Harvest Health & Recreation Inc. Acquires CBx Enterprises
DENVER & PHOENIX--(BUSINESS WIRE)--Nov 15, 2018--Harvest Health & Recreation Inc. (CSE:HARV), a vertically integrated cannabis company with one of the largest footprints in the United States, announced the acquisition of CBx Enterprises (“CBx”), whose technology is utilized by Evolab, CBx Sciences and CBx Essentials.
Harvest Health & Recreation Inc. (“Harvest”) now holds exclusive national rights to CBx’s intellectual property, including all technology, methodologies, trademarks and formulations.
“CBx has established itself as the dominant leader in cannabis product development, research and innovation, and our partnership is a game-changer for expansion,” said Harvest Chairman Jason Vedadi. “Working with the CBx team will allow us to radically slash the lengthy and costly product development cycles in each new market that we enter and can now immediately offer some of the most trusted products in the cannabis industry. Bringing CBx’s team and products to Harvest’s robust and aggressive portfolio of retail operations combines two of the most effective names in cannabis.”
CBx’s CO2 extraction, distillation, purification and manufacturing solutions – which brands such as Evolab utilize – are unrivaled in the cannabis industry and will be the cornerstone of all Harvest production facilities. The company has an in-house analytical and product development laboratory headed by Noel Palmer, Ph.D., which has helped create top industry-first products, including the first CBG and Delta-8-THC offerings in Colorado.
“Harvest has created a vast infrastructure already reaching nearly every major medical and adult-use cannabis market in the U.S.,” said Nicole Smith, CEO, CBx Enterprises. “This arrangement will allow us to ensure that patients and consumers across the country have access to premium, consistent products based on our years of experience and award-winning technologies.”
CBx’s technology is used in Evolab’s product lines including Chroma™, Alchemy™, Colors and FreshTerps™, which established reputations as some of the most innovative cannabis products in the legal market and have been recognized in many cannabis industry award programs such as the Cannabis Business Awards, High Times Cannabis Cup, Hemp Connoisseur Championship and others.
CBx Sciences has introduced a unique line of therapeutic cannabis topicals, vapes and Gems featuring rare cannabinoids such as CBG and CBN paired with complementary botanical ingredients. CBx also recently announced a hemp-derived product line, CBx Essentials, available for distribution nationwide.
CBx Sciences and Evolab products will be available at Harvest locations beginning later this year and are currently available at hundreds of medical and adult-use locations across Colorado.
About Harvest Health & Recreation Inc.
Harvest Health & Recreation Inc. (CSE:HARV) is a vertically integrated cannabis company with permits and licenses in 10 U.S. states (including local approvals in Massachusetts). Harvest’s industry-leading cultivation, manufacturing, retail facilities, construction, real estate and technologies are backed by experienced, in-house finance, compliance, operations, real estate, human resources, marketing and legal teams, who have a proven and trusted track record in the cannabis industry. Harvest’s 250+ employees and established best practices are leveraged daily to consistently drive innovation and growth. Harvest continues to broaden its operations in the most productive and strategic markets while servicing patients, consumers and the cannabis industry at large. A recognized leader in the cannabis industry, Harvest holds itself to what it believes to be the most stringent health, safety and quality standards in the industry when it comes to the growth, production and sale of cannabis medicines and products for consumers Since Harvest was founded in 2011, the company has donated more than $500,000 to veterans, seniors, children, patients-in-need and other charitable recipients. For more information, visit: https://www.harvestinc.com/.
About CBx Enterprises:
CBx Enterprises is an international botanical technology company. Founded by a team of seasoned experts, the company is dedicated to advancing the global cannabis industry by offering in-demand services and creating effective products, formulations and technology platforms. CBx holds distribution, licensing and intellectual property agreements with a number of leading cannabis and healthcare brands. Learn more at CBxSciences.com.
This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Harvest with respect to future business activities. Forward-looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” or similar expressions and include information regarding: (i) expectations regarding the size of the U.S. cannabis market, (ii) the ability of the Company to successfully achieve its business objectives, (iii) plans for expansion of Harvest, and (iv) expectations for other economic, business, and/or competitive factors.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflects Harvest management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Harvest believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the potential impact of an announcement of a going public transaction on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of cannabis; decreases in the prevailing prices for cannabis and cannabis products in the markets that the Company operates in; adverse changes in applicable laws; or adverse changes in the application or enforcement of current laws, including those related to taxation; the inability to locate and acquire suitable companies, properties and assets necessary to execute on the Company’s business plans; and increasing costs of compliance with extensive government regulation. This forward-looking information may be affected by risks and uncertainties in the business of Harvest and market conditions.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Harvest has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Harvest does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181115005773/en/
CONTACT: Media Inquiries:
Alex Howe for Harvest Health & Recreation Inc.
email@example.comGraham Sorkin for CBx Enterprises
KEYWORD: UNITED STATES NORTH AMERICA CANADA ARIZONA COLORADO
INDUSTRY KEYWORD: HEALTH ALTERNATIVE MEDICINE RETAIL SPECIALTY TOBACCO
SOURCE: Harvest Health & Recreation Inc.
Copyright Business Wire 2018.
PUB: 11/15/2018 12:31 PM/DISC: 11/15/2018 12:31 PM