"During this past year, and following the reverse take over transaction in
Some key milestones for the Velada and Nordique Royale hash products:
- In
June 2021 , the Company obtained the required licenses and authorization to commence the sales of its cannabis products. - In
October 2021 , the Company entered into an agreement with theOntario Cannabis Store ("OCS") for the purchase of Velada cannabis teas, with delivery to start in early 2022. Based on present sales of similar products, the OCS has placed a replenishment order to ensure it receives an adequate supply of Velada products. - In
November 2021 the Company entered into an agreement with the Quebec Government to sell its Nordique Royale and Velada cannabis products. Sales of its hash brand began onDecember 24 .Quebec and have already reached$297,000 . Weedcrawler.ca which tracks real time cannabis product sales has ranked Nordique Royale's Afghan Gold hash #9 in all hash sales within only two weeks of launching, and it is now at #6. Reddit online reviews of the product also confirm that customers enjoy Nordique Royale products and are becoming loyal to the brand.
Some key milestones for the Teonan products:
- The mushroom based functional beverage line under the Teonan brand, is now available in seven flavours. It can still be purchased directly through the Company's online stores, but in addition, it is now available in
the United States (US) following an agreement with an established major distributor,Kehe Distributors LLC ("Kehe"), (www.kehe.com). Kehe operates 16 distribution centers acrossthe United States and fulfils orders from a variety of food-related retailers of all sizes. This will provide the Company with access to a large number of key retail accounts inthe United States . - In addition, in
September 2021 the Company entered into an agreement withFDM Management, LLC (www.fdmsales.com), giving it direct access to FDM Management's entire sales force, to leverage and activate its existing retail client relationships throughoutthe United States . - During the year, the Company strengthened its sales force with the hiring of a US sales manager,
Rob Leichman , who brings over 20 years of direct industry experience and a variety of key retail account relationships and, anEastern Canada sales manager,Shalom Thompson , who brings over 10 years of Canadian food sales experience and a variety of existing relationships with key retailers inEastern Canada .
About the Company
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Cautionary Note Regarding Forward-Looking Information
This press release contains statements that constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Corporation with respect to future business activities and sales, including the anticipated orders to be placed for its products. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect the Corporation'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 the Corporation believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected are the following: market acceptance of the Company's hash and other cannabis products, changes in the vendor's business or strategy, changes in our supplier's operations and pricing, expectations regarding competition and their pricing strategy; maintaining in good standing all necessary regulatory licenses and authorizations for its products; the benefits, safety, and social acceptance of cannabis related products and no material changes in the legal environment; changes in applicable laws and regulations compliance with extensive government regulation; operational risks related to and COVID-19 or other pandemic and supply chain disruptions and shortages. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company 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 and such changes could be material. The Company does not intend, and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.
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