VANCOUVER, BC – TheNewswire – August 19, 2019 – CANNAMERICA BRANDS CORP. (“CANA” or the “Company”) (CNSX:CANA.CN) (OTC:CNNXF) is pleased to announce that is has entered into an extension agreement in respect of the previously announced non-binding letter of intent (“LOI”) dated June 20, 2019 with Canna Provisions Inc. (“the Licensee”) under which the Licensee will have an exclusive license to manufacture and distribute CannAmerica branded cannabis infused gummy products and disposable vape pens, and Live Labs branded cannabis concentrate products, including droppers, shatter and wax concentrate products, and gelatin based capsules (the “Licensed Products”) in the Commonwealth of Massachusetts.
Live Labs is a brand created by the founders of CannAmerica, wholly owned by the Company, and is being introduced in the Northeastern United States recreational cannabis marketplace. The term of the LOI has been extended to September 15, 2019.
“Canna Provisions is extremely excited that we are working towards a definitive agreement with CannAmerica Brands with the beneficial goal of distributing their products in Massachusetts” said Erik Williams, COO of Canna Provisions Inc. “Canna Provisions opened our first dispensary in Lee, Massachusetts last month and our plan is to open a second and third dispensary in the state by year-end. We are also actively in the process of building a cultivation and manufacturing facility to help streamline our operation and bring CannAmerica products to Massachusetts consumers. To date, demand for gummies at our dispensary in Lee has been exceptionally strong, and we are confident that our partnership with CannAmerica will be a huge success and only add output performance.”
Subject to Board approval from the Company and completion of satisfactory due diligence, the parties intend to enter into a Definitive Agreement on or before September 15, 2019.
For more information, please visitwww.cannamericabrands.com.
On Behalf of the Board,
CEO and Director
Grasslands: A Journalism-Minded Agency
About CannAmerica Brands Corp.
CannAmerica Brands is a U.S. marine veteran founded and operated portfolio of cannabis brands with licensing agreements in the states of Colorado, Nevada and Maryland. The Company aims to maximize the value of its brands by employing strong brand management teams, marketing and licensing the brands through various distribution channels, including dispensaries, wholesalers and distributors, in the United States and internationally. The Company’s core strategy is to enhance and monetize the global reach of its existing brands, and to pursue additional strategic acquisitions to grow the scope and diversity of its brand portfolio. For more information, please visit www.cannamericabrands.com.
About Canna Provisions Inc.
Canna Provisions is the next generation of cannabis dispensary focusing on a unique and thoughtful customer experience. We are here to guide you and towards the right provisions to fit your lifestyle and provide knowledgeable support every step of the way. Founded by established industry pioneers with extensive cultivation, regulation and consumer sales experience, Canna Provisions stores provide a broad range of top-grade craft cannabis products that are locally sourced and thoughtfully produced. Life is a journey. No matter the path, trust Canna Provisions to better your journey. To learn more, visit CannaProvisionsGroup.com. Join us on Facebook, Instagram and Twitter.