Heritage Cannabis Begins Operations in the U.S. Cannabis Market Through Relationship with 3Fifteen Cannabis

Rhea-AI Summary

Heritage Cannabis Holdings Corp. (CSE: CANN; OTCQX: HERTF) announced the launch of operations in Missouri in collaboration with 3Fifteen Primo Cannabis. The company has commenced production on vape products, concentrates, and pre-rolls.

Missouri's medical cannabis market was valued at US$290 million in 2021, with a projected CAGR of 23% from 2022 to 2030. Heritage aims to expand further into West Virginia later this year, leveraging expertise and retail partnerships.

Positive

• Commencing operations in Missouri with established partner 3Fifteen.
• Initial production of vape products, concentrates, and pre-rolls underway.
• Missouri's medical cannabis market valued at US$290 million in 2021 with strong growth potential.

Negative

• None.

Heritage providing extraction expertise to 3Fifteen and launching Heritage branded products in Missouri

TORONTO--(BUSINESS WIRE)-- Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Company”), is thrilled to announce that it is commencing operations in the state of Missouri after Como Health LLC, doing business as 3Fifteen Primo Cannabis (“3Fifteen”), recently received an Approval to Operate from the Missouri Section for Medical Marijuana Regulation. Initial production on vape products, concentrates, and pre-rolls has already commenced in the State.

Heritage has been working alongside 3Fifteen, a rapidly growing cannabis company with five dispensaries in operation, to supply production equipment as well as training staff on the proprietary methods of extraction and oil production developed by Heritage. 3Fifteen is contributing the use of the license to the relationship allowing Heritage to produce branded products to be offered to medical cannabis consumers in Missouri and has granted shelf minimums for Heritage’s branded products in 3Fifteen’s Missouri dispensaries.

Missouri saw its first legalized medical sales in October 2020 and the market was valued at US$290 million in 2021 and is expected to expand at a CAGR of 23% from 2022 to 2030¹. Recently, on August 9, 2022, Missouri’s secretary of state confirmed that constituents of the state will vote on the approval of the legalization of adult-use cannabis in November, a move that is expected to significantly expand the market once passed.

“This is an ideal time to be introducing Heritage’s branded products to the state of Missouri through our relationship with 3Fifteen. With strong market growth projected in Missouri, and the potential for the legalization of recreational use in the state by years end, Heritage is well positioned to capture a piece of this early market,” said David Schwede, CEO of Heritage. “Our US strategy is launching in Missouri and expanding to West Virginia through a similar relationship this fall. With our extraction expertise and inspired branding capabilities, coupled with partners that have strong retail market penetration Heritage is getting a jump on establishing itself as a leader in these growing markets.”

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,Thrifty, 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.

¹ Grandview Research

View source version on businesswire.com: https://www.businesswire.com/news/home/20221003005376/en/

For more information contact:

Kelly Castledine

Tel: 647-660-2560

Source: Heritage Cannabis Holdings Corp.

FAQ

What is the significance of Heritage's operations in Missouri?

Heritage's operations in Missouri mark the beginning of its expansion into a state with a growing cannabis market, which was valued at US$290 million in 2021.

What products is Heritage producing in Missouri?

Heritage is producing vape products, concentrates, and pre-rolls in Missouri.

What is the expected growth rate of Missouri's cannabis market?

Missouri's cannabis market is expected to expand at a CAGR of 23% from 2022 to 2030.

How does Heritage plan to expand its operations?

Heritage plans to expand into West Virginia later this year through similar partnerships, leveraging its extraction expertise.