Tidal Royalty
Corp. and CannaRoyalty
Corp. Agree to Terms On Purchase
of AltMed Royalty and
Equity
Toronto, Ontario August 27, 2018. Tidal Royalty Corp.
(CSE:
RLTY.U) (OTC:
TDRYF)
("Tidal Royalty"), a leading provider of
royalty financing to licensed U.S. cannabis operators, is
pleased to announce it has entered
into a
binding
letter of
intent
("Agreement") to acquire certain
assets that are strategic to Tidal
Royalty from CannaRoyalty
Corp.
(CSE:
CRZ)
(OTC:
CNNRF) ("CannaRoyalty"),
a leading North
American cannabis products and brands company.
Pursuant to the
Agreement, Tidal Royalty
will
acquire a
royalty entitlement
and equity
interest
in
Alternative
Medical Enterprises, LLC, doing business
as AltMed, ("AltMed")
a
leading
multi-state, vertically-integrated operator. The aggregate consideration
for the acquisition is C$8
million,
in a combination
of cash and Tidal Royalty's stock.
AltMed is led by former senior
pharmaceutical executives and has captured market share
by implementing pharma industry
standards to the development, production and dispensing of medical
cannabis. AltMed has vertically-integrated
operations in both Florida and Arizona, pursuant to such states'
regulated cannabis programs, and currently has applications for licenses
pending in Ohio. In addition to
distributing
its own
award-winning
product
line (MV) of topicals, gels, concentrates and
transdermal patches, AltMed has distribution partnerships
with leading cannabis brands including with
Wana
Brands, a leading producer of
cannabis-infused products.
Pursuant to the Agreement,
Tidal Royalty will acquire a royalty on
U.S.
and
international sales of the
MV
product
line. Tidal Royalty will also
acquire an equity interest in AltMed.
"We've been following
AltMed
for quite some
time
now and
have watched them expand their footprint
very strategically and methodically. They are led by an extremely
entrepreneurial and capable management team and we
feel that they are positioned to be a
leading player in the U.S. industry. We are
excited
to be in
this position and look forward to finding additional ways that
we can support their growth plans," said Paul Rosen, CEO &
Chairman of Tidal Royalty. "This transaction was really made
possible by our strong synergistic relationship
with CannaRoyalty,
a company
whom we have a great deal of
respect and admiration
for.
We are confident
that our companies will identify additional mutually-strategic
opportunities in the emerging U.S. regulated cannabis
industry."
"This Agreement
advances our
stated strategy of realizing value for shareholders
on non-core assets. The gains from
our successful
investment in AltMed will provide
CannaRoyalty
with capital to
continue to expand its distribution and brand
network in the California market. We are confident
that AltMed will be a valuable addition
to Tidal Royalty's portfolio, and as CannaRoyalty
continues to grow
and build a solid presence in California, we look forward to
opportunities to partner with the experienced team at Tidal
Royalty," said Marc Lustig, Chairman
and CEO
of
CannaRoyalty.
Closing of the transaction is
subject to, among other things, the satisfactory completion
of due diligence, which is currently
underway,
and the receipt of all corporate and regulatory
approvals.
With the execution of
this
Agreement, Tidal Royalty
has
now
entered into
letters of intent with cannabis operators in
Florida, Arizona, California,
Nevada, Massachusetts
and
Illinois.
In addition, Tidal Royalty is in the process of evaluating multiple
additional opportunities across the U.S., including in
New
York,
Ohio,
Pennsylvania, Texas and Michigan. Tidal Royalty
intends to provide further information on those discussions when
the respective
parties reach an
agreement and execute letters of
intent.
About Tidal
Royalty
Tidal Royalty provides
royalty financing to the U.S. regulated cannabis industry.
Led by an executive team with extensive industry experience in
Canada and the U.S., Tidal Royalty provides
operators with the funding they need to grow their business.
Operators benefit from non-dilutive capital and investors get
top-line access to a diversified portfolio of companies that will
form the future of this transformative industry.
For further
information, please contact:
Tidal Royalty Corp.
Terry Taouss,
President
Email:
terry@tidalroyalty.com
This news release
contains certain "forward-looking information" within the meaning
of applicable Canadian securities law. Forward-looking information
is frequently characterized by words such as "plan", "continue",
"expect", "project", "intend", "believe", "anticipate", "estimate",
"may", "will", "potential", "proposed" and other similar words, or
information that certain events or conditions "may" or "will"
occur. Readers are cautioned that forward-looking information
contained in this new release is not based on historical facts but
instead is based on reasonable assumptions and estimates of
management. Forward-looking information contained in this news
release includes, but is not limited to: the ability to enter into
definitive documentation in respect of letters of intent currently
entered into by Tidal
Royalty,
the ability of Tidal Royalty
to enter into
additional letters of intent and associated definitive
documentation with current or further proposed investee companies,
the operating and financial performance of any investee company to
be funded by Tidal Royalty from time to time and the ability of
Tidal
Royalty to
generate revenue or realize profit through royalty
agreements or equity investments
with any future
investee companies. In addition, this news
release contains forward-looking statements
attributed to third-party sources, the accuracy of which has not
been independently verified by
Tidal Royalty. Forward-looking information
contained herein is based on the opinions and reasonable
assumptions and estimates of management as at the date hereof and
is subject to a variety of known and unknown risks and
uncertainties and other factors, many of which are beyond
the control of Tidal Royalty, that could cause actual
events or results of Tidal Royalty
to differ
materially from those expressed or implied in the
forward-looking information. Such factors include: U.S. regulatory
landscape and enforcement related to cannabis, including political
risks and risks relating to regulatory change, risks relating to
anti-money laundering laws and regulation, other governmental and
environmental regulation, public opinion and perception of the
cannabis industry, risks related to the enforceability of
contracts, the requirement by Tidal Royalty
to obtain
additional financing, the limited operating history of
Tidal
Royalty,
timeliness of government approvals for granting of permits and
licences needed by any future investee companies, including
licences to cultivate cannabis, the actual operating and financial
performance of any future investee company, competition and other
risks affecting Tidal Royalty
in particular and
the U.S. cannabis industry generally, and the risk factors
effecting Tidal Royalty
disclosed in the
listing statement of Tidal Royalty
available
at www.sedar.com. Because of such risks,
uncertainties and other factors, investors should not place undue
reliance on the forward-looking information contained
herein. Tidal Royalty
is under no
obligation, and expressly disclaims any intention or obligation, to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable law. The foregoing statements
expressly qualify the forward-looking information contained
herein. This release does not constitute an offer
for sale of, nor a solicitation for offers to buy, any securities
in the United States.
Neither the CSE
nor its Regulation Services Provider (as that term is defined in
the policies of the CSE) accepts responsibility for the adequacy or
accuracy of this release.
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