions, or may contain statements that” might “,” might “,” would “,” could include “or“ is taken, ”“ continues, ”“ will occur, ”or“ will be achieved. ”The forward-looking information contained herein may include, but is not limited to, assumptions regarding cash flow and capital resources and expectations regarding the supply and manufacturing agreements that intended expansion of the company as well as partnerships and joint venture partnerships.
By identifying such information and statements in this way, the company caution readers that such information and statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results, activities, performance or achievements of the company to materialize from those expressed or implied in such information and statements.
An investment in the Company’s securities is speculative and involves a number of risks including, but not limited to, the risks set out under the heading “Risks and Uncertainties” in the Company’s annual management discussion and analysis for the period ended October 31, 2020 and on The year discussed February 26, 2020, 2021. Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, other factors could cause the Results not as expected, estimated or intended.
In connection with the forward-looking information and forward-looking statements in this press release, the company has made certain assumptions. Although the company believes that the assumptions and factors used in preparing the forward-looking information and statements and the expectations contained therein are reasonable, no undue reliance should be placed on such information and statements, and no representation or guarantee can be made that Such forward-looking information and statements will prove to be correct, as actual results and future events could differ materially from those anticipated in these information and statements. The forward-looking information and forward-looking statements contained in this press release are as of the date of this press release and the Company undertakes no obligation to update any forward-looking information and / or forward-looking statements contained therein or referred to herein except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements that can be attributed to the company or persons acting on its behalf are expressly restricted in their entirety by this release.