Heritage Cannabis Announces Twenty New Product Listings for the Ontario Cannabis Market
Heritage Cannabis Holdings Corp. (CSE: CANN, OTCQX: HERTF) announced the launch of twenty new cannabis products in Ontario, expected to hit the market this fall through the Ontario Cannabis Store. These products, which include flower, pre-rolls, vapes, edibles, and concentrates, received Notice to Purchase from OCS, highlighting the company's effective product pipeline. Additionally, the company has settled $391,000 in bonuses for executives by issuing 7,109,090 common shares instead of cash, based on the recent fiscal quarter's performance.
- Launch of twenty new cannabis products in Ontario market.
- Received Notice to Purchase from OCS for all submitted products.
- Strong product pipeline indicating continuous innovation.
- Settling bonuses in shares may dilute existing shareholders.
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
“Our product innovation team continues to hit it out of the park, creating exceptional products that have ‘forever SKU’ potential,” said
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
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
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
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
About
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.
“David Schwede”
CEO
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.
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