#CannabisNews:
Westleaf (TSXV: $WL.V) (OTCQB: $WSLFF) Enters Exclusive Partnership with Industry
Leader in Cannabis Derivative Product Research and Production
Westleaf and Xabis
agree to exclusive Canadian engagement
for
manufacturing cannabis derivative products
CALGARY, ALBERTA –March 19, 2019 – (Investorideas.com Newswire) Westleaf Inc. (TSX-V: WL) (OTCQB:WSLFF) (“Westleaf”), is pleased to announce it has executed a term sheet with Xabis Inc. (“Xabis”), whereby Xabis has agreed, subject to
execution of a definitive agreement, to provide expertise to the Company’s
Calgary cannabis extraction and production facility. The facility formerly
known as Delta West, will be rebranded The Plant by Westleaf Labs (“The Plant”) after Westleaf consolidated
its interest in The Plant to 100%. Provided
Health Canada issues the applicable license for The Plant, the extraction and production facility under construction
in south east Calgary is expected to produce cannabis derivative products and, after
legalization of such products which is expected later this year, consumables,
topicals and other cannabis infused products, subject to and in compliance with
provincial and federal regulations.
Xabis is a Colorado-based
cannabis processing company which provides turnkey operations for companies in
the mid-stream of the cannabis industry. With more than 150 years of collective
experience, Xabis’s team of PHDs and scientists manage, what in Westleaf’s view,
is the most technically difficult processes in the cannabis life-cycle, all
aspects of the extraction and manufacturing of cannabis infused products.
Read this in full at https://www.investorideas.com/news/2019/cannabis/03197TSXVWL-Partnership.asp
Highlights
·
Tapping
into Industry Leading Expertise – Xabis is an industry leader in design,
construction and management of cannabis extraction and manufacturing
facilities, as well as product development:
o
Xabis has run
facilities in various states in the US for a total of 8 years of cumulative operating
experience; and
o Xabis has developed more
than two dozen different form factors (delivery systems such as vape pens etc.)
and concentrate types with more than two hundred individual product SKUs,
including oil based oral solutions, gummy edibles, hard pressed tablets, water
soluble powders, oil-based capsules, body melt capsules and suppositories.
·
Focus on High
Margin Products –
Upon legalization of the broader set of derivative cannabis products, Westleaf
believes a diversified offering of derivative cannabis products will account
for the majority of consumer demand. Westleaf is focused on differentiated
product formulations to produce vape cartridges, edibles, beverages, and
topicals to meet this expected demand in accordance with applicable regulations.
·
Developing
Products for the Global Market – The Plant
is being built to EU Good Manufacturing Process (GMP) specifications to ensure
compliance regulations in Canada (one of the largest emerging cannabis markets),
and for export capabilities. Strategically located in Calgary, the facility is
not only in the largest retail market in the prairies, but also has easy access
to transportation services to the rest of Canada and to global markets.
·
Scalability – The Plant includes an approximately 60,000
square foot complex with Phase I (~15,000 sq. ft.) designed to include R&D,
processing, extraction, manufacturing and order fulfillment. Construction is
expected to be complete in summer 2019. It is anticipated that the facility will
be capable of producing the full suite of new derivative product lines in
preparation of Health Canada’s anticipated legalization of derivative and
consumable products, expected to occur on October 17, 2019.
·
Multiple Revenue
Streams – The Plant is designed to produce a diversified offering of cannabis
derivative products under Westleaf’s brand portfolio. Additionally, Westleaf plans
to offer white labeling services to produce finished products for third
parties, as well as contract manufacturing services for raw extract and
distillation.
·
Truly Vertically Integrated Company – Westleaf is one of
the few truly vertically integrated companies in the Canadian cannabis
industry, with assets owned and under development across each vertical of the
business, including cultivation, extraction, processing & manufacturing,
distribution and wholly owned retail. Westleaf believes that being vertically
integrated provides significant optionality and defensively positions the
company to protect margins across the life cycle of the industry.
“We are entirely focused
on the plant-to-product portion of the value chain,” explains Dale Zink, CEO of
Xabis. “From the end of the grow to the final processed product shipping out to
the retail store or dispensary, we apply our expertise to help companies create
the industry’s best and most profitable processes and systems.” Zink leads a
group of PHDs with extensive experience in biotechnology and chemical
engineering, including experience in the extraction industry, the
pharmaceutical industry and academia.
The move by Xabis into
the Canadian market under an exclusive relationship with Westleaf is the
company’s first foray into the largest single legalized recreational market. Xabis
has designed, built, and operated facilities in five (5) US states where
medical or recreational cannabis has been legalized.
“This partnership is
another part of the execution on Westleaf’s strategy of becoming a significant
vertically integrated player in the Canadian cannabis industry,” said Scott
Hurd, President and CEO of Westleaf. “We believe a diversified offering of derivative
cannabis products will account for a major shift in consumer demand once legal.
We are positioning to formulate unique, high quality derivative products and bring
in the best minds in the industry to help leverage our expertise in building
and running these types of facilities.”
Artist's rendering of The Plant in SE Calgary.
The Brand Story
The Plant derives its name from the origin story of the company:
a plant is not just a source of life; at Westleaf, it’s our source of
inspiration. Not only nature’s ideal version of growth, to us, it’s also a
place of progress and production. A place to press forward. To build on our
foundation, extract our most potent ideas, and to optimize everything we do. It’s
not where we cultivate, it’s where we innovate. In order to ensure we provide
the absolute best our country has to offer and fulfill our mandate to be at the
forefront of cannabis research, development and technology. This is our place
of constant growth.
About Xabis
Xabis brings scientific discipline,
sound business principles, and professionalism to the cannabis industry by
delivering turnkey processing operations for the commercial scale transformation
of cannabis from plant to product. Xabis is led by seasoned business
professionals and scientific experts, including some of the industry’s leading
chemical and biological PhDs and engineers. For more
information, please visit http://www.Xabisinc.com.
About Westleaf Inc.
Westleaf is a
vertically integrated cannabis company focused on innovative retail experiences
and engaging cannabis brands as well as cultivation, production and extraction
of cannabis products. Westleaf is rolling out a national retail footprint for
its retail concept Prairie Records, with stores planned for British
Columbia, Alberta, Saskatchewan and potentially Ontario. The retail concept leverages
the instinctual tie between recreational cannabis and music and redefines the
cannabis purchasing experience. The Company also has two significant production
facilities under construction and scheduled for completion in 2019. For more
information, please visit http://www.westleaf.com or www.prairierecords.ca.
More Information:
Bruce Leslie, VP Corporate Communications
Bruce Leslie, VP Corporate Communications
Bruce.leslie@westleaf.com
403-801-7612
Or
Lauren Steeves, NorthStrategic
Lauren.steeves@northstrategic.com
306-717-3253
Neither TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release
Cautionary Statements
This news release
contains “forward-looking information” and “forward-looking statements”
(collectively, “forward-looking statements”) within the meaning of the
applicable Canadian securities legislation. All statements, other than
statements of historical fact, are forward-looking statements and are based on
expectations, estimates and projections as at the date of this news release. Any
statement that involves discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions, future events or
performance (often but not always using phrases such as “expects”, or “does not
expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”,
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such words and phrases or stating that certain actions, events or results “may”
or “could”, “would”, “might” or “will” be taken to occur or be achieved) are
not statements of historical fact and may be forward-looking statements. This
news release, forward-looking statements relate, among other things, to: (i) the
execution of a definitive agreement with Xabis; (ii) development of The Plant facility,
the quality of the facility, the products to be produced at the Facility and the
expected opening date thereof; (iii) the legalization of derivative products
and the resulting market therefor; (iv) Westleaf’s ability to market and sell
its products across different markets, including globally; (v) approval of
Health Canada for The Plant; and (v) the business and operations of Westleaf. Forward-looking
statements are necessarily based upon a number of estimates and assumptions
that, while considered reasonable, are subject to known and unknown risks,
uncertainties, and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not limited to:
general business, economic, competitive, political and social uncertainties;
and the delay or failure to receive board, shareholder, court or regulatory
approvals. 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 the forward-looking statements and information contained in
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other factors, should they change, except as required by law.
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