TORONTO, June 06, 2018 (GLOBE NEWSWIRE) -- Lineage Grow Company Ltd. (the "Company" or "Lineage") (CSE:BUDD) today announced that the Company has submitted applications to the Oregon Liquor and Cannabis Commission (the “OLCC”) to secure Marijuana Retailer Licenses (the “Licenses”) in connection with the previously announced acquisition of Rosebuds Bakery, LLC d/b/a Terpene Station and Brooklyn Holding Co. d/b/a Terpene Station Portland (the “Terpene Station Acquisition”).
Lineage is engaged in the process of acquiring two retail dispensary locations in Portland and Eugene, Oregon with a view towards establishing vertically-integrated cannabis operations focused on serving the premium quality segment of the Oregon craft cannabis market. In accordance with this process, Lineage has submitted two Marijuana Retailer Applications to the OLCC to secure the Licenses. The Licenses would allow the Company to operate the Terpene Station retail dispensaries upon completion of the Terpene Station Acquisition.
Upon approval from the OLCC to operate the Terpene Station dispensaries and satisfaction of other closing conditions, Lineage intends to complete the Terpene Station Acquisition, and to roll-out an integration and performance improvement initiative to maximize value by deploying best-in-class operating procedures and marketing strategies.
Completion of the Terpene Station Acquisition will be subject to satisfactory final completion of due diligence, execution of a definitive agreement, and the approval of the license applications by the OLCC. There can be no assurance that the Terpene Station Acquisition will be completed as proposed or at all.
About Lineage Grow Company Ltd.
Lineage Grow Company Ltd. is a reporting issuer that is listed on the Canadian Securities Exchange ("CSE"). Lineage is focused on assembling licensed operators with good growth potential and superior management, either through direct acquisition or through joint ventures, with an aim towards a dominant vertically-integrated cannabis business that leverages best-in-class cultivation, brands, distribution, and retail assets. Lineage is targeting legalized cannabis markets across multiple jurisdictions in the United States and Canada and is seeking to deploy best practices in cultivation, branding, distribution, and retail management to drive performance across the Company’s asset base. Lineage has entered into binding letters of intent to purchase two cannabis dispensaries in Oregon, one in San Jose, California, and a 35% interest in one in Maryland.
For further information, please contact:
David Posner, Director
Lineage Grow Company Ltd.
1(647)985-6727
Email: dposner@lineagegrow.com
This news release may contain forward-looking statements and information based on current expectations. Any such forward-looking statements may be identified by words such as "expects", "anticipates", "believes", "projects", "plans" and similar expressions. Forward looking information in this news release includes the following statements: (i) management's plan towards establishing a vertically-integrated cannabis operation focused on serving the premium quality segment of the Oregon craft cannabis market; (ii) management's intention to complete the Terpene Station Acquisition, and to roll-out an integration and performance improvement initiative to maximize value by deploying best-in-class operating procedures and marketing strategies; (iii) management's plan to establish dominant vertically-integrated cannabis businesses that leverage best-in-class cultivation, distribution, and retail assets; (iv) management's intention to target legalized cannabis markets in the United States and Canada; and (v) management's plan to deploy best practices in cultivation and retail management to drive performance across the Company’s asset base. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such risks include operational risks; U.S. federal regulation risks; variation in state regulations; change of cannabis laws; security risks; risks related to operational permits and authorizations; risks on liability, enforcement complaints etc.; banking risks; risk that the Company’s limited operating history makes evaluating its business and prospects difficult; need for funds; risk that the Company may be exposed to infringement or misappropriation claims by third parties, which, if determined adversely to the Company, could subject the Company to significant liabilities and other costs; risk that the Company may need to incur significant expenses to enforce its proprietary rights, and if the Company is unable to protect such rights, its competitive position could be harmed; risks related to trade secrets; risk that Company is dependent upon its existing management, its key research and development personnel and its growing and extraction personnel, and its business may be severely disrupted if it loses their services; risk of potential for conflict of interest; risk related to inability to innovate and find efficiencies; competition risks; risk that a drop in the retail price of medical marijuana products may negatively impact the business; consumer acceptance of marijuana; potential future acquisitions and/or strategic alliances may fail to materialize and may have an adverse effect on the Company’s ability to manage its business; risk on management of growth; risk related to general economic trends; tax risk and currency fluctuation risks. For details of the risks faced by the Company, please see the Company's listing statement dated February 26, 2018 available at www.sedar.com under the Company's profile. There is no certainty that any of these events will occur. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by applicable securities laws.