VANCOUVER, British Columbia--(BUSINESS WIRE)--Sproutly Canada, Inc. (CSE: SPR) (OTCQB: SRUTF) (FSE: 38G) (“Sproutly" or the “Company”) announced today the addition of a supply agreement with British Columbia Liquor Distribution Branch, the Company’s 5th provincial supply agreement to date, as well as changes to its Board of Directors.
Supply Agreement
The Company’s wholly-owned subsidiary, Toronto Herbal Remedies (“THR”), has entered into a cannabis supply agreement with the province of British Columbia (the “Supply Agreement”) through the British Columbia Liquor Distribution Branch, and completed an initial sale into the province. British Columbia is the 5th province in Canada to carry Sproutly’s CALIBER branded indoor-grown dried flower products ("CALIBER"), following Saskatchewan and Manitoba earlier this year.
“We are pleased to announce the addition of British Columbia as our newest partner to carry our CALIBER branded products,” said Dr. Sen, CEO & Director of Sproutly. “Consistent with our plans, our small-batch dried flower is only the beginning of our CALIBER brand portfolio. We are looking to leverage innovative developments as we focus on commercialization of our proprietary APP Technology via the production and sale of specialized ingredients and Cannabis 2.0 products formulated with these ingredients.”
APP Technology is a proprietary technology that produces all natural whole-plant BioNatural Oils (BNO) and water soluble Infuz2O.
Board of Directors
Gregg Orr resigned from the Board of Directors and was replaced by the appointment of Sproutly’s CFO, Craig Loverock, as a Director, effective June 30, 2020. In addition, the Company has appointed Paul Marcellino to the Board of Directors, effective July 6, 2020 subject to regulatory approval.
With a degree in chemistry and as prior CEO of an international nutraceutical company, Mr. Marcellino brings both the experience and vision to develop and implement business development and provide oversight. Mr. Marcellino has been intricately involved in the development and commercialization of the APP technology.
“On behalf of our board of directors, I want to thank Gregg for his valuable service and contributions and wish him well in future endeavors,” stated Dr. Arup Sen, CEO & Director of Sproutly. “We are happy to have Paul and Craig joining the Board, as this furthers the reorganization as another step in the execution of the Business Transformation plan.”
About Sproutly Canada, Inc.
Sproutly’s core objective is to become the leading supplier of unique ingredients and customized formulations to the cannabis beverage and edibles market. Our water-soluble Infuz2O and BioNatural Oils will deliver revolutionary brands to international markets that are striving to produce differentiated consumer products. Sproutly’s business focus is to execute on partnerships with local and globally established consumer brands to leverage their existing customer bases, further expand brand loyalty, assist with marketing, and support distribution networks to deliver this scientific breakthrough with speed and efficiency worldwide.
For more information on Sproutly, please visit: www.sproutly.ca.
Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or future performance and reflect the expectations or believes regarding future events of management of Sproutly. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, timing relating to the Company's ability to launch and supply its CALIBER branded products in British Columbia; and the Company's development and launch of its Cannabis 2.0 products.
These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These assumptions, risks and uncertainties include, among other things, the Company’s inability to launch or supply its CALIBER branded products in British Columbia; the Company's inability to develop and launch its Cannabis 2.0 products; potential negative consumer, investor or public perception of the Company’s ‘CALIBER’ branded products in British Columbia; changes in consumer preferences and product trends; and political, legal and regulatory uncertainty relating to cannabis products generally. In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will launch its CALIBER branded products in British Columbia; that the Company’s ‘CALIBER’ branded products will be positively received by consumers in British Columbia; and that the Company will continue to develop and launch its Cannabis 2.0 products. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
