Newstrike Resources Ltd.
TSX VENTURE : HIP

Newstrike Resources Ltd.
Up Cannabis Inc.

Up Cannabis Inc.

January 05, 2018 09:10 ET

Newstrike's Up Cannabis Inc. Receives Health Canada Approval for Amendment to its Producer's License for Sales

Major milestone achieved on path to supplying adult-use cannabis market

TORONTO, ONTARIO--(Marketwired - Jan. 5, 2018) - Newstrike Resources Ltd. (TSX VENTURE:HIP) ("Newstrike" or the "Company") is pleased to announce that Health Canada has approved the application by Newstrike's wholly-owned subsidiary, Up Cannabis Inc. ("Up Cannabis") to amend its license, thereby allowing Up Cannabis to sell cannabis in dried marijuana form, in accordance with Access to Cannabis for Medical Purposes Regulations.

"We are delighted to have achieved this major strategic milestone in our growth strategy," said Jay Wilgar, CEO of Newstrike and Up Cannabis. "We already have a significant inventory in place, a supply agreement with CanniMed, and a unique marketing strategy being developed with our creative partners, The Tragically Hip. Up Cannabis is extremely well-positioned to succeed and very excited to launch when the adult-use market opens in the coming months."

"We have been confident throughout our process that we would receive the regulatory approvals we require to access the exciting opportunities that Canada's adult-use cannabis market will present," continued Mr. Wilgar. "Our team has worked diligently to obtain the necessary regulatory approvals and to position Up Cannabis for success well in advance of the retail market opening later this year. With this approval in hand, we have all of the key strategic elements in place to move forward successfully."

About Newstrike and Up Cannabis

Newstrike is the parent company of Up Cannabis Inc., a licensed producer of cannabis that received its cultivation license on December 19, 2016. Newstrike, together with its strategic partners, 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 tor legislative developments regarding cannabis, sales and the adult-use cannabis market. 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.

There can be no assurance that the legalization of adult-use cannabis will occur, or that it will occur on the terms and conditions contemplated in this news release. 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.

Contact Information

  • PM Rendon
    Director, Communications & Public Relations
    Up Cannabis Inc.
    (365) 773-5432
    pm@up.ca