VANCOUVER, British Columbia, Sept. 20, 2021 (GLOBE NEWSWIRE) -- Eden Empire Inc. (CSE: EDEN) (the "Company" or "EDENTM" or “Eden Empire”) is thrilled to announce that it has entered into a share purchase agreement with a private arm’s length third party (the “Buyer”) to sell a 50% interest in its proposed Davie Street location for proceeds of $1,050,000CAD in cash. Following the closing date of the transaction, EDENTM will continue to operate the Davie Street location through a joint venture vehicle with the Buyer and it is expected that associated costs will be shared.
Key Location Takeaways:
- Sits on the 1600 Block of Davie Street of Vancouver’s West End which is well-anchored with a new supermarket, drugstore, liquor store and soon-to-be cannabis store; establishing its role as a neighbourhood convenience shopping precinct.
- Sits just steps from English Bay Beach, Vancouver Seawall and hosts the annual Celebration of Lights.
- Approximately 7,000 vehicles and 4,000 pedestrians pass by daily.
- The Company is joint venturing its Davie Street location to the Buyer for aggregate cash consideration of $1,050,000CAD (the “Transaction”).
- The closing of the Transaction will be subject to customary closing conditions for a transaction of this nature.
Gerry Trapasso, Director & CEO, commented, "EDEN is excited to link into a JV for another store in Canada. The partnership will be one of growth, and both parties are excited about this location in the heart of the West End. This location is a two-floor giant that will allow for massive branding exposure and become a destination for locals, cannabis cannoisseurs and tourists looking to experience the best that Vancouver has to offer in the cannabis market. This partnership will allow the Company to project powerfully in Vancouver and prepare for the imminent expansion in the State of Michigan.”
For further information or should you have any questions, please feel free to email us at investors@edenempire.com.
Gerry Trapasso, CEO
About Eden Empire
Eden is in the business of investments and operations in the cannabis sector and engaging in retail cannabis sales. Eden intends to expand its retail operations in Canada and to expand its business to cannabis cultivation, extraction and processing and become a fully integrated cannabis product company in the United States.
Eden has an award winning and established nationwide brand, including a substantial intellectual property portfolio, and a dedicated management team with extensive cannabis industry experience. Upon completion of Eden’s currently intended acquisitions, and approval to operate its retail locations, the Company is expected to have a significant retail cannabis footprint in Canada and Michigan. Retail cannabis operations are an emerging sector with significant cash flow potential.
Cautionary Note Regarding Forward-Looking Statements
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", “upon” "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information include, but are not limited to, statements with respect to the opening of Eden’s retail cannabis store at the 348 Water St. location; the estimated timing of the opening of the Water Street location; the general outlook of the Water Street location and the potential for it to amplify Eden’s brand and loyal following; the Company’s future operations of retail cannabis stores in the United States and Canada; the Company expanding its business to cannabis cultivation, extraction and processing and becoming a fully integrated cannabis company in the United States; the completion of the Company’s currently intended acquisitions; the receipt of all necessary licenses and approvals to operate the Company’s retail locations; the performance of the cannabis industry generally and its cash flow potential; and the proposed future transactions Eden may undertake and their expected timing.
Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Eden to control or predict, that may cause Eden’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: Eden may not obtain the requisite regulatory approvals and may not begin operating cannabis retail or cultivation and processing operations; that the actual use of proceeds may differ from those currently stated; the inherent risks involved in the general securities markets; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; currency fluctuations; regulatory restrictions and the possibility for changes in laws, rules, and regulations in the industry; liability, competition, loss of key employees and other related risks and uncertainties. Eden does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/60e5ed2e-fd9c-424c-b477-0f847fc0266c
