TORONTO, April 26, 2018 (GLOBE NEWSWIRE) -- Newstrike Resources Ltd. (TSXV:HIP) ("Newstrike" or the "Company”) the parent company of Up Cannabis Inc. (“Up Cannabis”) a licensed producer of cannabis and related products, today reported its financial results for the twelve-month period ended December 31, 2017. Copies of the financial statements, notes and related MD&A may be accessed at www.newstrike.ca or www.sedar.com.
The Company is also pleased to provide an overview of the key milestones achieved both year-to-date and over the last 12 months.
“In just under 12 months, Newstrike has made extraordinary progress towards its goal of becoming a top-five cannabis company”, noted Jay Wilgar, Newstrike’s CEO. “Our balance sheet is strong, our production-capacity is fully-funded and we have the resources, platform and people to selectively seize the right strategic growth opportunities which deliver sustained value to our investors and stakeholders.”
Milestones Achieved
Licensing & Production
Up Cannabis’ license was successfully amended to permit the sale of cannabis in all acceptable forms:
The Brantford Facility:
The Niagara Facility
Brand Development and Marketing
Assembled Seasoned Marketing Team
Executing Brand-Focused Strategy Supported by Key Partnerships
Capital Markets/Financing Activity
$92 million “Bought Deal” Financing
Enhanced Liquidity
Significantly Strengthened Balance Sheet
Received Aggregate of $14.1 million
Converted, Repaid or Paid-Out an Aggregate of over $9.3 million of Secured Debt and Lease Financing
Annual General and Special Meeting of Shareholders
Newstrike’s annual and special meeting of shareholders will be held at Cassels Brock & Blackwell LLP, located at 40 King Street West, Suite 2100, Scotia Plaza, Toronto, Ontario, M5H 3C2, on May 22, 2018 at 2:00 p.m. EDT. Copies of the management information circular and form of proxy are being mailed to shareholders and also available at www.sedar.com.
For further information, please contact:
Jay Wilgar, Director and CEO
Telephone: (905) 844-8866 ext. 12
Email:ir@newstrike.ca
About Newstrike and Up Cannabis
Newstrike is the parent company of Up Cannabis Inc., a licensed producer of cannabis that is licensed to both cultivate and sell cannabis in all acceptable forms. Up Cannabis is in turn the parent company of Up Cannabis Niagara Inc. Newstrike, through Up Cannabis and together with select strategic partners, including Canada’s iconic musicians The Tragically Hip, is developing a diverse network of high quality cannabis brands.
For more information visit www.up.ca or www.newstrike.ca
Forward-Looking Information
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Newstrike to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements include, but are not limited to, statements relating to Newstrike’s expectations with respect to the production capacity of cannabis, expansion plans and approvals, legalization of adult-use cannabis and timing thereof. Often, but not always, forward-looking statements 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. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date.
Newstrike does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
Neither 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.