Naturally Splendid and Wahupta Ventures Inc. Complete Further Financings and Proceed with Processing License
VANCOUVER, British Columbia, Nov. 22, 2018 (GLOBE NEWSWIRE) — NATURALLY SPLENDID ENTERPRISES LTD. (“Naturally Splendid” or “NSE”) (TSX-V: NSP)(OTCQB: NSPDF) is pleased to announce that Wahupta Ventures Inc. (“Wahupta”) has accelerated its subscriptions for the second and third tranche under the previously announced cooperation agreement (the “Cooperation Agreement”) whereby Wahupta has committed to invest up to $2,000,000 (the “Investment”). Wahupta has subscribed for $350,000 at $0.18 per share in lieu of completing two tranches over an extended period of time at a price of $0.27 per share. These proceeds will be used to advance our new application for a Processing License under the new Cannabis Act and for working capital. The fourth and final tranche under the Cooperation Agreement will consist of the remaining $1,500,000 and is anticipated to close in 45 days from the close of tranches 2 and 3. Proceeds of the fourth tranche will be used to complete the installation of an extraction facility by NSE’s subsidiary, Naturally Splendid Extracts Ltd. (“NS Extracts”), for the purposes of NS Extracts becoming a Licensed Dealer under the Narcotic Control Regulations (Canada).
Naturally Splendid previously applied to be a licensed dealer under the previous regulations. Under the new Cannabis Act, existing applications to be a licensed dealer will be able to migrate into the new regulatory framework to obtain a Processing License.
A Processing License allows a holder to grow their market reach in the pharmaceutical industry as well as the growing natural health product and nutraceutical industries, being revenue generating avenues which are closed to cannabis cultivators. This market advantage is especially strong in the increasingly important realms of cannabis R&D, testing and analytics, the extracts market and the emerging international cannabis markets.
Naturally Splendid CEO Mr. Douglas Mason states, “Accelerating the investment commitment from Wahupta allows NSE to proceed with the new application for a Processor’s License and advance initiatives set forth by both parties. This evidences our strong relationship with Wahupta and our combined commitment to be leaders in the industrial hemp industry. We look forward to providing updates on the license application and granting process as they develop.”
Wahupta CEO Warren Cudney states, “We are excited to have expedited our investment commitment and accelerated the new licensing process. Not only does this make sense from a financial perspective, but also offers the mutual benefit of being in the extraction business at the earliest possible date. Naturally Splendid has demonstrated continued dedication to achieve our goals in the hemp industry and we are confident in the team we’ve assembled.”
The financing is subject to acceptance of the TSX Venture Exchange. See the news release dated October 9, 2018 for additional information on the Cooperation Agreement and the Investment.
About Wahupta Ventures Inc.
Please visit Wahupta’s website for more information: www.wahupta.com
About Naturally Splendid Enterprises Ltd.
Naturally Splendid is a biotechnology and consumer products company that is developing, producing, commercializing, and licensing an entirely new generation of plant-derived, bioactive ingredients, nutrient dense foods, and related products. Naturally Splendid is building an expanding portfolio of patents (issued and pending) and proprietary intellectual property focused on the commercial uses of industrial hemp cannabinoid compounds in a broad spectrum of applications.
For more information e-mail firstname.lastname@example.org or call Investor Relations at 604-673-9573
On Behalf of the Board of Directors
Mr. Douglas Mason
Naturally Splendid Enterprises Ltd.
(NSP – TSX Venture; NSPDF – OTCQB; 50N Frankfurt)
#108-19100 Airport Way
Pitt Meadows, BC, V3Y 0E2
Office: (604) 465-0548
Fax: (604) 465-1128
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Naturally Splendid cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Naturally Splendid’s control, including Naturally Splendid’s ability to compete with large food and beverage companies; sales of any potential products developed will be profitable; sales of shelled hemp seed will continue at existing rates or increase; the ability to complete the sales of all bulk hemp seed purchase orders; and the risk that any of the potential applications, including its application to become a Licensed Dealer, may not receive all required regulatory or legal approval. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Naturally Splendid undertakes no obligation to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.