Mr. Ian Chadsey reports
DELTA 9 ENTERS NEWFOUNDLAND AND LABRADOR MARKET; ACQUIRES SHARES IN OCEANIC RELEAF INC.
Delta 9 Cannabis Inc. has entered into a definitive agreement with Oceanic Releaf Inc. and Taylor Giovannini to acquire a 5-per-cent interest in the common stock of Oceanic in exchange for the provision by Delta 9 of certain consulting and training services to Oceanic. Delta 9 has also entered into an agreement with Newfoundland and Labrador, Newfoundland and Labrador Liquor Corp. (NLC), and Oceanic, pursuant to which Delta 9 will supply cannabis and cannabis-related products in that province.
"We are looking forward to working with Oceanic to further assist start-up cannabis companies grow and flourish. We also look forward to bringing our portfolio of high-quality Delta 9 products into the province of Newfoundland and Labrador," said John Arbuthnot, founder and chief executive officer of Delta 9. "This marks Delta 9's first direct investment in a cannabis company in Newfoundland and Labrador and, when looking for opportunities to do so in that province, Oceanic stood out as a clear choice."
"We are thrilled to move forward with the province of Newfoundland and Labrador, NLC and Delta 9. Together, we will cultivate amazing cannabis, create a memorable retail experience and revitalize the community of Burin," said Taylor Giovannini, founder and president of Oceanic. "We are so excited by the opportunity to work with a company like Delta 9, to learn from them and especially to see them invest in our province. It's proof that we have the potential to contribute something special to the cannabis industry, both here at home and around the world -- fresh, clean products from one of the last unspoiled areas in North America. Strategic partnership with Delta 9 will elevate Oceanic's expertise and expedite products to market."
Consideration for the common shares acquired by Delta 9 in the capital stock of Oceanic will be paid by way of the provision of certain consulting and training services to Oceanic over a term of one year pursuant to a strategic cooperation agreement. The intent of the strategic co-operation agreement is to further Oceanic's efforts to establish itself as a licensed cannabis producer in Newfoundland and Labrador.
All agreements and transaction referenced herein are subject to, among other conditions, the obtaining of all required third party and governmental consents, authorizations, and licences required in connection therewith, including, without limitation, all required authorizations from NLC.
About Delta 9 Cannabis Inc.
Delta 9 Cannabis is a vertically integrated cannabis company focused on bringing the highest-quality cannabis products to market. The company sells cannabis products through its wholesale and retail sales channels and sells its cannabis grow pods to other businesses.
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