OAKVILLE, ONTARIO--(Marketwired - Dec. 5, 2016) - Canadian Cannabis Corp ("CCAN" (OTC PINK:CCAN), or
the "Company") is pleased to announce that it has signed a Letter of Intent ("LOI") with Tree of Knowledge Inc., ("EVRCBD" https://evrcbd.com/) a vertically integrated producer and distributor of hemp based Cannabidiol ("CBD") products, located in Spokane, Washington. As contemplated by the LOI, EVRCBD will merge with and become a wholly owned subsidiary of CCAN. The merger is expected to be completed subsequent to the completion of a definitive agreement and plan of merger.
CBD is a natural constituent of oil that is extracted from a hemp plant and is one of hemp's many non-psychoactive compounds. While Hemp also contains many other cannabinoids, CBD is the most predominant in the plant's biological makeup. CBD that is derived from hemp is legal in all 50 states and more than 40 countries.
"This is an ideal movement for our company into the US Market," said Scott Keevil, CEO of CCAN. "Their products and professionalism are well respected throughout the industry, with existing sales to customers in all 50 states as well as in Europe and South America. We feel there are significant synergies to be gained with our distribution channels in Canada, not limited to our wholly owned subsidiary, The Clinic Network."
Brian Main, CEO of EVRCBD added, "In this new and fast paced industry, the race to new markets means aligning with others who understand the importance and the dangers of rapid expansion. Our next phase for expansion is joining with CCAN to break into new high value markets. CCAN understands the power of the multiple; we will look to this next phase of our business as a step in the right direction for our growth & revenue streams."
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "contemplated by", "will", "expected to", "feel" and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance.
Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, our ability to reach a definitive agreement with EVRCBD, successful completion of due diligence and both parties satisfaction of any conditions precedent to closing, including no material changes in the business of the two companies, adequate financial resources available and approval by EVRCBD's shareholders.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
About Tree of Knowledge Inc.
EVRCBD is an emerging company in the high growth CBD-Rich Hemp Oil Industry, manufacturing the highest quality CBD (Cannabidiol) rich products on the market today. All products are made with cannabinoids extracted from controlled strains of industrial hemp making them legal in all 50 states and 52 countries. The CBD contained in our products is extracted from organically grown hemp using a CO2 supercritical and proprietary extraction process whose output provides the purest product available today and without the use of toxic solvents.
About Canadian Cannabis Corp.
Canadian Cannabis Corp is pursuing a business plan focused on entering strategic transactions in the distribution chain of medical marijuana. The Company believes its business model of engaging in strategic transactions to solidify the distribution chain by matching suppliers with a consistent demand source and providing suppliers with expert production consulting will bring a strategic advantage to the marketplace.