Heritage Cannabis Ships First Products to West Virginia Dispensaries

Rhea-AI Summary

Heritage Cannabis Holdings Corp. has launched its first product shipment in the U.S., specifically to dispensaries in West Virginia. This marks a significant milestone for the company, with initial products including RAD distillate vapes. Collaboration with Harvest Care Medical has facilitated this expansion, as they hold processing and cultivation licenses. Heritage aims to leverage this opportunity for high gross margin revenue, especially in light of potential U.S. cannabis decriminalization. The company is actively working on developing more products for the U.S. market.

Positive

• First U.S. product shipment completed, marking significant market entry.
• High gross margin revenue stream anticipated from U.S. operations.
• Strong partnership with Harvest Care Medical to enhance production capabilities.

Negative

• None.

Heritage’s first sales in the U.S. begin in West Virginia, with full revenue ramp-up expected in 2023

TORONTO--(BUSINESS WIRE)-- Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Company”), is pleased to announce that it has completed its first production run in the United States and has shipped products to dispensaries in the State of West Virginia, which are now available for purchase. First products to ship include RAD distillate vapes, with RAD live resin and live rosin now in production and shipping within the coming weeks.

Heritage commenced operations in the state of West Virginia through a relationship with Harvest Care Medical, LLC (“Harvest Care”), after Harvest Care recently received its processing license from the West Virginia Office of Medical Cannabis.

This milestone marks Heritage’s first U.S. product shipment, and with further expansion into additional states in our U.S. strategic plan, we are poised to capture market share with our established brands and formulations.

“We are more than excited to have shipped our first U.S. products in West Virginia. This is an ideal time to be building our reputation in the U.S. with our outstanding products, and in advance of the potential decriminalization of cannabis in the U.S. that was recently signalled by President Biden,” said David Schwede, CEO of Heritage. “Our first U.S. shipment is a meaningful milestone for Heritage and adds a high gross margin revenue stream to the business that is unseen in Canada. We are diligently working on launching new products and brands for the U.S. market to add additional high gross margin revenue into the fold.”

Heritage has been working with Harvest Care, a leading grower, processor, and provider of top-quality medical cannabis products in the state of West Virginia, with ten dispensary licenses of which two are currently in operation. Harvest Care was granted one of ten cultivation licenses last year and is contributing that and the processing license to the relationship, allowing Heritage to produce branded products to be offered to medical cannabis consumers in West Virginia.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221102005603/en/

For more information contact:

Kelly Castledine

Tel: 647-660-2560

Source: Heritage Cannabis Holdings Corp.

FAQ

What is the significance of Heritage's first product shipment in the U.S.?

Heritage's first shipment signifies its successful entry into the U.S. market, allowing the company to generate high gross margin revenue.

When did Heritage Cannabis Holdings Corp. begin sales in the U.S.?

Heritage Cannabis Holdings Corp. began sales in the U.S. with the shipment to West Virginia dispensaries in 2023.

What products has Heritage shipped to West Virginia?

Heritage's initial products shipped to West Virginia include RAD distillate vapes, with more products like RAD live resin and live rosin upcoming.

Who is Heritage Cannabis Holdings Corp. partnering with in West Virginia?

Heritage is partnering with Harvest Care Medical, which holds processing and cultivation licenses in West Virginia.

What are the future plans for Heritage Cannabis in the U.S. market?

Heritage plans to expand into more U.S. states and develop additional products to capture market share.