VANCOUVER, BC / ACCESSWIRE / March 5, 2020 / EMPOWER CLINICS INC. (CBDT.CN) (EPWCF) (Frankfurt 8EC) (“Empower” or the “Company“), a vertically integrated and growth-oriented life sciences company is pleased to announce the advancement of its previously announced Joint Venture Partnership (“JV”) with Heritage Cannabis Holdings Corp. (CSE:CANN) (“Heritage”), based in Sandy, Oregon, USA.
In September 2019, Empower announced it had entered into a Letter of Intent (“LOI”) to form a 50/50 ownership JV with Heritage for the extraction of hemp for CBD oil production, and formulated CBD products. The JV is equally funded by both parties and since formation CDN$250,000 has been provided to the JV.
Heritage and Empower are now advancing the JV with the order and installation of extraction and post-production equipment units at Empower’s existing licenced hemp processing facility in Sandy, Oregon, in order to immediately begin performing hemp-based product manufacturing for proprietary formulations, tolling services, and third-party white labelling services for other distributors throughout the United States.
The proprietary branded products will be distributed through Empower’s corporately owned physician staffed health clinics in Oregon and Arizona, online at www.sunvalleyhealth.com and in upcoming new franchise locations, which currently have access to over 165,000 patients.
Additionally, related downstream equipment is now being installed including gel cap processing, tincture bottle and vape cartridge filling, as well as labelling, packaging, storage and shipping services, to offer full-service end-to-end products to third parties.
Heritage is providing training and supervision related to the proprietary methods of extraction and oil production that is already being successfully produced in Canada by Heritage.
“Having the backing of an experienced partner with the financial strength of Heritage Cannabis is proving to be so beneficial for the development of our first extraction facility”, said Steven McAuley, Chief Executive Officer of Empower. “Together, we have already identified numerous opportunities to bring new orders to the JV facility, ensuring we leverage the capacity we are building.”
“We are very pleased to be advancing our U.S. strategy through this mutually beneficial partnership with Empower, which provides Heritage ease of access to the world’s largest cannabis market”, stated Clint Sharples, Chief Executive Officer of Heritage. “The installation of extraction units is the next phase of the JV and another step toward successfully furthering our growth strategies.”
Empower is a vertically-integrated health & wellness brand with it’s first hemp-derived CBD extraction facility under development, the Company produces its proprietary line of cannabidiol (CBD) based products and distributes products through company owned and franchised clinics, with wholesale partnerships, online channels and with new retail opportunities nationwide in the U.S. The company is a leading multi-state operator of a network of physician-staffed wellness clinics, focused on helping patients improve and protect their health, through innovative physician recommended treatment options. The company has commenced activity on how to connect its significant data, to the potential of the efficacy of alternative treatment options related to hemp-derived cannabidiol (CBD) therapies.
About Heritage Cannabis Holdings Corp.
The Company is focused on becoming a vertically integrated cannabis provider that currently has two Health Canada approved licenced producers, through its subsidiaries Voyage Cannabis Corp. and CannaCure Corp. both regulated under the Cannabis Act Regulations. Working under these two licences, Heritage has two additional subsidiaries, Purefarma Solutions, which provides extraction services, and a Medical Services Division which is focused on cannabis based medical solutions. Heritage as the parent company, is focused on providing the resources for its subsidiaries to advance their products or services to compete both domestically and internationally.
ON BEHALF OF THE BOARD OF DIRECTORS:
Chief Executive Officer
Investors: Steven McAuley
Investors: Dustin Klein
SVP, Business Development
For French inquiries: Remy Scalabrini, Maricom Inc., E: [email protected], T: (888) 585-MARI
DISCLAIMER FOR FORWARD-LOOKING STATEMENTS
This news release contains certain “forward-looking statements” or “forward-looking information” (collectively “forward looking statements”) within the meaning of applicable Canadian securities laws. 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.Forward-looking statements can frequently be identified by words such as “plans”, “continues”, “expects”, “projects”, “intends”, “believes”, “anticipates”, “estimates”, “may”, “will”, “potential”, “proposed” and other similar words, or information that certain events or conditions “may” or “will” occur. Forward-looking statements in this news release include statements regarding; the Company’s intention to open a hemp-based CBD extraction facility, the expected benefits to the Company and its shareholders as a result of the proposed acquisitions and partnerships; the effectiveness of the extraction technology; the expected benefits for Empower’s patient base and customers; the benefits of CBD based products; the effect of the approval of the Farm Bill; the growth of the Company’s patient list and that the Company will be positioned to be a market-leading service provider for complex patient requirements in 2019 and beyond. Such statements are only projections, are based on assumptions known to management at this time, and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including; that the Company may not open a hemp-based CBD extraction facility; that legislative changes may have an adverse effect on the Company’s business and product development; that the Company may not be able to obtain adequate financing to pursue its business plan; general business, economic, competitive, political and social uncertainties; failure to obtain any necessary approvals in connection with the proposed acquisitions and partnerships; and other factors beyond the Company’s control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned not to place undue reliance on the forward-looking statements in this release, which are qualified in their entirety by these cautionary statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements in this release, whether as a result of new information, future events or otherwise, except as expressly required by applicable laws.
SOURCE: Empower Clinics Inc.
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