Skip to main content

New Leaf Ventures Announces Regulatory Approval for Sale of Cultivation Assets

Written by Customer Service on . Posted in Public Companies.

VANCOUVER, British Columbia, March 06, 2023 (GLOBE NEWSWIRE) — New Leaf Ventures Inc. (CSE: NLV) (OTC: NLVVF) (“New Leaf,” “NLV” or the “Company”), a management and investment organization dedicated to evaluating, investing, and accelerating advanced stage operations in the North American Cannabis sector, is pleased to announce that, further to the news release dated June 28, 2022, the Washington State Liquor Cannabis Board (WSLCB) has approved the sale of the license holder’s cultivation license to the third-party asset management Company. This solidifies NLV’s sale of cultivation-related assets, through its wholly owned subsidiary New Leaf Equipment Co., providing an infusion of capital into current operations. The Company and the license holder remain committed to the development, production, distribution and sale of cannabis retail brands and products.

A third-party asset management company has purchased the turnkey cultivation infrastructure and equipment and will lease the cultivation facility. New Leaf Enterprises (the license holder) will retain its processor license, allowing it to develop, manufacture, and distribute all cannabis-derived products in the State. New Leaf USA retains the option to purchase the processor license should ownership legislation in the State change in future. The sale of all fixed assets and equipment related to the cultivation facility and release of the facility lease will allow New Leaf to focus its operations on the advancement of processing and distribution of high-quality consumer goods to retailers throughout the State. This transaction is a significant step forward towards aligning New Leaf Enterprises operations with New Leaf Ventures “House of Brands” core mission and business model. Gross sale proceeds to the Company’s subsidiaries pursuant to the divestiture were US$266,797.

Dax Colwell, CEO & Co-Founder, New Leaf USA & Director, New Leaf Ventures Inc. advises, “Everyone, on both sides of the transaction, are thrilled to have this finally completed. As we’ve worked diligently to bring this to a close, time has shown we’ve made the right decision as an organization to step away from indoor cultivation. The team has continued to do exceptional work building out the new procurement model and I commend them for their efforts. Our continued mission is to have trusted and quality brands in the marketplace.”

Additionally, in connection with the appointments of Mr. Garnett, Director and CSO and Mr. Medwid, President and COO, they have each been granted restricted shares rights (RSRs) in the amount of 600,000 RSRs and 1,400,000 RSRs respectively. Both grants are subject to a 24-month escrow release schedule with 20% on date of grant and 20% every six months thereafter.

About New Leaf Ventures Inc. (CSE: NLV) (OTC: NLVVF)
New Leaf Ventures Inc. is developing a cannabis sector-based scalable concept of focused financing and applied management to achieve earnings growth through targeted investment. The Company’s flagship enterprise is New Leaf USA and its subsidiaries, which provide licenses, real property, intellectual property and equipment for lease, certain administrative services and other ancillary services to a Washington-based producer for the processing, packaging, and distribution of cannabis and cannabis related products. Find out more at: https://newleafventuresinc.com/.

For consumer interest visit: https://www.damawashington.com/ and https://damalife.com/.

For further information, please contact:
New Leaf Ventures Inc.
Investor Relations
Tel: +1 (604) 862-2793
Email: investors@newleafventuresinc.com

Forward Looking Statements

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance are forward-looking statements. These forward-looking statements reflect the expectations and beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The CSE does not accept responsibility for the adequacy or accuracy of this release.

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.