VANCOUVER, British Columbia, Jan. 17, 2019 (GLOBE NEWSWIRE) — The Yield Growth Corp. (CSE:BOSS) (BOSQF) is pleased to announce it has entered into a definitive agreement with Bhavna Solecki and Vivek Taneja (“vendors”) to purchase eight wellness beverage formulas designed to be infused with CBD and THC, in addition to a capsule product intended to treat hangovers (the “Night Before Anti-Hangover Capsules”).
The formulas have been developed to offer various health benefits, including an energy boost, hangover treatment, and formulas to boost brain function, reduce anxiety, improve immunity, remove toxins and reduce inflammation. The formulations were developed in India based on Ayurvedic medicine using botanicals, fruit extracts and spices.
Bhavna Solecki is a natural health practitioner and is engaged in research in Ayurvedic science. She has been involved in creating and developing products for Yield subsidiary Urban Juve. Vivek Taneja is an engineer with over 25 years of experience in the beverage industry developing processes for Coca-Cola, Nestle and other beverage companies.
Pursuant to the agreement, Yield has agreed to pay the vendors $100,000 to acquire the assets, payable in 200,000 shares and 200,000 warrants to purchase shares at $0.60 per share for one year. Additional compensation will be paid for filing of a provisional patent and passing stability and preservative testing and commercial launch of the products. In addition, the vendors are entitled to a 2% royalty of net revenues.
Following the acquisition, Yield Growth subsidiary, UJ Beverages will pursue stability and preservative testing and development of a beverage brand and alliances with licensed cannabis manufacturers in Canada and various states in the U.S.
“We are very excited to acquire these formulas as the first acquisition for our cannabis beverage line,” says Yield CEO Penny Green. “We intend to leverage the expertise and international distribution channels that we have developed for our topicals products.”
According to analysts at Canaccord Genuity, cannabis and CBD-infused beverages have the potential to outperform cannabis products, reaching up to 20% of the market for cannabis-containing consumables by 2022.
About The Yield Growth Corp.
The Yield Growth Corp. is dedicated to the rapid, sustainable financial growth of cannabis assets. Its directors and officers have experience working at multi-billion-dollar international companies including M.A.C Cosmetics, Aritzia, Skechers, Best Buy, Future Shop, Pepsi and Coca-Cola.
Yield Growth owns 100% of Urban Juve Provisions Inc., which has synthesized ancient Ayurvedic knowledge and modern techniques to create a catalogue of over 50 exceptional personal care and wellness products. Urban Juve has registered with Health Canada 26 products containing cannabis sativa hemp oil. The company has also filed 11 provisional patent applications in the United States. Urban Juve’s skin care products are sold through e-commerce and through retail stores in Canada, with distribution agreements signed for the United States and Italy. Urban Juve has licensed its formulas to Yield Growth 100% owned subsidiary UJ Topicals Inc., which is launching its cannabis topicals line through a distribution network of 400 stores in Oregon, U.S.A. UJ Beverages Inc., another Yield Growth subsidiary, is developing a line of beverages for CBD infusion.
Investor Relations Contacts:
Penny Green, President & CEO
Kristina Pillon, Investor Relations
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, intellectual property protection, and sale of, and demand for, Urban Juve and UJ Topicals products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Yield Growth cautions readers not to place undue reliance on forward-looking statements provided by Yield Growth, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Yield Growth expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.