VANCOUVER, British Columbia, Dec. 14, 2017 (GLOBE NEWSWIRE) -- Wildflower Marijuana Inc. (CSE:SUN) (the “Company”) through its recently acquired, King Brand, has received its initial purchase order for approximately CAN$600,000.
Wildflower closed on the purchase of King Extracts in August 2017, acquiring the King Brand, its trademarks and all proprietary formulations. King has been operating in California since 2016 and has established distribution channels. The King purchase gives Wildflower a platform to launch its products in the State of California through King’s existing distribution channels.
In addition, Wildflower signed a Partnership Term Sheet with one of the largest distributors in California with access to over 600 retail cannabis stores. Pursuant to the Partnership, Wildflower received this initial purchase order. The order is intended to supply 50 of their high volume clients as the Company takes a staged approached to product roll-out in order to ensure quality and deliverables.
Wildflower CEO William McLean stated, “With the beginning of a recreational cannabis market in California next month, we believe Wildflower is well-positioned to drive further revenue growth. With our very first PO being in excess of half a million dollars and supplying just 50 of the 600 retail outlets of just one distributor, future potential for Wildflower and King revenues in this market are significant. It is gratifying to receive the first of what we expect to be many such purchase orders. This represents a significant milestone for Wildflower.”
THE CALIFORNIA CANNABIS INDUSTRY
29 states have legalized medical cannabis use and 8 states have legalized recreational use. California will be the latest state to legalize recreational use and sales are expected to be over $6 billion within the first year. This would represent the largest market for cannabis in the world.
Wildflower is a cannabis company focused on developing and designing branded cannabis products. Wildflower sells its CBD+ products online and to retailers throughout the US and also produces and markets its THC products in regulated cannabis jurisdictions.
On Behalf of the Board of Directors
Director and CEO
THIS NEWS RELEASE, PROVIDED PURSUANT TO APPLICABLE CANADIAN REQUIREMENTS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION OR APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS.
Cautionary and Forward-Looking Statements
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. Forward‐looking statements and information are often, but not always, identified by the use of words such as "appear", "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the marijuana industry in general such as operational risks in growing; competition; incorrect assessment of the value and potential benefits of various transactions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and government regulations. Accordingly, readers should not place undue reliance on the forward‐looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Canadian Securities Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
The Canadian Securities Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release.