U.S. Markets close in 4 hrs 15 mins
  • S&P 500

    4,640.68
    +73.68 (+1.61%)
     
  • Dow 30

    34,887.43
    +403.71 (+1.17%)
     
  • Nasdaq

    15,764.99
    +227.30 (+1.46%)
     
  • Russell 2000

    2,250.54
    +51.63 (+2.35%)
     
  • Crude Oil

    68.03
    +1.85 (+2.80%)
     
  • Gold

    1,786.30
    +9.80 (+0.55%)
     
  • Silver

    22.50
    -0.31 (-1.36%)
     
  • EUR/USD

    1.1326
    -0.0013 (-0.1133%)
     
  • 10-Yr Bond

    1.4770
    +0.0340 (+2.36%)
     
  • Vix

    22.60
    -4.59 (-16.88%)
     
  • GBP/USD

    1.3312
    +0.0010 (+0.0759%)
     
  • USD/JPY

    112.9030
    -0.2770 (-0.2447%)
     
  • BTC-USD

    58,704.82
    +1,552.09 (+2.72%)
     
  • CMC Crypto 200

    1,495.57
    +26.49 (+1.80%)
     
  • FTSE 100

    7,170.12
    +110.67 (+1.57%)
     
  • Nikkei 225

    27,935.62
    +113.86 (+0.41%)
     

Sproutly Enters into LOI with Kingston Cannabis Inc.

  • Oops!
    Something went wrong.
    Please try again later.
·6 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

VANCOUVER, British Columbia, September 30, 2021--(BUSINESS WIRE)--Sproutly Canada, Inc. (CSE: SPR) (OTCQB: SRUTF) (FSE: 38G) ("Sproutly" or the "Company"), announces it has signed a Letter of Intent ("LOI") for the formation of a commercial relationship with Kingston Cannabis Inc. ("KCI"), a Health Canada Licensed Producer to launch its cannabis-infused beverages through a co-packing arrangement with KCI. KCI’s affiliate, Kingston Aluminum Technologies Inc. ("KAT") will provide custom designed aluminum packaging for Sproutly’s products. In addition, KCI and Sproutly will collaborate on the consumer evaluation of Sproutly’s formulations that are made using ingredients produced by the proprietary APP cannabis processing technology.

Sproutly will leverage KCI’s co-packing expertise to launch the Company’s Infuz2O ready-to-drink (RTD) beverages in calendar Q1 2022. Sproutly’s RTDs will be the first on the market with an all natural (no chemicals or harsh physical extraction processes used), whole-plant, water-soluble, true-to-strain beverage that will provide consumers with a consistent and predictable onset and offset experience. The Company’s RTDs will be sold in crafted aluminum bottles made possible only with KAT’s proprietary aluminum extrusion technology.

KCI has also been recently awarded a research license from Health Canada to conduct focus group studies on cannabis-infused beverage products from its facility in Kingston, Ontario. Sproutly and KCI are working together to launch the first of consumer focus group study before the end of October, where participants will be able to try some of Sproutly’s first RTD products.

"This relationship will allow us to launch our beverages made with our proprietary Infuz2O extract in distinct, environmentally friendly aluminum containers with unique internal coating for better preservation of cannabis products," said Dr. Arup Sen, Chief Executive Officer and Director of Sproutly. "Additionally, we will utilize KCI’s research license to test our product formulations and select our 3.0 beverages for features that are preferred in consumer products that will deliver a true to strain, whole plant experience."

"Our companies are committed to a green future with products that will benefit both the community and consumer as a whole. We’re fortunate to work in conjunction with Sproutly to forge new products and partnerships that will have taste and appeal," said Jonathan Pilon, President of KCI.

About Sproutly Canada, Inc.

Sproutly is positioning to become a leading supplier of proprietary cannabis ingredients, brands, and customized formulations for the cannabis beverage and edibles marketplaces in Canada, Europe, Australia, and other international markets. Our proprietary natural water-soluble Infuz2O and BioNatural Oils are designed to deliver true to strain whole plant experiences to new consumers and cannabis connoisseurs alike, ushering in the Cannabis 3.0 revolution. Sproutly will enter into partnerships with globally established consumer brands to leverage their existing customer bases, brand recognition, distribution networks to deliver this scientific breakthrough with speed and efficiency in major commercial territories around the world.

For more information on Sproutly, please visit: www.sproutly.ca.

About Kingston Cannabis Inc.

Kingston Cannabis Inc. operates a licensed cannabis manufacturing facility that creates cannabis-infused beverages, edibles, and capsules featuring recyclable metal containers. KCI harnesses the significant experience of its co-founder in the cannabis and homeopathic markets, as well as the expertise of its partners in producing unique, eco-friendly, world-leading aluminum packaging.

For more information on KCI, please visit: www.kingstoncannabisinc.ca

About Kingston Aluminum Technologies Inc.

Kingston Aluminum Technologies Inc. is a privately held company with a patented aluminum bottle blow molding process which creates durable aluminum bottles that are easier to recycle, reuse, and transport than existing options, while also offering unprecedented customization.

For more information on KAT, please visit: www.katinc.ca

Forward-Looking Statements

Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or future performance and reflect the expectations or believes regarding future events of management of Sproutly. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, timing relating to the Company's ability to complete a definitive agreement with KCI and launch Cannabis 2.0 products.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These assumptions, risks and uncertainties include, among other things, the Company’s inability to launch or supply its Cannabis 2.0 products in Canada; the Company's inability to complete a definitive agreement with KCI and launch additional products; potential negative consumer, investor or public perception of the additional product lines; changes in consumer preferences and product trends; and political, legal and regulatory uncertainty relating to cannabis products generally. In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will launch its Cannabis 2.0 products in Canada; that the Company’s products will be positively received by consumers in Canada; and that the Company will continue to develop and launch its Cannabis 2.0 products. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210930005997/en/

Contacts

Dr. Arup Sen, Chief Executive Officer and Director of Sproutly Canada, Inc.
Email: investors@sproutly.ca