Sproutly Canada, Inc. Subsidiary, Toronto Herbal Remedies, Receives License to Sell to Other Licensed Producers and Expands Growth Production Footprint
VANCOUVER, BC, November 20, 2018 – Sproutly Canada, Inc. (CSE: SPR) (OTCQB: SRUTF) (FSE: 38G) (“Sproutly" or the “Company”) is pleased to announce that the license of its wholly-owned subsidiary, Toronto Herbal Remedies Inc. (“THR”) under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”) has been migrated to the Cannabis Act and its regulations. The issuance of the new cannabis license includes the ability to sell cannabis to other licensed producers in accordance with subsection 11(5) of the Cannabis Regulations.
As of November 10, 2018, THR also received license amendments approving all of the remaining 16,600 square feet at the facility for additional grow and operations. “Sproutly will continue to execute on its operational plan both within Canada as well as other regulated jurisdictions. This is yet another step towards our facility being fully operational in 2019. This license provides THR the ability to expedite our operational model as well as provide THR with additional avenues for the sale of our products when ready," said Keith Dolo, President and CEO of Sproutly.
The Health Canada license, issued in accordance with the Cannabis Act and Cannabis Regulations, specifically grants THR the ability to: possess cannabis; obtain dried cannabis, fresh cannabis, cannabis plants or cannabis plant seeds by cultivating, propagating, and harvesting cannabis; and, to sell cannabis in accordance with subsection 11(5) of the Cannabis Regulations.
About Sproutly Canada, Inc.
Sproutly’s core mission is to become the leading supplier to the cannabis beverage and edibles market.
Our Toronto based, ACMPR licensed facility was built to cultivate pharmaceutical grade cannabis to supply a technological breakthrough in producing and formulating the first natural, truly water-soluble cannabis solution. Our water-soluble ingredients and our bio-natural oils will deliver revolutionary brands to international markets that are clamouring for well-defined commercial products. Sproutly’s business focus is to execute on partnerships with local and globally established consumer brands to leverage their existing customer bases, further expand brand loyalty, assist with marketing, and support distribution networks to deliver this scientific breakthrough with speed and efficiency worldwide.
For more information on Sproutly, please visit: www.sproutly.ca.
Keith Dolo, President and Chief Executive Officer of Sproutly Canada, Inc.
Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or future performance and reflect the expectations or believes regarding future events of management of Sproutly Canada. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as "forwardâ€looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the expected launch of the Company’s first line of beverage products. These forwardâ€looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These assumptions, risks and uncertainties include, among other things, the Company successfully completing the development and production of its first line of beverage and cannabis products and obtaining all applicable regulatory approvals from global jurisdictions including Health Canada; satisfying the condition to the license which involves a requirement related to the mandatory cannabis testing for pesticide active ingredients; Cannabis Act and Cannabis Regulations continuing to exist and operate as expected; the continued existence and validity of the license granted to Toronto Herbal Remedies; changes in cannabis research or the general public’s perception of cannabis; and the ability to operate the business as expected. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended, such as the Company’s inability to successfully develop and produce its first line of beverage products or the Company’s inability to obtain any necessary regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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