NewLeaf Brands Inc. to acquire approximately 400 acre ranch property located in Pottus, Texas with the intent for a large scale hemp farm.
VANCOUVER, British Columbia, Aug. 19, 2019 (GLOBE NEWSWIRE) — NewLeaf Brands Inc. (CSE:NLB) (OTC: NLBIF) (FSE:0NF) (“NewLeaf Brands” or the “Company”) is pleased to announce that the Company has signed a letter of intent dated August 9, 2019 (the “LOI”) to acquire approximately 400 acre ranch property located in Pottus, Texas (the “Ranch Property”) (the “Acquisition”) with the intent for a large scale hemp farm.
The purchase price of the Ranch Property is $1,300,000 USD, which includes, among other things: water rights to use adjacent bodies of water, a four bedroom house, a utility barn and farming machinery and equipment. In connection to the LOI, the Company provided a non-refundable deposit in the amount of $50, 000 USD on August 12, 2019. On June 10, 2019, the state of Texas passed bill HB 1325, legalizing the production and sale of hemp and CBD products throughout the state.
“We are extremely excited about the opportunity to acquire this Ranch Property that we see as perfect for the large scale cultivation of hemp. It has always been my model in business to be fully vertically integrated from soup to nuts and this Acquisition moves us towards that direction. The Company has been working diligently on some exciting partnerships in the state of Texas for both the Hemp as well as a future potential Cannabis program. Given that the state has a population of over 28,000,000, we see this as a great place to house numerous aspects of our current and future operations” said Josh Bartch, CEO.
The Acquisition is expected to close within 60 days of submission. Closing is subject to definitive documentation and applicable regulatory approvals.
ABOUT NewLeaf Brands
NewLeaf Brands, Inc. is an innovative Cannabidiol (“CBD”) lifestyle Company. Through the Company’s wholly-owned subsidiaries We are Kured, LLC, Drink Fresh Water, LLC, ReLyfe Brand, LLC and TeaLief Brand, LLC the Company’s main business activities encompass the development, marketing, and distribution of CBD products (including vaporizer pens/cartridges, hot/cold tea, softgel capsules and beverages) throughout North America, South America, and Europe. In addition, NewLeaf Brands, Inc. has extensive retail and cultivation land investments in Oregon, USA.For further information about NewLeaf Brands, please consult the Company’s profile on SEDAR at www.sedar.com or visit the Company’s website at www.NABrandsInc.com. For further information about We Are Kured, please visit their website at www.wearekured.com.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to completion of planned improvements at both the Canadian and US sites on schedule and on budget, the availability of financing needed to complete the Company’s planned improvements on commercially reasonable terms, planned occupancy by the tenant-growers, commencement of operations, differences in yield on expected harvests, delays in obtaining statutory approval for marijuana production plans, issues that may arise throughout the grow period, outdoor crops affected by weather, the ability to mitigate the risk of loss through appropriate insurance policies, and the risks presented by federal statutes that may contradict local and state legislation respecting legalized marijuana. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.This news release does not constitute an offer of securities for sale in the United States. These securities have not and will not be registered under United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon.