Heritage Cannabis Holdings Corp. Reports Issuance of Shares

Rhea-AI Summary

Heritage Cannabis Holdings Corp. (CSE: CANN, OTCQX: HERTF) has issued 7,253,985 common shares at $0.03 per share as part of its Bonus Program for employees, rewarding them for their performance in the 2022 fiscal year. This move complies with the Canadian Securities Exchange's minimum price rule and aims to preserve the company's cash while incentivizing staff. CEO David Schwede noted that the company experienced significant growth despite challenging market conditions and emphasized the importance of rewarding employee contributions.

Positive

• Issued 7,253,985 shares as part of employee bonus program, showing commitment to staff.
• Share issuance preserves cash position for future growth initiatives.

Negative

• None.

TORONTO--(BUSINESS WIRE)-- Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Company”), today announces that the Company has issued common shares in the capital of Heritage (the “Shares”) to certain employees of the Company as consideration for annual bonuses and sales commissions in respect of their performances in the 2022 fiscal year (the “Bonus Program”). The Company sought and was granted relief to the Canadian Securities Exchange’s minimum price rule, and issued 7,253,985 Shares at a price of $0.03 per Share in connection with the Bonus Program.

“We had an incredible year continuing to build the business in very challenging market conditions and providing bonuses through a share issuance both rewards our employees who have worked tirelessly to achieve this success, and preserves our cash position to continue the growth of more exciting things to come for Heritage,” stated David Schwede, CEO of Heritage.

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 does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”.

By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements.

An investment in securities of the Company is speculative and subject to several risks including, without limitation, the risks discussed under the heading “Risks and Uncertainties” in the Company’s annual management discussion and analysis for the year ended October 31, 2021 and dated May 10, 2022. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

In connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230116005560/en/

For more information contact:

Kelly Castledine

Tel: 647-660-2560

kcastledine@heritagecann.com

Source: Heritage Cannabis Holdings Corp.

FAQ

What is the stock symbol for Heritage Cannabis Holdings Corp?

The stock symbol for Heritage Cannabis Holdings Corp is HERTF.

How many shares did Heritage Cannabis issue for the Bonus Program?

Heritage Cannabis issued 7,253,985 shares for the Bonus Program.

What was the price at which Heritage Cannabis shares were issued?

The shares were issued at a price of $0.03 each.

What is the purpose of the share issuance by Heritage Cannabis?

The share issuance is part of a Bonus Program rewarding employees for their performance in the 2022 fiscal year.

Why did Heritage Cannabis apply for relief from the minimum price rule?

Heritage Cannabis sought relief to comply with the minimum price rule of the Canadian Securities Exchange while issuing shares.