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SAN MATEO, Calif., June 06, 2019 (GLOBE NEWSWIRE) -- Plus Products Inc. (the “Company” or “PLUS”) (CSE:PLUS) (OTCQX:PLPRF), today announced that it has acquired an option to purchase Emerald Bay Wellness LLC, a California-based cannabis oil manufacturer. The option grants PLUS the irrevocable right, but not the obligation, to purchase all of the business assets of Emerald Bay Extracts for cash and stock consideration.
“Acquiring Emerald Bay would give PLUS the opportunity to directly interact with the cannabis
plant as we work to unlock the many benefits it is capable of delivering,” says Jake Heimark,
Co-founder and CEO of PLUS. “We targeted this acquisition because it allows us to reap the benefits of vertical integration while maintaining a focus on product manufacturing. Beyond the benefits of internalization, we believe that the team at Emerald Bay, possess the professionalism and know-how to rapidly scale their wholesale oil business under our umbrella of resources. Ultimately, this is a rare opportunity to improve quality control, cut costs, and grow revenues all at the same time.”
About Plus Products
PLUS creates low dose and delicious cannabis food products that enhance the everyday lifestyle. PLUS’ mission is to use nature to bring balance to people’s lives - that starts with high-quality, precisely dosed products that deliver consistent experiences. PLUS’ food products, which include gummies and mints in a variety of delectable flavors, are manufactured at PLUS’ own factory in Adelanto, CA, where dosage is tested twice internally and then tested twice again by an independent lab. PLUS is headquartered in San Mateo, CA with 80 employees.
PLUS supports regulation in the cannabis industry and actively collaborates with regulators. The company recently rolled out child-resistant tins a year ahead of the California deadline, and it participates regularly in the National Cannabis Roundtable with John Boehner as honorary chairman.
About Emerald Bay Wellness
Emerald Bay Wellness LLC is a California-based cannabis extraction company that develops and manufactures quality cannabis oils and concentrates. The company sources cannabis input material throughout California and supplies wholesale cannabis oil products to branded product manufacturers across fast growing verticals including edibles, topicals, and vapes. Under its own in-house brand, Emerald Bay sells its own line of vape products to California dispensaries.
For further information contact:
Director of Investor Relations
Tel +1 650.223.5478
Moxie Communications Group
The CSE does not accept responsibility for the adequacy or accuracy of this release.
The financial information included in this press release is not required for any regulatory purpose and is therefore provided solely for additional investor guidance. Where possible the information has been constructed by management from available audited or audit reviewed financial statements. Where no audited or audit reviewed information has been available, additional management accounting information has been utilized to construct the financial information.
This news also release includes statements containing certain “forward-looking information” within the meaning of applicable securities law (“forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur and include, but are not limited to the execution of definitive agreements and the closing of the transaction.. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, the ability to retain key personal, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the continued development of adult-use sales channels, managements estimation of consumer demand in in jurisdictions where the Company exports, expectations of future results and expenses, the availability of additional capital to complete capital projects and facilities improvements, the ability to expand and maintain distribution capabilities, the impact of competition, and the possibility for changes in laws, rules, and regulations in the industry. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.