WINNIPEG, Feb. 1, 2019 /CNW/ - DELTA 9 CANNABIS INC. (TSXV:
NINE) (OTC: VRNDF) ("Delta 9" or the "Company") is pleased to
announce that effective January 31,
2019 (the "Closing Date") it has closed the previously
announced sale of its 50% interest in the Delta West extraction
facility to Westleaf Inc. (TSX-V: WL) ("Westleaf"). Pursuant to the
transaction, Westleaf has issued an aggregate of 5,600,000 common
shares in the capital of Westleaf ("Westleaf Shares") to Delta 9 in
consideration for the acquisition of Delta 9's 50% interest in the
limited partnership that owns the Delta West extraction
facility.
On closing of the transaction, Delta 9 entered into a voluntary
escrow agreement that, in addition to the four month restricted
period required by law, restricts the transfer of the Westleaf
Shares issued under the definitive agreement as to: (i) 1,000,000
Westleaf Shares for a four (4) month period following the Closing
Date; and (ii) 4,600,000 Westleaf Shares for an eight (8) month
hold period following the Closing Date.
About Delta 9 Cannabis Inc.
Delta 9 Cannabis was the
fourth producer in Canada licensed
to produce legal cannabis. Delta 9 now operates its wholly-owned
subsidiary, Delta 9 Bio-Tech Inc., as a licensed producer of
medical marijuana pursuant to the ACMPR and operates an 80,000
square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 also owns
50 per cent of the 70,000 square foot Delta West facility in
Alberta, and co-owns the Delta
Nine Cannabis Store retail network. Delta 9's shares trade on the
TSX Venture Exchange under the symbol "NINE" and on the OTC under
the symbol VRNDF.
Neither the 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.
Disclaimer for Forward-Looking
Information
Certain statements in this release are
forward-looking statements, which reflect the expectations of
management regarding the Company's future business plans and other
matters. Forward-looking statements consist of statements that are
not purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future. Often, but
not always, forward-looking statements and information can be
identified by the use of words such as "plans", "expects" or "does
not expect", "is expected", "estimates", "intends", "anticipates"
or "does not anticipate", or "believes", or variations of such
words and phrases or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved.No assurance can be given that any of the events
anticipated by the forward-looking statements will occur or, if
they do occur, what benefits the Company will obtain from them.
Readers are urged to consider these factors carefully in evaluating
the forward-looking statements contained in this news release and
are cautioned not to place undue reliance on such forward-looking
statements, which are qualified in their entirety by these
cautionary statements. These forward-looking statements are made as
of the date hereof and the Company disclaims any intent or
obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or results or
otherwise, except as required by applicable securities
laws.
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SOURCE Delta 9 Cannabis Inc.