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MONTREAL, Sept. 23, 2021 /CNW/ - The Good Shroom Co Inc. (the "Company" or "TGSC") (TSXV: MUSH), is pleased to announce that its wholly owned subsidiary and licensed cannabis processor (operating as Seul CBD) has been approved by the Société Quebecoise du Cannabis ("SQDC") for listing of its Velada wellness beverage brand and Nordique Royale hash brand in the province of Quebec. The cannabis products are expected to become available for purchase prior to the end of the year.
TGSC's Nordique Royale hash brand was formulated following an analysis of Quebec's hash market to compete with the top selling products. The companies hash line will be offered at more competitive prices, same or higher cannabinoid content, maintained quality but made to resemble popular hash found on the black market. Comprised of 3 SKUs to begin, the company will offer Le Choix du Nord, an oil enriched dark glossy and malleable hash; Afghan Gold, a dark matte textured hash; and Équilibré, an extra malleable and light flavoured hash with a THC:CBD ratio of 1:1. The SQDC's hash sales in 2020 were estimated to be $85M over its online store and 65 retail outlets. It is expected that the quantity of SQDC stores in Quebec will reach 100 by the end of 2022.
Velada produces cannabis infused instant coffee and teas in a variety of different flavors such as café olé, matcha latte, golden milk latte, and hot chocolate. Velada café olé will be Canada's first cannabis infused coffee. Each flavor has two options, one containing CBD only and a second containing CDB and THC at a 2:1 ratio. In line with the company's core mission to make beverages functional, all products contain a mix of flavourless mushroom adaptogens for additional wellness benefits. All Velada beverages are vegan, gluten free, non-GMO, sugar free and are generally regarded by TGSC customers as exceptionally great tasting.
This is another milestone in a nationwide campaign to distribute cannabis branded products and hash across the entire country over the course of the next twelve months.
About the Company
TGSC's mission is to build clean label brands that are synonymous with functionality, flavour and quality, rooted in a company recognized for having a socially responsible approach. Through its wholly owned subsidiary, Teonan, it manufactures and sells functional beverages under its two brands: Teonan and Velada. Inspired by the relationships ancient cultures held with mushrooms and in line with growing consumer trends towards functional foods, Teonan created the instant beverage lines using a custom blend of organic mushroom extracts chosen for their known health benefits, all the while keeping the focus on developing delicious flavors." All of Teonan's instant beverage mixes are certified organic (Ecocert - USDA), vegan, dairy free, GMO free and gluten free. Teonan began direct to consumer sales of the Teonan beverages in North America, in December 2019, via its online stores.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Corporation with respect to future business activities and sales. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect the Corporation's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Corporation believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected are the following: expectations with respect to the future growth of wellness beverages and edible cannabis industry; market acceptance of the products, plans for and timing of expansion of its products; expectations regarding competition; maintaining in good standing all necessary regulatory licenses and authorizations for its products; the benefits, safety, efficacy, dosing and social acceptance of cannabis related products and no material changes in the legal environment; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation; operational risks related to and COVID-19 or other pandemic and supply chain disruptions. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. The Company does not intend, and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law. Trading in the securities of the Company should be considered highly speculative.
SOURCE The Good Shroom Co Inc.
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