OTTAWA, April 10, 2019 /CNW/ - CannaRoyalty Corp. d/b/a Origin House (CSE: OH) (OTCQX: ORHOF) ("Origin House" or the
"Company"), a North American cannabis products and brands company today provided an update on Sonoma County permit approvals received by the Company's pending acquiree, California-based cannabis cultivator Cub City LLC ("Cub City") and wholly-owned subsidiary, FloraCal Farms
("FloraCal").
Cub City
- Cub City received a Minor Use Permit ("MUP") from the County of Sonoma for cultivation,
processing, non-volatile manufacturing, and distribution at its Santa Rosa facility. The MUP
was approved by a unanimous vote of the Sonoma County Board of Zoning Adjustments (the
"Board"), following a public hearing on March 28, 2019. The appeal period for the Board's
decision ended on April 8, 2019 without any appeal being filed.
- As previously announced, the Company has signed a binding term sheet for the acquisition of the business of
Cub City (the "Acquisition"). The closing of the Acquisition is expected to be in Q2 2019.
FloraCal
- FloraCal received a Minor Use Permit from the County of Sonoma to undertake construction
of the third and final phase of build-out and upgrades at its Santa Rosa facility. The
finished facility will have an annual production capacity of approximately 1,100 kg of premium flower per year, as well as
processing and distribution entitlements.
Cub City and FloraCal have already received their provisional state cultivation licenses – the first two such licenses to be
issued in Sonoma County.
"Cub City's approval to operate, and FloraCal's permit to commence the final build out of its facilities in Sonoma County are key milestones in augmenting our growing California
footprint," said Afzal Hasan, President and General Counsel at Origin House. "With the close of
the Acquisition and support from the County, we look forward to continuing to expand our infrastructure, expertise and team to
unlock further growth opportunities in California. On behalf of our entire team, we thank
Sonoma County and the Board of Zoning Adjustments for seeing the potential in our business and
the positive impact it will have on economic development, as well as the community."
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
foundation is in California, the world's largest regulated cannabis market, where it delivers
over 130 branded cannabis products from 50+ brands to the majority of licensed dispensaries. Origin House's brand development
platform is operated out of five 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 Company's timing and completion of
the Acquisition, 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
View original content: http://www.newswire.ca/en/releases/archive/April2019/10/c0999.html