By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Cannabis NewsCannabis News
  • Cannabis
  • CBD
  • Science
  • Culture & Arts
  • Cannabis Press Releases
  • More
    • About Maryjanes Post
    • Cannabis Advertising
    • Cannabis Partnerships
Reading: Heritage Cannabis Announces Twenty New Product Listings for the Ontario Cannabis Market
Share
Aa
Aa
Cannabis NewsCannabis News
Search
  • Topics
    • Business
    • Cannabis
    • Cannabis Tech
    • Culture & Arts
    • Industry Leaders
    • Cannabis Press Releases
  • Topics
    • Business
    • Cannabis
    • Cannabis Tech
    • Culture & Arts
    • Industry Leaders
    • Cannabis Press Releases
  • About Maryjanes Post
    • Ambassador
    • Cannabis Partnerships
Follow US
  • Ad Choices
  • RSS Terms of Service
© 2018 - 2022 MaryJanes Post Media. All Rights Reserved.
Cannabis News > Cannabis Press Releases > Heritage Cannabis Announces Twenty New Product Listings for the Ontario Cannabis Market
Cannabis Press Releases

Heritage Cannabis Announces Twenty New Product Listings for the Ontario Cannabis Market

Business Wire
Last updated: 2022/06/17 at 4:04 PM
Business Wire Published June 17, 2022
Share
SHARE
TORONTO–(BUSINESS WIRE)–$cann #cann—Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Company”), today announced the upcoming launch of twenty new products that will be available in the Ontario cannabis market through the Ontario Cannabis Store (“OCS”) and retailers in the province. New products include flower, pre-roll, vape, edible and concentrates products.

Logo Cannabis Media & PR

Under a recent call for new products, Heritage submitted products from their diverse portfolio for consideration by the OCS, twenty of which have received notice to purchase (NTP) from the OCS, an outstanding result for the Heritage product team. Heritage expects the new products to be available in Ontario in fall of this year.

“Our product innovation team continues to hit it out of the park, creating exceptional products that have ‘forever SKU’ potential,” said David Schwede, CEO of Heritage. “We are consistently delivering disruptors to the market and have a strong pipeline of new SKU development under way.”

Additionally, Heritage announces that on the advice of the Company’s compensation committee, the decision has been made to award certain executive employees and consultants (the “Parties”) a total of $391,000 based on the performance of those individuals in 2021, and the Company’s revenue in the most recent fiscal quarter.

The Parties have elected to receive common shares in the capital of the Company in lieu of cash as consideration for their bonuses pursuant to the terms of certain debt conversion and exchange agreements (collectively, the “Debt Settlement Agreements”). As such, the Parties have collectively agreed to convert the $391,000 owed to them into common shares in the capital of the Company (the “Settlement Shares”).

Pursuant to the terms of the Debt Settlement Agreements, the Company has issued 7,109,090 Settlement Shares to the Parties at a price of $0.055 per Settlement Share, calculated based on the 5-day volume-weighted average price of the Company’s common shares for the period immediately prior to the execution of the Debt Settlement Agreements. The Settlement Shares were issued in reliance on certain prospectus exemptions available under National Instrument 45-106 – Prospectus Exemptions, and are subject to a four month and one day statutory hold period.

As 3,745,454 of the Settlement Shares were issued to officers, directors and insiders of the Company, the issuance of the Settlement Shares (the “Debt Settlement”) constituted a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on exemptions from the formal valuation and minority approval requirements of MI 61-101 (pursuant to subsections 5.5(a) and 5.7(a)) as the fair market value of the securities distributed to, and the consideration received from, the related party did not exceed 25% of the Company’s market capitalization. The Debt Settlement was approved by the Company’s board of directors. No special committee was established in connection with the Debt Settlement or the participation of the applicable officers and directors in the Debt Settlement, and no materially contrary view or abstention was expressed or made by any director of the Company in relation thereto.

About Heritage Cannabis Holdings Corp.

Heritage Cannabis is a leading cannabis company offering innovative products to both the medical and recreational legal cannabis markets in Canada and the U.S., operating under two licensed manufacturing facilities in Canada. The company has an extensive portfolio of high-quality cannabis products under the brands Purefarma, Pura Vida, RAD, Premium 5, feelgood., the CB4 suite of medical products in Canada and ArthroCBD in the U.S.

ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.

“David Schwede”

David Schwede

CEO

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.

Contacts

Kelly Castledine

Tel: 647-660-2560

You Might Also Like

 Flower One Obtains Meeting Order Under the Companies’ Creditors Arrangement Act (Canada)

United States Alternative Adult Beverages Market Report 2022: The Burgeoning Adult Beverage Segment Expanding the Adult Beverage Horizon – ResearchAndMarkets.com

Global Cannabidiol Market Report 2022: Growing Acceptance and Use of Products Due to Government Approvals Drives Sector – ResearchAndMarkets.com

Organigram Launches HOLY MOUNTAIN to Further Support Its Strong Position in the Dried Flower and Hash Categories

Leafly to Participate at Upcoming Investor Conferences

TAGGED: Business Wire
Business Wire June 17, 2022
Share this Article
Twitter Reddit Email Copy Link
Previous Article Flower One Launches Veteran Created and Inspired Brand, Kuno
Next Article Nextech AR Signs Multiple New 3D/AR Deals as $5.5 Trillion E-Commerce Industry Accelerates Shift to Web 3.0

Cannabis News and More

Work with an experienced cannabis media firm to provide your brand with the exposure it needs.

Cannabis Topics

  • Cannabis
  • Business
  • CBD
  • Cannabis Science
  • Culture & Arts

Company

  • About Maryjanes Post
  • Contact Cannabis Media
  • Contributor Guidelines

Terms of Use

  • TERMS
  • PRIVACY
  • CONTRIBUTOR AGREEMENT
  • DMCA

Resources

  • Write For UsNew
  • Media KitNew
  • Cannabis Advertising
  • Cannabis Partnerships
  • Cannabis Press ReleaseNew
Cannabis NewsCannabis News
Follow US

© 2018 - 2022 MaryJanes Post Media. All Rights Reserved.

  • Ad Choices
  • RSS Terms of Service
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?