KITCHENER, Ontario, Aug. 15, 2019 (GLOBE NEWSWIRE) — James E. Wagner Cultivation Corporation (“JWC” or the “Corporation”) (TSX VENTURE: JWCA; OTCQX: JWCAF), is pleased to announce that on August 14, 2019, it entered into a purchase and supply agreement with TerrAscend Corp. (“TerrAscend” or “Purchaser”) (CSE: TER; OTCQX: TRSSF), pursuant to which the Corporation agreed to provide dry cannabis flower and cannabis oils to TerrAscend (the “Agreement”). It is anticipated that the Purchaser will list the product acquired from JWC under the Agreement for sale on its online medical sales platform, the Solace Health online marketplace, once inaugural product inventories have been received.
With this Agreement, JWC will have access to two of the largest medical store fronts in Canada. This Agreement follows JWC’s successful participation in Canopy Growth Corporation’s CraftGrow program, Canada’s largest medical platform, since November 2018, and is JWC’s second purchase and supply agreement with a licensed producer. The Corporation expects to further expand its distribution network to additional venues to meet the demand for high-quality cannabis products in Canada and abroad, as laws permit.
Currently, the Solace Health online marketplace is home to thousands of registered medical patients across Canada. The platform is an ideal venue for JWC to expand its product portfolio visibility, in what is expected to be a revolving purchase and supply agreement with the Purchaser.
Michael Nashat, TerrAscend’s Chief Executive Officer, commented: “By adding JWC products to our medical marketplace, Solace Health, we are expanding the diversity of our product offerings to address growing patient needs. We are excited to work with JWC and to continue to position Solace Health as a leader in providing medical cannabis products to Canadian patients.”
“JWC is proud to have its products featured on the Solace Health platform. This represents another important step in bringing our products to the patients and people of Canada, and an important business evolution as we continue to secure distribution for our increasing production. We look forward to a beneficial collaboration through the Solace Health outlet,” Nathan Woodworth, President and Chief Executive Officer of the Corporation, said.
Additional information on JWC’s commitment to delivering innovative and medical-grade cannabis products can be found at www.jwc.ca
About James E. Wagner Cultivation Corporation
JWC’s wholly-owned subsidiary is a Licensed Producer under the Cannabis Regulations, formerly the Access to Cannabis for Medical Purposes Regulations (“ACMPR”). JWC is a premium cannabis brand, focusing on producing clean, consistent cannabis. JWC uses an advanced and proprietary Dual Droplet™ aeroponic platform named GrowthSTORM™. JWC was founded as a family company and is based on family values. JWC began as a collective of patients and growers under the Marihuana Medical Access Regulations (the precursor to ACMPR). Since its inception, JWC has remained focused on providing the best possible patient experience. JWC’s operations are based in Kitchener, Ontario. Learn more at www.jwc.ca.
TerrAscend provides quality products, brands, and services to the global cannabinoid market. As the first North American Operator (NAO), with scale operations in both Canada and the US, the Company participates in the medical and legal adult use market across Canada and in several US states where cannabis has been legalized for therapeutic or adult use. Additionally, TerrAscend will soon be the first and only cannabis company with sales in the US, Canada, and Europe as it has received EU GMP certification for its manufacturing facility in Mississauga, Ontario. TerrAscend operates a number of synergistic businesses, including Solace Health, an online medical marketplace.
Notice regarding forward-looking statements:
This press release contains statements including forward-looking information for purposes of applicable securities laws (“forward-looking statements”) about JWC and its business and operations which include, among other things, statements regarding the current and future anticipated sale of products by JWC, maintenance of an ongoing supply relationship with TerrAscend and with Canopy Growth Corporation, anticipated continuing expansion of JWC’s distribution networks, continuing expansion of production by JWC and continuing growth of JWC’s product lines. The forward-looking statements can be identified by the use of such words as “will”, “expected”, “approximately”, “may”, “could”, “would” or similar words and phrases. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those implied in the forward-looking statements. For example, risks include risks regarding the cannabis industry, economic factors, the equity markets generally, building permit related risks and risks associated with growth and competition as well as the risks identified in the Corporation’s Annual Information Form dated April 3, 2019, available under the Corporation’s profile at www.sedar.com. Although JWC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and are based on current assumptions which management believes to be reasonable. The Corporation disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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.
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