TORONTO, Sept. 06, 2019 (GLOBE NEWSWIRE) — Eve & Co Incorporated (the “Company” or “Eve & Co”) (TSXV: EVE; OTCQB: EEVVF) is pleased to announce that its wholly-owned subsidiary Natural MedCo Ltd. has entered into a third binding, non-exclusive supply agreement for the sale of dried cannabis to a German importer and distributor.
The supply agreement is for an initial term of two years and is automatically renewable for subsequent two-year terms unless otherwise terminated by the parties at the end of the initial or renewal term. The German distributor has agreed to purchase a minimum of 25 kilograms of dried cannabis per month for the first two months and a minimum of 100 kilograms per month for the next 22 months. The Company expects to commence shipments subsequent to the anticipated approval by Health Canada of the Company’s 780,000 square foot greenhouse expansion.
“We are very excited to announce our third German supply agreement and to further expand our supply opportunities in Germany. With regulatory approval of our greenhouse expansion expected before the end of the year, we anticipate being able to meet our supply commitments and to expand our sales channels in Germany,” said Melinda Rombouts, President and Chief Executive Officer of Eve & Co.
The purchase and sale of dried cannabis under the supply agreement are subject to various conditions precedent, including receipt of all requisite regulatory approvals, including applicable Canadian and Germany export and import authorizations.
ABOUT EVE & CO INCORPORATED
Eve & Co, through its wholly-owned subsidiary Natural MedCo Ltd., holds cultivation and processing licenses under the Cannabis Act (Canada) for the production and sale of various cannabis products, including dried cannabis, cannabis plants and cannabis oil. Natural MedCo Ltd. was Canada’s first female founded licensed producer of medicinal marijuana and received its cultivation license from Health Canada in 2016.
Eve & Co is led by a team of agricultural experts and has a licenced 220,000 sq. ft. scalable greenhouse production facility located in Strathroy, Ontario. Eve & Co has completed construction of an additional 780,000 sq. ft. expansion, bringing Eve & Co’s total greenhouse capacity to 1,000,000 sq. ft.
The Company’s website can be visited at www.evecannabis.ca.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this press release constitute forward-looking information. All statements other than statements of historical fact contained in this press release, including, without limitation, opportunities for growth, future strategy, plans, objectives, goals and targets, ability to execute on its export sales and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict, including those described in the Company’s management’s discussion and analysis for the two and fourteen months ended December 31, 2018 which is available on the Company’s SEDAR profile. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release. The Company does not undertake an obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities law.
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