VANCOUVER, BC, April 18, 2022 /CNW/ - Sproutly Canada, Inc. (CSE: SPR) (OTCQB: SRUTF) (FSE: 38G) ("Sproutly" or the "Company"), announces that it is expanding its commercial relationship with Kingston Cannabis Inc. ("KCI"), a Health Canada Licensed processor.
Sproutly and KCI have agreed to form a joint venture ("JV") that will utilize the proprietary APP technology to produce proprietary, natural, whole plant extracts of cannabis and hemp which will be used to formulate, evaluate, manufacture, and sell beverage and edible products. Sproutly will grant the JV a license to use the APP technology to produce and sell the products in Canada and Australia, and may elect to expand to other countries in which Sproutly has exclusive rights to the APP technology. KCI will provide the licensed facility and operating services to the JV while Sproutly will provide the APP license, technical services and oversight. The parties will utilize the JV to jointly develop brands, market products, and share in JV profits. Sproutly retains the rights to grant APP licenses to other licensed producers and KCI retains the right to produce and sell other products that do not use the APP technology. APP processing operations are being set up at KCI allowing the JV to produce the extracts and finished products at the same site in order to minimize the cost to produce.
"Expanding the scope of the existing Sproutly-KCI relationship with this JV is a show of our successful collaboration in formulating and evaluating beverages using APP extracts. The JV will now integrate APP processing and finished product manufacturing to avoid potential issues that arise from divided manufacturing and avoid duplication of some operational expenses", said Arup Sen, CEO and director of Sproutly. "We can now offer prospective partners a fully integrated flower-to-finished product service." he added.
"We are harmonizing our operations to move in stride and release next generation botanical products and packaging that will shape medicine and technology. Our combined work, detailed research, and significant experience will be critical to establishing growth within local cannabis markets as well as international medical avenues. We are excited to welcome these new ideas to fruition and materialize a successful future with our partners." Said Jonathan Pilon, President of KCI.
About Sproutly Canada, Inc.
Sproutly is the exclusive licensee of APP technology (www.infusionbiosciences.com) to produce proprietary natural water-soluble Infuz2O and BioNatural Oils. Beverage and edible products produced using the whole plant extracts will deliver true to strain whole plant experiences to new consumers and cannabis connoisseurs alike, ushering in the Cannabis 3.0 revolution. Sproutly intends to enter into partnerships with established companies and consumer brands to market unique products that deliver cannabis and hemp whole plant experience and health and wellness benefits, 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 processing facility that creates high end 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 partnerinproducing unique, eco-friendly, world-leading aluminum packaging. KCI has significant international connections to world cannabis markets and works with all aspects of cannabis processing from ginetics to advanced manufacturing.
For more information on KCI, please visit: www.kingstoncannabisinc.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.
SOURCE Stone Ridge Exploration
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