Experion Partners with Leading Hemp Supplier to Secure Access to Hemp-based CBD
Tuesday, September 17, 2019 8:30 AM
VANCOUVER, BC / ACCESSWIRE / September 17, 2019 / Experion Holdings Ltd. (TSXV: EXP) (OTCQB: EXPFF) (FRANKFURT: MB31), formerly Viridium Pacific Group Ltd today announced that Experion Holdings Ltd. (“Experion” or “the Company’’), entered into a non-binding term sheet (the ‘’Term Sheet’’) with True North Cannabis Corp. (‘’True North’’), a Canadian hemp harvest service provider with a core focus on facilitating the supply of bulk, extract-ready, pre-concentrated, tested high potency hemp-based CBD. The Term Sheet contemplates guaranteed access to top quality CBD Biomass that is explicitly processed and manufactured ready for extracting high quality CBD oils for value-added products. Experion will also make an equity investment in True North.
Mr. Jay Garnett, Chief Executive Officer, commented, “We are excited to partner with an emerging leader in hemp aggregation in the CBD extraction space. Partnering with True North provides Experion with access to low-cost, high-quality, extract-ready hemp material for processing. We believe that Experion will be able to leverage hemp-derived CBD products as a critical entrant into the emerging US and International markets as hemp-derived CBD products become more widely accepted.
The Term Sheet contemplates that Experion will receive a right of first refusal on True North’s premium hemp-based CBD Biomass. To start, Experion will have access to 6,000 kilograms of high-potency hemp-based CBD Biomass for the 2019 harvest season and at least 6,000 kilograms for every year going forward. The terms of a supply agreement, if executed by Experion and True North, may differ from those outlined in this press release.
Mr. Jay Garnett further commented, “As the cannabis industry continues to evolve, consumers will look to different forms of cannabis, a trend we are already witnessing, and we believe CBD from Hemp will form the basis of an expanding category. Our partnership with True North will enable Experion to aggregate up to 6,000 kilograms of high-potency hemp-based CBD Biomass which is a highly economical extraction model for us starting in 2019. Furthermore, it allows us to adjust our capacity needs each year without being beholden to a specific number of kilograms. Finally, we also believe that in order to remain competitive, it is important to have strategic partners specializing in outdoor grow. Our arrangement with True North provides excellent flexibility at a low-cost, and the ability to produce desired products for our customers and revenue for our shareholders.”
About True North Cannabis
True North Cannabis is a Canadian hemp harvest service provider with a core focus on facilitating the supply of bulk, extract-ready, hemp-based CBD.
With a grower focused service model, True North supports industrial hemp growers across Canada to effectively commercialize the cannabinoid content from their harvest. By providing access to state-of-the-art infrastructure and hemp chaff expertise, True North manages the unique challenges in bridging broad acre agriculture and the Cannabis industry.
About Experion Holdings Ltd.
Experion Holdings Ltd. is the parent company of Experion Biotechnologies Inc., a Health Canada licensed cultivator and processor of Cannabis, based in Mission, BC; and EFX Laboratories Inc., a medical products production and clinical research company based in Calgary, AB.
Experion Holdings Ltd. is invested in a portfolio of products to address a wide spectrum of consumer needs' including Medical, Adult-use, and Wellness and Therapeutic products.
Experion Holdings Ltd trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol "EXP" on the OTCQB Venture under the symbol “EXPFF” and on the Frankfurt Stock Exchange under the symbol “MB31”
For further information, please visit the Company’s website www.experionwellness.com or join our Global Investor Forum on 8020 http://connects.company/ExperionEXP where you can read all press releases or contact Investor Relations directly
Judy-Ann Pottinger, Investor Relations Manager
Phone: 604- 617-5290
Email: [email protected]
This press release contains forward-looking information within the meaning of Canadian securities laws. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, forecast, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Company's equity securities; recent market volatility; the Company's ability to raise the necessary capital or to be fully able to implement its business strategies; the risks identified in the Filing Statement, and other risks and factors that the Company is unaware of at this time. The reader is referred to the Filing Statement dated September 25, 2017 and/or the most recent annual and interim Management's Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through the Company page on SEDAR at www.sedar.com.
SOURCE: Experion Holdings Ltd.