VANCOUVER, British Columbia, Aug. 27, 2020 — PRIMO NUTRACEUTICALS INC. (CSE: PRMO) (OTC: BUGVF) (FSE: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) (“Primo”) is pleased to provide a management update for its Washington State and U.S. operations. Due to the COVID-19 pandemic and the closure of the Canada-U.S. border, the Company has suspended several of its U.S. operations except for the Oroville Campus.
Due to the ongoing COVID-19 pandemic the Company has terminated its hemp farm operations in Oregon and cancelled the Coachella hemp venture until further notice. The Company’s management will reconsider operations in the United States once travel restrictions related to the pandemic have eased and the Canada- U.S. border has reopened for travel. The Oroville campus tenant grower has delayed the 2020 growing season due to the COVID-19 pandemic and will resume operations in the fall of 2020.
Over the past few months, Primo and other issuers in the recreational cannabis industry have been impacted by the evolving regulatory and political climate with respect to the U.S. marijuana industry as well as temporary disruption caused by the COVID-19 pandemic. Primo and continue to operate in compliance with the regulations set out in US states it has operations in, most notably Washington State. The Company’s board and management are in the process of seeking further expansion opportunities in Canada.
Richard Cindric, CEO Comments:
“We want to take a step back and re-evaluate the best environment for our business activities within our own domestic market place. We will always look to maximize any of our investments in regulatory environments that present the most positive exposure for our shareholders.”
The Company announces that it has entered into shares for debt agreements with directors and officers regarding deferred salaries as well as other debtholders debts for services rendered to the Company. The Company will issue an aggregate of 13,480,226 common shares in the capital of the Company (each a “Common Share”) to directors, officers and debtholders at a deemed price of $0.075 per Common Share, in satisfaction of the aggregate amount of $1,011,017 owing by the Company to directors, officers and other debtholders of the Company (the “Debt Securities”) . The Debt Securities will be subject to a hold period which will expire four months and one day from the date of issuance in accordance with applicable securities laws and regulations.
About Primo Nutraceuticals
Primo Nutraceuticals Inc. (“Primo”) provides strategic capital to the thriving cannabis cultivation sector through ownership and development of commercial real estate and farm friendly properties. Primo is dedicated to funding the rapid growth in production, processing, retail and branding of cannabis and cannabis related products in Canada and the United States. Primo has invested in several brands and is pursuing partnerships with retailers and distribution companies in Canada and the United States. Primo’s management is in the process of building a corporate road map to further vertically integrate the Company, specifically by way of “Primo” branded retail outlets – offering “Thrive,” “Primo,” and a selection of curated partner brands. The Company possesses proprietary formulas for cannabis edibles, topical, and tinctures. Primo is focused on building a strong presence in the hemp industry with the objective of extracting and selling cannabinoids (CBD) products in both Canada and the United States.
On behalf of the Board of Directors
PRIMO NUTRACEUTICALS INC.
President and Director
For further information, please contact Zoltan, IR Representative at: 604-722-0305, or; [email protected].
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FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
No regulatory authority has approved or disapproved the information contained in this news release