Fortium’s cannabis subsidiary Elysian acquires two commercial licenses in California
FAYETTEVILLE, Ark.–(BUSINESS WIRE)–Fortium Holdings Corp (“Fortium” or the “Company”) (OTC: FRTM), today announced that its wholly-owned cannabis subsidiary, Elysian Premium Corp. (“Elysian”), has entered into an agreement to acquire 80% of the issued and outstanding capital stock of Treehouse Company Inc. (“Treehouse”) for $200,000. In connection with the agreement the Company and Elysian entered into a memorandum of understanding which contemplates Elysian’s purchase of the remaining 20% of Treehouse capital stock for an additional $200,000 following the required regulatory approval. Specific terms of these agreements, which remains subject to compliance with applicable state and local laws and regulations, will be provided at a future date. Treehouse’s key assets include two licenses for commercial cannabis dispensaries in the State of California, license numbers C11-0000999 and C9-0000379. The agreements have been drafted and the transactions have been structured to comply with the California Department of Cannabis Control (“DCC”) license transfer rules and regulations. Elysian is performing a market analysis to identify optimal locations to go-to-market with each license.
“Today’s announcement marks a critical step in executing on our seed-to-store strategy and plan to establish Elysian as a best-in-market luxury cannabis brand,” stated Richard Horgan, Chief Executive Officer of Fortium. “Our team remains active in pursuing additional near-term opportunities to develop and implement vertically integrated operations of Elysian, while accelerating and expanding our growth objectives.”
About Fortium Holdings Corp
Founded in 2021, Fortium is a diversified holding company. The company has two wholly-owned subsidiaries: Elysian Premium Corp. (“Elysian”) and Norr LLC (“Norr”). Elysian’s strategy is to establish a premium luxury cannabis brand with the intention of running a fully vertically integrated model from seed-to-store as a multi-state operator. Norr is a direct-to-consumer focused action sports company that will provide quality core level equipment through platforms like Amazon. Norr’s goal is to break the barrier of entry to action sports for the general consumer market.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our operations through our newly formed subsidiary Elysian, the terms of our acquisition of two cannabis licenses in the Treehouse transaction, the subsequent use and locations of the licenses, our business plan to establish vertically integrated cannabis operations following the acquisition, and the quality of our brand and future offerings. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “intention,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include regulatory challenges including state and local laws and regulations, potential delays or denial by the DCC or local authorities in processing the transfer of the Treehouse licenses, the intense competitive forces we will face in the cannabis industry, the possibility that we are unable to acquire or commercialize assets or businesses management identifies as viable on favorable terms or at all, and the potential for friction which may arise between us and third parties. Other risks are included in our filings with the SEC, including the Form 10-K for the fiscal year ended December 31, 2020. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by law.