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The Company Expects to continue to Increase Revenue in Q3 2021 when compared with Q2 2021 and this momentum will continue in Q4 2021 while maintaining our gross margins. Based on the Increasing Sale of Cannabis-Based Hash Products
Toronto, Ontario--(Newsfile Corp. - September 16, 2021) - The Hash Corporation (CSE: REZN) ("HashCo" or the "Company"), a business focusing on the production of hashish and other premium cannabis products using the adaption of old-world traditions, is pleased to announce that it has completed its first craft batches (the "First Batch") of commercially compliant bubble hash and rosin with the Company's collaborator Black Rose Organics Canada Inc. ("Black Rose"). Black Rose is a Toronto-based, privately-owned company licensed for the cultivation, processing and sale of medical cannabis under the Cannabis Act.
Black Rose together with HashCo have completed and submitted the required materials to amend Black Rose's Health Canada license to enable the sale of cannabis extracts. Once amended, Black Rose and HashCo will be able to sell the cannabis-based hash products produced at Black Rose's facility in Markham, Ontario to provincial buyers as well as directly to Black Rose's registered medical cannabis patients. Under the terms of the previously announced agreement between the Company and Black Rose, the two parties will share on a 50-50 basis profits from the sale of products at channels established by Black Rose for the Company and on the sale of products cultivated and/or branded by Black Rose.
The Company is also pleased to report that its other previously announced collaborator, Medz Cannabis Inc. ("Medz"), recently received its sales license amendment from Health Canada. The amendment now enables Medz, in collaboration with the Company, to apply to the various provincial purchasers for the listing of HashCo's products. HashCo and Medz are working to initially have two SKUs listed in Ontario and are optimistic that the growing demand for craft-style hash products will result in an increased number of SKUs being listed with the Ontario and additional provinces over time. Gaining access to Canada's largest consumer market for recreational cannabis products is a significant achievement for HashCo and positions the Company to reach new levels of financial performance.
"Completing our first batch of rosin with Black Rose is an exciting development for HashCo. We are very happy to have selected such great partners and to be collaborating so well thus far with both Black Rose and Medz. Advancing the Company to the point of bringing our craft-style hash products to market in Ontario is invigorating and we look forward to launching many more products into the Canadian marketplace as soon as we can," said Chris Savoie, the Chief Executive Officer and Director of HashCo.
"HashCo has started generating revenue and we expect that to increase in a meaningful way over the remainder of the 2021 fiscal year as our products begin to be distributed more broadly. I would like to thank our stakeholders for their support in helping us arrive at this point. The management team will keep striving to create shareholder value while making great products for our end consumers," added Mr. Savoie.
About The Hash Corporation
The Hash Corporation ("HashCo") is a Canadian company positioning itself to focus on the production and sale of cannabis-based hashish and other cannabis products. HashCo intends to apply its separation and curing techniques to produce a suite of high-quality cannabis resin products, which are all-natural and free of additives and carcinogenic solvents. The Company intends to tailor its product offerings to pay tribute to historic traditions, fragrances and tastes, while upholding the highest health and safety standards.
As of the date of this press release, HashCo is actively seeking and developing partnerships and collaborations with licensed cultivators and other strategic partners within Canada, with the goal of crafting and introducing to the regulated market authentic products which reflect quality and innovation.
For additional information on the Company:
Chief Executive Officer and Director
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.
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". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the Company's ability to sell its cannabis-based hash products produced at Black Rose's facility in Markham, Ontario; the ability of the Black Rose to sell the Company's products; the Company's intention to apply to various provincial purchasers for the listing of the Company's products; the growing demand for the Company's craft-style hash products, and its effect on the number of SKUs; the ability of the Company to reach new levels of financial performance; the Company's ability to increase its revenue; the Company's ability to apply its separation and curing techniques to produce a suite of high-quality cannabis resin products; and the ability of the Company to develop partnerships and collaborations with licensed cultivators and other strategic partners within Canada.
Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the continued commercial viability and growth in popularity of craft-style hash products; the Company's ability to continue to develop its products offerings; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; the continued growth of the Company; the Company's ability to finance the sale of its products; and the Company's ability to effectively scale-up its production activities.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; the risks associated with the cannabis and hash industry in general; increased competition in the cannabis and hash market; the potential future unviability of craft-style hash products; the inability of the Company to sell its cannabis-based hash products produced at Black Rose's facility in Markham, Ontario; the inability of the Black Rose to sell the Company's products; the inability of the Company to apply to various provincial purchasers for the listing of the Company's products; lack of demand for the Company's craft-style hash products, and potential inaccuracy with respect to the effect said demand will have on the number of SKUs; the inability of the Company to reach new levels of financial performance; the inability of the Company to increase its revenue; the Company's potential inability to apply its separation and curing techniques to produce a suite of high-quality cannabis resin products; the inability of the Company to develop partnerships and collaborations with licensed cultivators and other strategic partners within Canada; and risks associated with a potential collapse in the value of cannabis and craft-style hash products; risks associated with the Company's ability to continue generating a profit.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
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