Vancouver, British Columbia--(Newsfile Corp. - August 29, 2018) - New Age Farm Inc. (CSE: NF) (OTC: NWGFF) (FSE: 0NF) (www.newagefarminc.com) ("New Age Farm" or the "Company"), at the request of IIROC, would like to clarify the news release issued today with respect to its two marijuana property acquisitions in the state of Oregon.
Cave Junction, Oregon
The Cave Junction property consists of 11 acres divided into two separate legal lots. Cave Junction, Oregon is historically known as one of the best micro climates in the world for successful outdoor cultivation of cannabis. The property, which was previously the Althouse Nursery, was converted into a state of the art outdoor and greenhouse cannabis cultivation facility in 2015. Since then, the property has been operated by Trellis Farms ("Trellis"), an experienced and successful cannabis cultivation company. Currently Trellis is operating on one of the legal plots and holds a OLCC license for the cultivation of 40,000 square feet of recreational cannabis. Trellis has plans to expand the cultivation to inhabit the second legal plot and add an additional 40,000 square feet of canopy.
The Portland property has been an established dispensary that has operated successfully over the last four years in the state of Oregon and is currently operated by an OLCC licensed retailer. The property is located just miles away from the airport in an up-and-coming part of town.
The Company will be acting as landlord of the Cave Junction and Portland properties (the "Properties"), renting the Properties for a total monthly revenue of $20,000 USD.
Following an appraisal done by a SouderHouse LLC to generate the property value, the Company acquired the Properties by way of a three-corner amalgamation, pursuant to which the Company acquired 100% of the issued and outstanding shares of 1175987 B.C. Ltd. and assumed all of its assets, namely the Properties. As consideration for the Properties, the Company issued a total of 73,164,000 common shares to three independent shareholders of 1175987 B.C. Ltd. (representing approximately 22.80% of the Company's issued and outstanding shares) and paid a finder's fee of 3,658,200 common shares to an arm's-length party. No new insiders and no control persons were created in connection with the acquisition of the Properties.
About New Age Farm
New Age Farm is an agricultural services company offering unique turnkey growing infrastructure and services for licensed growers and processors of luxury marijuana crops at its agri-campuses in Washington State. In November 2012, the Washington State Liquor and Cannabis Board ("WSLCB") passed Initiative 502 ("I-502"). I-502 authorized the WSLCB to regulate and tax recreational marijuana products for persons over twenty-one years of age and thereby created a new industry for the growing, processing and selling of Washington State-regulated recreational marijuana products. New Age Farm provides innovative solutions for growers and processors in this burgeoning industry.
About We Are Kured, LLC
KURED is a wholly owned subsidiary of New Age Farm, acquired in December 2017. KURED is building an innovative online CBD and lifestyle company. KURED has partnered with best in class hemp cultivators, edible manufacturers, cutting edge product formulators to develop, market and distribute multiple lines of CBD products including, but not limited to, CBD vaporizer pens, topicals, gel capsules and more. All of We Are Kured's products are 100% THC free and will be available for purchase internationally. THC, or tetrahydrocannabinol, is the primary active ingredient in cannabis.
For further information about New Age Farm, please consult the Company's profile on SEDAR at www.sedar.com or visit the Company's website at www.newagefarminc.com. For further information about We Are Kured, please visit their website at www.wearekured.com.
On Behalf of the Board of Directors
Chief Executive Officer
For Further Information Contact
We Are Kured Contact:
Founder & CEO
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to completion of planned improvements at both the Canadian and US sites on schedule and on budget, the availability of financing needed to complete the Company's planned improvements on commercially reasonable terms, planned occupancy by the tenant-growers, commencement of operations, differences in yield on expected harvests, delays in obtaining statutory approval for marijuana production plans, issues that may arise throughout the grow period, outdoor crops affected by weather, the ability to mitigate the risk of loss through appropriate insurance policies, and the risks presented by federal statutes that may contradict local and state legislation respecting legalized marijuana. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
This news release does not constitute an offer of securities for sale in the United States. These securities have not and will not be registered under United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon.