TORONTO, ONTARIO--(Marketwired - Nov. 30, 2017) - Maricann Group Inc. (CSE:MARI) (OTC:MRRCF) (FRA:75M) ("Maricann" or the "Company") is pleased to announce it has entered into a non-binding letter of intent ("LOI") with the Alliance of Beverage Licensees ("ABLE BC"), the advocacy organization representing British Columbia's private liquor industry which outlines a proposed relationship between ABLE BC and Maricann for, among other things, the supply of Maricann product to ABLE BC members.
"We are pleased to partner with Maricann as a supplier of adult-use recreational cannabis for our retail members," said Jeff Guignard, Executive Director of ABLE BC. "We believe British Columbians will be extremely discerning cannabis consumers, so we are excited to work with a producer who has the capacity and commitment to deliver a consistent supply of high quality cannabis products."
Under the terms of the LOI ABLE BC will agree to provide Maricann with distribution channels for its recreational stable of products, including JuJu Royal's curated quality strains. This will ensure ABLE's more than 1,000 members consisting of private liquor stores, neighborhood pubs, bars/nightclubs and hotel liquor licensees have access to Maricann's stable of established premium cannabis products.
Ben Ward, Maricann's CEO commented: "We're thrilled to work with ABLE and its approximately 1,000 members to ensure a reliable consistent supply of Maricann's quality differentiated products to their customers, ensuring a wide range of choice, with customers selecting the products they prefer."
The parties will now work towards the negotiation and execution of the definitive agreements to document the relationship proposed in the LOI. The LOI does not set forth any specific amounts to be supplied or purchased. Furthermore the timeline for the development of the formal agreement referred to below will depend, in part, on the timing of the implementation of regulations relating to the sale of recreational marijuana.
Maricann, which has federal licenses in Canada to cultivate, extract, formulate and distribute cannabis, is rapidly expanding its Canadian production, based in Norfolk County, Ontario, adding 22,245 kg of annual production of dry flower to come online in Q2 2018, with additional production planned. Maricann is focused on expanding capacity in a truly differentiated product offering, in support of its previously announced joint pharmacy initiative and future global export opportunities.
For more information about Maricann, please visit our website at www.maricann.com.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR OTC MARKETS GROUP INC., NOR THEIR REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward Looking Information
Certain statements in this document contain forward-looking statements which can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "desires", "will", "should", "projects", "estimates", "contemplates", "anticipates", "intends", or any negative such as "does not believe" or other variations thereof or comparable terminology. No assurance can be given that potential future results or circumstances described in the forward-looking statements will be achieved or will occur. By their nature, these forward-looking statements, necessarily involve risks and uncertainties, including those discussed herein, that could cause actual results to significantly differ from those contemplated by these forward-looking statements. Such statements reflect the view of the Company with respect to future events, and are based on information currently available to the Company and on assumptions, which it considers reasonable. The forward looking statements in this release include statements regarding the proposed relationship with ABLE BC and the planned increase in annual production. Management cautions readers that the assumptions relative to the future events, several of which are beyond Management's control, could prove to be incorrect, given that they are subject to certain risk and uncertainties, and that actual results may differ materially from those projected. Factors which could cause results or events to differ from current expectations include, among other things: the inability to negotiate and execute a definitive agreement with ABLE BC, fluctuations in operating results; the impact of general economic, industry and market conditions; the ability to recruit and retain qualified employees; fluctuations in cash flow; failure to obtain required financing; increased levels of outstanding debt and obligations under a capital lease; expectations regarding market demand for particular products and the dependence on new product development; the impact of market change; and the impact of price and product competition. Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. The reader is cautioned not to place undue reliance on forward-looking information.