OTTAWA , Oct. 15, 2019 /CNW/ - CannaRoyalty Corp. d/b/a Origin House (OH.CN) (ORHOF) ("Origin House" or the "Company"), a North American cannabis products and brands company today announced that the Company has achieved full integration with the California Cannabis Track-and-Trace ("CCTT") system at each of its six licensed facilities in the state.
The CCTT system, developed by software vendor, Metrc, uses RFID-enabled tags to track cannabis products through every stage of the supply chain, from seed to retail sale. Once deployed statewide, the program will give both regulators and licensees greatly improved visibility into the movement of cannabis goods in California , while making it harder for black-market goods to reach consumers.
Since receiving its first provisional state license from the California Department of Food and Agriculture in March, 2019, Origin House has worked closely with Metrc and state regulators to implement CCTT at its cultivation, manufacturing, and distribution facilities. Deployment of the system at the 17,000-square- West Sacramento distribution hub, operated by Origin House's distribution arm, Continuum, marked the successful completion of these efforts.
"Our team has long supported CCTT-Metrc as a cornerstone of California's regulatory and consumer-protection strategies," said Lee Dorkin , Head of California Operations at Origin House. "We are proud to be among the first vertically-integrated operators to complete deployment of the system at such a large scale. Our success in doing so reaffirms Origin House's commitment to being an industry leader in compliance and product quality."
Cub City Receives Certificate of Occupancy for Sonoma County Cultivation Facility
The Company also announces that Cub City, LLC, a craft cannabis producer that was acquired by Origin House in May, 2019, has received a certificate of occupancy, following substantial improvements to its Sonoma County cultivation facility. The upgraded facility has an annual production capacity of up to 1,400 kg of ultra-premium flower, as well as local entitlements for non-volatile manufacturing, processing, and distribution.
Sale of Cotati Facility
Origin House announces that it has entered into an agreement for the sale of one of its planned distribution and manufacturing facilities ("Cotati") in Sonoma County for cash consideration of US$1.7 million .
With the previously announced acquisition of Cub City LLC, a licensed premium craft cannabis producer, the Company acquired distribution and manufacturing infrastructure in Sonoma County in closer proximity to its existing FloraCal facility. The purchase of this additional space in Sonoma County , rendered the Cotati facility redundant to Origin House, and moreover to the combined California assets of Origin House and Cresco Labs Inc., upon completion of the pending transaction, after receipt of regulatory approvals.
Update on Agreement with Viola Brands
The Company announces that the initial term of its previously announced agreement with Viola Brands has ended and the parties have not renewed.
About Origin House
Origin House is a growing cannabis brands and distribution company operating across key markets in the U.S. and Canada , with a strategic focus on becoming a preeminent global house of cannabis brands. Origin House's California brand development platform is operated out of six licensed facilities located across California , and provides distribution, manufacturing, cultivation and marketing services for its brand partners. Origin House is actively developing infrastructure to support the proliferation of its brands internationally, initially through its acquisition of Canadian retailer 180 Smoke. Origin House's shares trade on the CSE under the symbol "OH" and on the OTCQX under the symbol "ORHOF". Origin House is the registered business name of CannaRoyalty Corp. For more information, visit www.originhouse.com.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Origin House's periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements relating to the terms of the transaction between the Company and Cresco Labs Inc. (including the effect of the receipt of regulatory approvals on the companies' ability to close the transaction), the execution of the Company's strategy, new opportunities, the Company's timing and process for expansion in Canada and globally, new opportunities, future growth and other statements.
Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects that are engaged in activities currently considered illegal under US federal law; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
SOURCE Origin House
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