Eve & Co Announces Exclusive LOI with Colio Estate Wines
TORONTO, Nov. 22, 2019 (GLOBE NEWSWIRE) — Eve & Co Incorporated (“Eve & Co” or the “Company”) (TSX-V: EVE; OTCQX: EEVVF) is pleased to announce that its wholly-owned subsidiary, Natural MedCo Ltd., has entered into an exclusive letter of intent (the “LOI”) with Colio Estate Wines, one of Canada’s leading wineries and the company behind the top-selling domestic wine flavoured beverage brand, Girls’ Night Out1. The LOI contemplates developing a premium cannabis-infused beverage for inclusion in Eve & Co’s consumer packaged goods launch and entering into a license agreement for the Girls’ Night Out brand within 60 days. The term of the proposed license agreement is for an initial five years with a five year option in favour of Natural MedCo and contemplates licensing royalties. The Company anticipates distributing a cannabis-infused beverage to enter the adult-use market in 2020.
“We are thrilled to be working with Colio Estate Wines and the wonderful team behind the Girls’ Night Out brand. We’ve been working diligently with their team for quite some time. Colio Estate Wines has proven to be an excellent partner in developing a beverage offering to launch into the Canadian adult-use cannabis market and aligns very well with our female-oriented vision,” said Melinda Rombouts, President and Chief Executive Officer of Eve & Co.“It’s been a pleasure working with Eve & Co as we are like-minded in our focus and culture and share the same corporate values and goals. We look forward to further collaboration with their team on this project and in this emerging sector,” noted Jim Clark, President of Colio Estate Wines.ABOUT EVE & CO INCORPORATEDEve & Co, through its wholly-owned subsidiary Natural MedCo Ltd., holds cultivation and processing licences under the Cannabis Act (Canada) for the production and sale of various cannabis products. Natural MedCo Ltd. was Canada’s first female founded licensed producer of medicinal marijuana and received its cultivation licence from Health Canada in 2016.Eve & Co is led by a team of agricultural experts and has a 220,000 sq. ft. greenhouse licensed for the production, processing and sales of dried cannabis, cannabis plants and processing of cannabis oil located in Strathroy, Ontario. Eve & Co has completed construction of an additional 780,000 sq. ft. expansion, bringing Eve & Co’s total greenhouse capacity to 1,000,000 sq. ft.The Company’s website can be visited at www.evecannabis.ca.ABOUT COLIO ESTATE WINESThe Colio Estate Wines story is one of patience, determination, and perseverance – qualities that remain today at the heart of our winemaking practices and spirit. It was along the Lake Erie Shore, the southernmost and warmest wine region of Ontario, where three Italian bricklayers named Alfredo, Enzo and Tiberio decided to fulfill their life dream of building a world-class winery.Over 35 years later, consumers continue to enjoy the rewards of the hard work and craftsmanship that go into every bottle of Colio Estate wines. The picturesque winery is located in Harrow in the heart of the Essex/Pelee Island Coast Wine Country. Its wines are available at LCBO stores and any of the 14 Colio Wine Boutiques across the province. Colio Estate Wines’ website is www.coliowinery.com1 According to the Association of Canadian Distillers moving annual total for January 1, 2019 through September 30, 2019.