VANCOUVER, British Columbia, Oct. 09, 2019 (GLOBE NEWSWIRE) -- AgraFlora Organics International Inc. (“AgraFlora” or the “Company”) (CSE: AGRA) (PU31.F) (OTCPK: AGFAF), a growth oriented and diversified international cannabis company, is pleased to announce that the Company has entered into a hemp-derived consumer packaged goods (“CPG”) distribution agreement (the “Agreement”) with Gateway Newstands (“Gateway”), North America’s premier newsstand retailer.
Gateway has awarded AgraFlora approved supplier status. Gateway boasts over 200 Canadian brick and mortar locations, which are strategically situated in high-traffic major urban centers, including key transit networks, major office towers, shopping malls, hospitals, casinos, premium food service locations and lottery kiosks.
On September 26th, 2019 Gateway issued AgraFlora an initial purchase order to supply a suite of hemp-derived CPGs.
This initial purchase order will secure high visibility Canadian shelf space for AgraFlora’s CPG product offering across Gateway locations. AgraFlora and Gateway will also deploy best commercial efforts to pursue conversations relating to a CBD Supply and Consulting Agreement, whereby AgraFlora and Gateway may collaborate to produce a portfolio of CBD-infused CPGs, within eligible jurisdictions.
Brandon Boddy, Chairman and Chief Executive Officer of AgraFlora stated: “Gateway’s award of approved supplier status to AgraFlora, coupled with an initial purchase for our premier hemp-derived product suite is indicative of our experienced human capital and CPG manufacturing proficiencies. Gateway is an ideal partner throughout our pursuit to achieve significant shelf space, due to their broad target audience, notable brand recognition, and diverse brick and mortar footprint.
Equipped with scalable manufacturing processes, substantiated by measurable capital expenditures on property, plant and equipment, our downstream business units will be well positioned to fulfill the insatiable demand for the next generation of hemp-derived CPGs.”
Kevin Farrell, Chief Operating Officer of Gateway Newstands stated: “We are proud to partner with AgraFlora and offer our customers more variety and assortment.”
About AgraFlora Organics International Inc.
AgraFlora Organics International Inc. is a growth oriented and diversified company focused on the international cannabis industry. It owns an indoor cultivation operation in London, ON and is a joint venture partner in Propagation Service Canada and its large-scale 2,200,000 sq. ft. greenhouse complex in Delta, BC. The Company is also retrofitting a 51,500-square-foot good manufacturing practice (“GMP”) edibles manufacturing facility in Winnipeg, Manitoba. AgraFlora has a successful record of creating shareholder value and is actively pursuing other opportunities within the cannabis industry. For more information please visit: www.agraflora.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Chairman & CEO
T: (604) 398-3147
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|AgraFlora Organics International Inc. |
T: (800) 783-6056
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Remy Scalabrini, Maricom Inc.
T: (888) 585-MARI
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Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the business plans for AgraFlora Organics described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which are available at www.sedar.com.