Thrive Announces Supply Agreement with Leading Israeli Cannabis Company
TORONTO, July 30, 2020 (GLOBE NEWSWIRE) — Thrive Cannabis (“Thrive”, “Company”), a licensed producer of premium craft cannabis concentrates and dried flower, based in Simcoe, Ontario, is pleased to announce that it has signed an agreement with one of Israel’s largest cannabis producers to supply it with products for the Israeli medical market.
Under the terms of the agreement, Thrive Cannabis has initially committed to supplying orders of over 500 kg of premium dried flower, generating approximately $1.5 million CDN in revenue. Moving forward it is Thrive’s intention to build out a strong, long-term relationship with the Israeli firm, supplying up to 500 kg of premium dried flower each month. At the time of this release, the initial orders have already shipped from Canada. Thrive estimates that its cannabis shipments will be used to service almost half of Israel’s medical cannabis patients through this leading producer.Canadian Export License and Israeli Import Permit GrantedThrive Cannabis has received both the Health Canada Export License and the Import Permit from the Israeli Ministry of Health necessary for the fulfillment of its agreement. The Company looks forward to supplying flower and other cannabis-based products to the Israeli medical market in compliance with the standards and regulations set by Health Canada and The Pharmaceutical Division of The Israeli Ministry of Health.“This relationship provides Thrive with an excellent, high-volume global supply opportunity for a long-term wholesale agreement on not just our premium dried flower in bulk, but also the potential to move to other formats and introduce our brands in Israel going forward. Only a handful of Canadian producers have so far successfully exported cannabis to International markets such as Israel and it is with great pride that we can now count Thrive among them. We expect this to provide an immediate boost to our corporate volume and revenues,” said Geoff Hoover, Thrive CEO.About Thrive Cannabis:Thrive Cannabis is a privately held, vertically integrated cultivator and processor of premium and ultra-premium craft cannabis and cannabis concentrates, founded in 2018, with production facilities in Simcoe, Ontario. Thrive holds production, sales and outdoor cultivation licenses from Health Canada. Thrive Cannabis is currently developing premium products for the Canadian recreational market that will commence distribution in 2020. To learn more, visit us at thrivecannabis.caCAUTIONARY STATEMENT AND FORWARD-LOOKING INFORMATION
Thrive Cannabis is not a reporting issuer (or the equivalent thereof) in any jurisdiction, is not listed on any stock exchange, and may never become a reporting issuer or listed on any stock exchange, therefore, any securities issued by Thrive Cannabis will be subject to an indefinite hold period which may never expire.This News Release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.This News Release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking information, including, without limitation, statements relating to Thrive Cannabis': (i) business strategy, objectives, and expected growth; (ii) ability to secure and/or maintain all appropriate cannabis licenses in its jurisdiction(s) of operation; (iii) continued growth of the cannabis market; (iv) the effectiveness and popularity of Thrive Cannabis’ business strategy and its ability to bring its products to commercial production; and (v) the ability to reduce production and energy costs through economies of scale.Forward-looking information is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Thrive Cannabis be materially different from those expressed or implied by such forward-looking information, including without limitation: (i) business strategy, objectives, and expected growth; (ii) ability to secure and/or maintain all appropriate cannabis licenses in its jurisdiction(s) of operation; (iii) continued growth of the cannabis market; (iv) the effectiveness and popularity of Thrive Cannabis.Readers are cautioned not to place undue reliance on the above forward-looking information, or any statements related thereto, which should not be construed as exhaustive and speak only as of the date of this News Release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking information is expressly qualified in its entirety by this cautionary statement.For Thrive Investor Relations Inquiries, please contact:
Geoff Hoover, CEO – Thrive Cannabis
Email: Waylon Iserhoff, SVP Finance – Thrive Cannabis
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