Canada NewsWire
VANCOUVER, BC, Sept. 25, 2020
Infused beverage expert reports significant progress on key objectives and new initiatives
VANCOUVER, BC, Sept. 25, 2020 /CNW/ - Emerging leader in infused cannabis beverages, BevCanna Enterprises Inc. (CSE: BEV) (OTCQB: BVNNF) (FSE:7BC) ("BevCanna" or the "Company"), is pleased to provide an update today on the progress it has achieved since the last update on February 25, 2020, and the strategic developments that will take the Company through 2020 and beyond.
"We're extremely pleased with the progress we've made in the strategic objectives that we set out earlier this year," said John Campbell, Chief Strategy Officer at BevCanna. "Though these have been challenging times for everyone, we've been able to achieve our key goals. We've moved forward with our Standard Processing License, we've finalized significant partnerships and we've signed a number of white-label clients."
"We've taken this opportunity to build a solid foundation, positioning the Company well to gain a leadership position within the infused beverage category," continued Mr. Campbell. "With this foundation in place, we're also now solidifying our leadership team, so that we're prepared to immediately execute."
In 2020, the Company has been focused on the following core assets, operations, and objectives:
1) High Capacity Beverage Manufacturing Facility Near Osoyoos, BC, Canada.
2) White-Label Beverage Agreements
3) Canadian Branded Product Commercialization:
Keef Brands
Cali-Bloom
BevCanna is currently in late-stage discussions to partner with a leading Canadian Licensed Producer ("LP") to distribute its products to provincial cannabis distribution boards through the LP's Health Canada issued Sales License. This will allow BevCanna to begin distribution of its white-label client products, Keef branded products and Cali-Bloom branded products across Canada in Q4 2020, bridging the gap until the Company receives its own Sales License, expected in early 2021.
4) Expansion of Canadian Distribution
5) Assessment of Cannabis Cultivation Strategy
After a full strategic review of the Canadian cannabis market, BevCanna has decided to allocate its resources in the near term to its two core strengths.
The Company has determined that the current market for cannabis flower and biomass is oversupplied at present and that initiating a large-scale cultivation operation would deviate from BevCanna's current core focusses in Canada. The company will continue to evaluate both the external market for cannabis and its own cannabis biomass requirements and may at a later date decide to initiate outdoor cultivation.
6) Introduction of BevCanna Product Lines into the U.S. Cannabis Beverage Market, via Acquisition of Pure Therapy Natural Products E-Commerce Platform
7) US Cannabis (THC) Strategy
BevCanna's strong asset base, unique value proposition and broad industry relationships position it well to become a leader in the regulated Canadian retail cannabis market. The Company's world-class beverage manufacturing facility, innovative and appealing brands and significant white-labelling capabilities are unmatched in the Canadian market.
BevCanna's newly acquired U.S. e-commerce hemp-based CBD and natural health products platform will also fuel the Company's U.S. and global expansion. Leveraging the platform's proven Direct-to-Consumer (DTC) retailing capabilities to market both established successful natural health products and BevCanna's own innovative and appealing brands will be key in the Company's overall growth strategy.
About BevCanna Enterprises Inc.
BevCanna Enterprises Inc. (CSE: BEV, OTCQB:BVNNF, FSE:7BC) develops and manufactures cannabinoid–infused beverages and consumer products for in–house brands and white label clients. With decades of experience creating, branding and distributing iconic brands that have resonated with consumers on a global scale, the team demonstrates an expertise unmatched in the emerging cannabis beverage category. Based in British Columbia, Canada, BevCanna owns the exclusive rights to a pristine spring water aquifer, access to a world–class 40,000–square–foot, HACCP certified manufacturing facility, with a current bottling capacity of up to 210M bottles per annum. BevCanna also recently acquired US natural health and wellness e-commerce platform Pure Therapy. BevCanna's vision is to be a global leader in infused innovations.
On behalf of the Board of Directors:
John Campbell, Chief Financial Officer and Chief Strategy Officer
Director, BevCanna Enterprises Inc.
Forward-Looking Information
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company, including the statements regarding: that the Company expects to receive its Standard Processing Licence imminently; the strong pipeline of additional potential white-label clients; that the Company expects significant demand and subsequent growth in the white-label manufacturing vertical in the coming year; that entry into a partnership with a leading Canadian Licensed Producer ("LP") to distribute its products to provincial cannabis distribution boards through the LP's Health Canada issued Sales License will allow BevCanna to begin distribution of its white-label client products, Keef branded products and Cali-Bloom branded products across Canada in Q4 2020, bridging the gap until the Company receives its own Sales License, expected in early 2021; that BevCanna began commencing provincial sales discussions in September 2020 in anticipation of receipt of its processing license and anticipates expanded distribution as these agreements are finalized; that BevCanna began commencing provincial sales discussions in September 2020 in anticipation of receipt of its processing license and anticipates expanded distribution as these agreements are finalized; that the distribution network will extend to traditional Canadian grocery and mass-market retail when regulations allow; leveraging the existing strong network of BevCanna's strategic partner Naturo Group; that BevCanna will continue to evaluate both the external market for cannabis and its own cannabis biomass requirements and may at a later date decide to initiate outdoor cultivation; that BevCanna intends to further expand and launch its own CBD proprietary products directly into the global health and wellness market, including the burgeoning U.S. CBD market once an encompassing brand alignment exercise has been completed; that the Pure Therapy acquisition will allow the Company to achieve profitability targets through data analysis, strategic customer acquisition and supply chain management and that more information will be disclosed in the coming weeks; BevCanna is also actively evaluating alternative distribution options, including independent natural health and specialty retailers, with the goal of driving revenue and developing brand recognition for BevCanna products; the Company will leverage brand recognition when the expected regulatory recognition of CBD as a food ingredient occurs, by targeting larger grocery and mass market retailers and tapping into the anticipated explosive growth of the CBD-infused beverage market; BevCanna's newly acquired U.S. e-commerce hemp-based CBD and natural health products platform will also fuel the Company's U.S. and global expansion and that leveraging the platform's proven Direct-to-Consumer (DTC) retailing capabilities to market both established successful natural health products and BevCanna's own innovative and appealing brands will be key in the Company's overall growth strategy; and other statements regarding the business plans of the Company.
Forward-looking statements are based on certain assumptions regarding the issuances of licences by Health Canada to the Company under the Cannabis Act; a continued high regulatory barrier entry for cannabis-infused beverages; successful and timely commercialization of the company's products; successful and timely negotiation of various agreements; and expectations with respect to the future growth of recreational cannabis products. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. The assumptions of the Company, although considered reasonable by it at the time of preparation, may prove to be incorrect. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, the Company not being issued licenses by Health Canada; risks associated with general economic conditions; risks associated with climate and agriculture; changes in consumer preferences; adverse industry events; future legislative, tax and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the inability to implement business strategies; competition; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of the Company which are available on SEDAR at www.sedar.com. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
SOURCE BevCanna Enterprises Inc.
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