Eden Empire Announces Pre-Qualification Approval in the State of Michigan
VANCOUVER, British Columbia and BATTLE CREEK, Mich., Aug. 04, 2020 (GLOBE NEWSWIRE) — Eden Empire Inc. (the “Company” or “Eden”), a cross-border operator in both Canada and the United States, today announced that it has completed the most comprehensive portion of Michigan’s two-step application process for adult-use marijuana licensing, being pre-qualified for a cultivation and processing license by the Department of Licensing and Regulatory Affairs (LARA) Medical Marihuana Licensing Board. The pre-qualification represents the authorization of the entity to move forward with the licensing process for its intended facilities. As part of the first step, which is prequalification, all application materials, background checks, and payment of the application fee would have needed to be submitted. Furthermore, under Michigan’s law, the Michigan Regulatory Agency (MRA) will only accept recreational cannabis retail license applications from persons currently holding a medical marijuana operating license.
“We continue to make inroads into jurisdictions with high barriers to entry, such as Michigan, which is a vertically integrated state, and executing on our strategy of becoming the premier cannabis retail dispensary brand in North America,” said Eden Empire CEO and Co-founder Gerry Trapasso. “Entering Michigan enables Eden to enter a market with a population of approximately 10 million people, and one, where recent state weekly sales are over US $20 million. Additionally, as of June 2020, recreational sales in Michigan have surpassed those of medical sales for the first time, despite medical dispensaries outnumbering adult-use dispensaries by nearly 3 to 1. This is quite prolific, understanding that recreational sales in Michigan only started in December 2019.”“Pre-qualification is the most significant regulatory hurdle in the Michigan licensing process. The second and last step includes a review of the proposed retail establishment, including physical inspection, as well as payment of the license fee once approved. We are well on our way to meeting this second step and are building out our Battle Creek location as we speak. We will update the market in short order once we have completed the second step and are open to the public for business.”“Having started our journey in Canada, this is our first entry into the US market and we will continue to pursue our strategy of becoming the go to brand for cannabis users who expect exceptional quality, efficiency, and range of product.”“Finally, this great news of our Michigan licensing coincides well with Eden Empire’s public listing in early September. We have secured our ticker symbol on the Canadian Securities Exchange (CSE) under “EDEN.” We will reach out to our investors and to the marketplace once we have secured the date of trading and provide more details on our listing as well as an update on where we are with the rest of our operations at that time.”Michigan Market:Michigan is the 10th largest state in the country with a population of nearly 10 million people and approximately 277,000 registered patients in the state’s medical cannabis program. According to ArcView Market Research/BDS Analytics, the Michigan market has grown from only medical spending of $632 million in 2018 to an expected $321 million in medical and $929 million in adult-use sales by 2024. As of July 2020, Michigan’s adult-use cannabis industry has sold more than $200 million in recreational marijuana products and has generated nearly $35 million in excise and sales tax revenues. Recreational sales in Michigan did not begin until December 2019.About Eden EmpireNeither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.Eden Empire is a reporting issuer in the business of investments and operations in the cannabis sector and engaging in retail cannabis sales. It is the intention that Eden Empire will expand its business to cannabis cultivation, extraction and processing and become a fully integrated cannabis product company in Canada and the United States. Eden Empire holds several trademarks, some with common law rights and some registered trademarks, agreements for the acquisition of license applicants in various U.S. states and Canadian provinces and has acquired interests in land where it anticipates operating. Eden Empire has an award winning and established nationwide brand, including a substantial intellectual property portfolio, and a dedicated management team with over 20 years of combined cannabis industry experience. Upon completion of Eden Empire’s currently intended acquisitions, and approval to operate its retail locations, the Company is expected to have the largest retail cannabis footprint in British Columbia.Eden Empire is expecting the approval of regulators in British Columbia, Ontario and Michigan for licenses to operate cannabis retail stores, and cultivation and processing facilities. It is expected that following the issuances of these licenses and the commencement of its operations, Eden will have a significant presence in the retail cannabis space in British Columbia. Retail cannabis operations are an emerging sector with significant cash flow potential. Public information shows that cannabis retail currently has one of the highest grossing sales per square foot of all retail segments in North America.For further information please contact;Gerry Trapasso, CEO[email protected]This press release is not an offer of securities for sale in the United States, and the securities described in this press release may not be offered or sold in the United States absent registration or an exemption from registration. The securities have not been and will not be registered under the United States Securities Act of 1933.Cautionary Statement Regarding Forward-Looking InformationThis news release contains forward-looking statements relating to product development, licensing, commercialization of its Vital Intelligence technology and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.