Production has commenced on Old Pal Products in Arizona Strengthens 'House of Brands' portfolio
YourWay Cannabis Brands Inc. (CSE:YOUR) (OTC:YOURF) (FSE:HOB) (the "Company" or "YourWay"), a multi-state and consumer-centric House of Brands committed to redefining the way consumers and cannabis brands interact, today announced that production of Old Pal products has commenced in Arizona. The initial shipment to dispensaries are scheduled to commence next week.
"When we announced our brand partnership with Old Pal in January of this year, we committed to introducing the product into the Arizona market in the first quarter of 2022," said Jakob Ripshtein, Executive Chairman of YourWay. "Today's announcement that we will be shipping to dispensaries by next week is a testament to the collaborative efforts between our YourWay team and our great partners at Old Pal."
The production and distribution of Old Pal by YourWay is part of the previously announced exclusive multi-year licensing agreement with the cannabis lifestyle company Old Pal for an exclusive right and license to manufacture, produce, promote, distribute, and sell certain Old Pal-branded cannabis products in Arizona, including whole flower, pre-ground flower, pre-rolls, and distillate cartridges in association with the Old Pal brand.
"I'm very proud of everyone who has been part of this Old Pal brand launch in Arizona," said Jake Cohen, Chief Executive Officer of YourWay.
"We are excited to bring the Old Pal shareable experience to Arizona. This is our natural next step in building the first independent national cannabis brand," said Rusty Wilenkin, Co-founder and Chief Executive Officer of Old Pal. "We look forward to Arizonians becoming part of the Old Pal community, and to building one of the most accessible brands in the industry."
Old Pal was launched in June 2018 with the promise of spreading the vision of a lifestyle brand centered around shareable, communal cannabis experiences. As of December 2021, BDSA ranked Old Pal-branded cannabis products as the third overall cannabis brand in their current roster of states. Old Pal is currently available in Arizona, California, Massachusetts, Michigan, Nevada, Ohio and Pennsylvania.
About YourWay Cannabis Brands
YourWay is a publicly-traded, multi-state and consumer-centric House of Brands committed to redefining the way consumers and cannabis brands interact, with sales and operations in Arizona and California. Through building their own brands, partnering with others, and supporting retail partners house brand strategy, they are dedicated to expanding their reach; remolding the cannabis industry and ultimately, redefining the way consumers and cannabis brands interact.
YourWay aims to connect with the cannabis consumer on a deeper level, utilizing decades of brand-building expertise and an integral understanding of the customer experience to create an intuitive suite of branded products that closely aligns with consumer need states. The YourWay portfolio is an all-encompassing house of brands designed to create a sense of belonging for every cannabis consumer regardless of their relationship with the plant. Please visit www.yourwaycannabis.com or follow on Twitter at @yourwaycannabis for the latest news and information about YourWay and its brands.
About Old Pal
Old Pal is a multi-state cannabis lifestyle brand focused on providing value to consumers by offering quality products and trusted consistency. Through Old Pal's strategic relationships within the industry, the brand has secured high quality, dependable production and distribution. With the incorporation of culture-focused design and marketing, Old Pal has defined a much-needed new space within the industry; curating an accessible lifestyle beyond stoner culture via brand efforts and soft goods line, Old Pal Provisions. For more information, please visit oldpal.com and follow Old Pal Provisions on Instagram.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain "forward-looking information" as defined under applicable Canadian securities legislation, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes information regarding: the implementation of the Company's 'House of Brands' cannabis consumer packaged goods strategy; the initial shipments of Old Pal products to Arizona dispensaries; the Company's strategy of building a portfolio of brands to satisfy customer needs; Old Pal's strategy of building an independent national cannabis brand; and expectations for other economic, business, and/or competitive factors. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.
Investors are cautioned that forward-looking information is not based on historical fact but instead reflects management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: regulatory and licensing risks; changes in consumer demand and preferences; changes in general economic, business and political conditions, including changes in the financial markets; the global regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; compliance with extensive government regulation; public opinion and perception of the cannabis industry; the impact of COVID-19; and the risk factors set out in the Company's annual information form dated August 28, 2020, filed with Canadian securities regulators and available on the Company's profile on SEDAR at www.sedar.com.
The Company, through several of its subsidiaries, is indirectly involved in the manufacture, possession, use, sale, and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States. Local state laws where the Company operates permit such activities however, investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable United States federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward nonenforcement against individuals and businesses that comply with recreational and medicinal cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under United States federal law, nor will it provide a defense to any federal proceeding which may be brought against the Company. The enforcement of federal laws in the United States is a significant risk to the business of the Company and any proceedings brought against the Company thereunder may adversely affect the Company's operations and financial performance.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information, which speak only as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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