North Bud Farms Launches its NORTHBUD Branded Products in Nevada, USA
North Bud Farms Inc. (CNSX:NBUD.CN) (OTCQB:NOBDF) ("NORTHBUD" or the "Company") is pleased to announce the launch of its NORTHBUD branded products into select retailers in Nevada, USA. The products are manufactured through NORTHBUD's ownership and operating agreement with Nevada Botanical Sciences, Inc. ("NBS"), who is licensed for cultivation, manufacturing and distribution.
NORTHBUD Nevada Launch Strategy Update
Prior to its asset purchase transaction with NORTHBUD, previously announced on November 19, 2019, NBS had been exclusively servicing white label customers. Over the past 3.5 months, NBS and NORTHBUD have transitioned the Nevada operations to focus on NORTHBUD branded flower products, culminating with the recent launch of NORTHBUD Black 9 Lbs Hammer (Jinxproof phenotype) in 1 gram, 3.5 gram and 7 gram formats to select retailers in Reno, Nevada.
Over the coming weeks, the Company intends to expand distribution to multiple retailers in Northern Nevada and Las Vegas. NORTHBUD products will be available in both dried flower and pre-roll formats under the NORTHBUD White, Black and Platinum brands.
With over 45 million visitors a year from all over the world, Nevada is a key market for building an internationally recognized brand, and the Company believes that it is the ideal market for the launch of its NORTHBUD products. The Nevada market is considered one of the largest and most profitable in North America with recreational sales of USD$580 million in the first full year of legalization (2017 Nevada Dept. of Taxation).
"The NORTHBUD and Bonfire Brands USA team are extremely proud to have launched our own branded products, making the state of Nevada our strategic entry point into the U.S. legal cannabis market," said Sean Homuth, CEO of NORTHBUD. "We believe the NORTHBUD brand will offer a unique variety of products curated for experienced consumers who demand appropriately priced, high-quality cannabis flower."
About North Bud Farms Inc.
NORTHBUD, through its U.S. subsidiary Bonfire Brands USA, has acquired cannabis production facilities in California and Nevada. The Salinas, California 11-acre farm is actively cultivating cannabis in its 60,000 sq. ft. of licensed greenhouse production space, and also has active distribution and processing licenses. The Reno, Nevada property contains a world-class cannabis production, research and development facility with 5,000 sq. ft. of indoor cultivation, and holds medical and adult-use licenses for cultivation, extraction and distribution. Through its wholly-owned Canadian subsidiary, GrowPros MMP Inc., the Company is pursuing a license under The Cannabis Act, to cultivate in its state-of-the-art purpose-built cannabis production facility located on 135 acres of agricultural land in Low, Quebec, Canada.
For more information visit: www.northbud.com
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Certain statements and information included in this press release that, to the extent they are not historical fact, constitute forward-looking information or statements (collectively, "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements, include but are not limited to those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management.
Forward-looking statements, including but not limited to, those regarding the Company's Nevada strategy, the success of the Company's licence application with Health Canada, the Company's ability to execute its strategic plan, conditions in the cannabis market, the Company entering agreements in connection with the B2B supply of cannabis and the Company's transition into a revenue-generating operational phase of development are based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risk factors included in the Company's final long form prospectus dated August 21, 2018, which is available under the Company's SEDAR profile at www.sedar.com. Accordingly, readers should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company's management to predict all of such factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking statements to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws. This news release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
North Bud Farms Inc.
VP, IR & Communications
Office: (855) 628-3420 ext. 3