Historic First Day of Legalized Sales Met with
Proficient Retail Response
TORONTO, Oct. 22, 2018 /CNW/ - Newstrike Brands
Ltd. (TSX-V:HIP) ("Newstrike"), is pleased
to provide a statement from Jay
Wilgar, CEO of both Newstrike and its wholly-owned
subsidiary Up Cannabis Inc. ("Up Cannabis"), in response to the
commencement of adult-use cannabis sales in Ontario—the company's
forecasted largest market—that began on October 17.
"Many of our shareholders, customers and the general public have
asked us how sales have performed since Day 1 of legalization,"
said Jay Wilgar, CEO of Newstrike
and Up Cannabis. "While it is extremely early in the reporting
process, we are very pleased to say that all indications tell us Up
Cannabis sales are tracking robustly in all markets where our
products are currently sold. It is encouraging to see adult-use
consumers choosing our products, and the response to our brand and
product at the Ontario Cannabis Store (OCS), both officially and
anecdotally has been overwhelming. We are pleased with how well the
OCS has managed to handle such a high level of consumer demand
immediately out of the gate."
According to the OCS, Ontario
adult-use consumers placed approximately 100,000 orders in the
first 24 hours of its operations, with 12,000 of those orders
landing in the first hour after legalization became official. In
addition to Ontario, Up Cannabis
products are currently being sold in British Columbia, Alberta and Nova
Scotia, all of whom are reporting equally robust sales.
Added Wilgar: "We continue to work in lockstep with the OCS and
all our other distribution partners to replenish inventory for
sold-out products as required. Ontarians are clearly reacting
positively to the arrival of legal sales channels, quickly making
the OCS a trusted source for adult-use cannabis sales."
Up Cannabis has built distribution networks with five provinces
to-date. The company has been cleared as a supplier of cannabis to
registered Saskatchewan Retail and Wholesale Permit Holders. Up
Cannabis was also selected to supply cannabis to the Nova Scotia
Liquor Corporation and has formalized supply agreements with the
OCS, and the Alberta Gaming, Liquor & Cannabis Commission, in
addition to having a signed Memorandum of Understanding with the
British Columbia Liquor Distribution.
About Newstrike and Up Cannabis
Newstrike is the parent company of Up Cannabis Inc., a licenced
producer of cannabis that is licenced to both cultivate and sell
cannabis in all acceptable forms. Newstrike, through Up Cannabis
and together with select strategic partners, including Canada's iconic musicians The Tragically Hip,
is developing a diverse network of high quality cannabis brands.
For more information, visit http://www.up.ca or
http://www.newstrike.ca
Forward-Looking Information
This news release contains
forward-looking statements. Forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of Newstrike
to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements, including actual supply, distribution and sales. Often,
but not always, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "estimates", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Accordingly, readers should not place undue reliance on the
forward-looking statements and information contained in this press
release. Since forward-looking statements and information address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks. Readers are cautioned that the foregoing list of
factors is not exhaustive. The forward-looking statements contained
in this news release are made as of the date of this release and,
accordingly, are subject to change after such date. Newstrike does
not assume any obligation to update or revise any forward-looking
statements, whether written or oral, that may be made from time to
time by us or on our behalf, except as required by applicable
law.
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Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Up Cannabis