LOS ANGELES, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) (“Irwin” or the “Company”) announced today a licensing and supply agreement with Mockingbird Cannabis, LLC (“Mockingbird Cannabis”) to produce and distribute Irwin Naturals THC products in Mississippi.
Klee Irwin, CEO of Irwin Naturals said, “For 28 years, we have safely cared for the health of our customers, and we look forward to being the trusted friend on the shelves of Mississippi dispensaries for medical marijuana. The state-of-the-art facility that Clint Patterson and his team have put together in Mississippi and their leading position in the market makes Mockingbird Cannabis the perfect partner as we seek to make Irwin Naturals THC products available in every state it is legal.”
Clint Patterson, CEO Mockingbird Cannabis LLC said, “We’re excited that Irwin Naturals chose us to produce and distribute this line of products. Irwin Naturals is a company that has made its name with first-in-class products, and we’re excited to take this next step with them in Mississippi.”
Irwin Naturals was founded in 1994,and has built itself into a brand recognized in 80 percent of American households1 with its best-in-class nutraceuticals, such as its famous “Power to Sleep.” Irwin Naturals products are available in more than 100,000 stores in North America. Under this licensing agreement, Mockingbird Cannabis will augment Irwin Naturals products with THC and make them available to Mississippi dispensaries where they will be sold under the Irwin Naturals brand name.
Mockingbird Cannabis is the largest licensed medical marijuana cultivator currently operating in Mississippi. Its massive facility is located just outside Raymond, totaling more than 163,000 square feet with 16 grow rooms. It’s expected to ultimately employ more than 200 people2. The property was formerly used by the state’s Department of Revenue.
In 2020, Mississippi voters overwhelmingly approved an initiative to legalize marijuana for medical purposes. However, that initiative was struck down by the state’s Supreme Court. The state legislature passed a bill earlier this year to legalize medical marijuana, and it was signed into law by the governor. As of last month, more than 100 dispensaries had been licensed by the state with the expectation that sales will begin by the end of the year.3 Mockingbird Cannabis is expected to be one of the first companies to have product that is ready to market.
Cannabis is now legal in the majority of states. However, because it is not legal at the federal level, products must be approved on a state-by-state basis. As a national brand, Irwin Naturals is leveraging its brand by reaching licensing agreements with cannabis manufacturers on a state-by-state basis. Irwin Naturals previously reached licensing agreements with cannabis manufacturers in California, Colorado, Michigan, Ohio and New Mexico. Additionally, Irwin Naturals has a licensing agreement with Entourage Health Corp. in Canada for a line of cannabis softgels that will be marketed in Canada.
Klee Irwin, CEO of Irwin Naturals said, “We are positioned as one of the first household brands to have a national footprint in THC, and this partnership with Mockingbird Cannabis in Mississippi is a great step toward that goal.”
About Irwin Naturals
Irwin Naturals has been a household name and best-in-class herbal supplement formulator since 1994. It is now leveraging its brand to enter into both the cannabis and psychedelic industries. On a mission to heal the world with plant medicine, Irwin has operated profitably for over 27 years.4 Irwin’s growing portfolio of products is available in more than 100,000 retail doors across North America, where nearly 100 million people know the Irwin Naturals brand.5 In 2018, the Company first leveraged its brand to expand into the cannabis industry by launching hemp-based CBD products into the mass market. The Company is now leveraging its famous halo of brand trust with an objective to become one of the first household name brands to offer THC-based products and psychedelic mental health treatment. Irwin Naturals became a publicly traded company on the Canadian Securities Exchange (CSE) in August 2021. The Company’s shares began to be traded on the OTCQB Venture Market in November 2021. More information on the Company’s stock can be found via Bloomberg as well as the Wall Street Journal.
For investor-related information about the Company, please visit ir.irwinnaturals.com/.
To contact the Company’s Investor Relations department, please call toll-free at (800) 883-4851 or send an email to Investors@IrwinNaturals.com.
“Klee Irwin”
________________________________
Klee Irwin
Chief Executive Officer
T: 310-306-3636
investors@irwinnaturals.com
IR Information
Press Contact
Irwin Naturals Investor Relations
Cassandra Bassanetti-Drumm
T: 310-306-3636
investors@irwinnaturals.com
Forward-Looking Information
This news release contains certain forward-looking statements that reflect the current views and/or expectations of management of the Company with respect to performance, business and future events. Forward-looking statements can often be identified by words such as "may", "will", "would", "could", "should", "believes", "estimates", "projects", "potential", "expects", "plans", "intends", "anticipates", "targeted", "continues", "forecasts", "designed", "goal", “objective,” or the negative of those words or other similar or comparable words. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates. Forward-looking statements in this news release include statements related to information concerning the ability of the Company to perform the terms of the transaction referenced herein; the receipt of all necessary approvals, including regulatory approvals; expectations for other economic, market, business and competitive factors; and the Company actually entering into and doing business in the U.S. cannabis and psychedelics markets. Except for (i) the License and Supply Agreement announced herein and (ii) the other license and supply deals entered into referenced herein, the Company does not have any other active operations or agreements with respect to the entrance into the THC and/or cannabis markets. The potential entrance by the Company into these new business segments are in their preliminary stages and may be subject to approval from the board of directors of the Company as well as any regulatory approval, including that of the Canadian Securities Exchange. These statements are based on numerous assumptions that are believed by management to be reasonable in the circumstances, and are subject to a number of risks and uncertainties, including without limitation: board and regulatory approval, including the approval of the Canadian Securities Exchange; Irwin being able to acquire and/or enter into business relationships to enter into these new markets; the Company obtaining the required licenses; and changes to regulations and laws regarding cannabis or psychedelics. Further information on the regulatory environment and risks will be contained in future disclosures. Forward-looking statements are subject to a number of known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from that which are expressed or implied by such forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and assumptions which are difficult to predict. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. The Company does not undertake any obligation to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither the CSE nor its Market Regulator (as that term is defined in policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Irwin Naturals Inc.
1 Consumer brand recognition information is based on a formal Company survey with a sample size of 500 randomly selected adults.
2 “Inside a $30 million bet on Mississippi’s medical marijuana industry” Mississippi Today, May 18, 2022
3 Mississippi on track to have medical marijuana up and running by year’s end, WLOX, Aug. 21, 2022.
4 Under several corporate structures, Klee Irwin has operated the Irwin brand profitably since 1994, as measured by EBITDA adjusted for extraordinary costs.
5 Consumer brand recognition information is based on a formal Company survey with a sample size of 500 randomly selected adults.
