BURIN, Newfoundland and Labrador, Feb. 09, 2021 (GLOBE NEWSWIRE) — DELTA 9 CANNABIS INC. (TSX: DN) (OTCQX: VRNDF) (“Delta 9” or the “Company”) is pleased to announce its strategic partner Oceanic Releaf Inc. (“Oceanic”) has been granted its cannabis cultivation licenses from Health Canada (the “Health Canada License”) for standard cannabis and processing operations. Delta 9 owns a 5% equity stake in Oceanic’s production facility operations and retail store and has a 20-year supply agreement with Oceanic and the Government of Newfoundland and Labrador.
“We look forward to continuing working with Oceanic on expanding their cultivation and retail operations in Newfoundland,” said John Arbuthnot, CEO of Delta 9. “We are very excited to be able to offer the residents of Newfoundland and Labrador the best selection of cannabis products and to work with Oceanic to create a world class production facility.”
Oceanic has a Strategic Cooperation Agreement (“SCA”) with Delta 9 that provides a variety of services relating to the cannabis production, development of standard operating procedures and sanitation programs, marketing services to develop the Oceanic brand and other services supporting the acquisition of the Health Canada license.
“This is a major milestone for Oceanic and an exciting day for Oceanic as we become a vertically integrated cannabis producer,” said Taylor Giovannini, President of Oceanic. “We are so excited to be able to supply the local market, and beyond, with premium cannabis cultivated right here in our province. Having just opened the first of what we hope will be many retail experiences across the province, including the area’s first cannabis drive-thru. We’re happy to be bringing some well-deserved good news stories to our cannabis industry.”
Oceanic owns an existing 63,000 sq. ft. production facility that will begin growing cannabis hydroponically in a 15,000 sq. ft. portion of the building. This section of the facility is equipped with a state-of-the-art cultivation equipment and includes some of the latest technology surrounding climate control and grow room automation. Oceanic plans to incorporate more innovative sustainability in future phases of expansion. Oceanic expects this phase of the operation to be the first step in a more significant growth strategy to eventually utilize the entire production facility.
Oceanic acquired a variety of 30+ cultivars that vary between Sativa and Indica cannabis strains and include various levels of CBD and THC levels. The initial plan is to begin production with 5 cannabis strains. Oceanic is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market. Oceanic recently opened a 2,300 square feet cannabis store in the Province of Newfoundland and Labrador which is located in Burin Bay Arm on December 15, 2020. The new store is the largest cannabis retail store in the area offering a drive-through option for customers that want to remain in their cars when they make a purchase. This was the first drive-through Cannabis store in Canada. Oceanic will also open a store in St. John’s, NL by the end of 2021 and have plans to expand throughout Newfoundland and Labrador.
For more information contact:
Investor & Media Contact:
Ian Chadsey VP Corporate Affairs
Mobile
: 204-898-7722
E-mail:
[email protected]
About Delta 9 Cannabis Inc.
Delta 9 Cannabis Inc. is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market. The company sells cannabis products through its wholesale and retail sales channels and sells its cannabis grow pods to other businesses. Delta 9’s wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 80,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9’s shares trade on the Toronto Stock Exchange under the symbol “DN” and on the OTCQX under the symbol “VRNDF”. For more information, please visit www.delta9.ca.
About Oceanic
Oceanic is a vertically integrated cannabis company operating out of a 65,000sq /ft cultivation facility. Oceanic is opening its first of two retail stores in Dec 2020. Oceanic will offer fresh, clean products from one of the last unspoiled areas in the world. We will produce premium cannabis for both medicinal and recreational use. With a vast range of products that will suit each individual preference, our offerings are guaranteed to please. We believe that high-quality cannabis can change the world. Based in the rural Newfoundland setting of the Burin Peninsula, Oceanic’s cultivation facility is housed in a converted secondary processing plant nestled in the community of Burin. Oceanic seeks to bring positive change to our communities through employment and wellness initiatives. We believe Oceanic, its products and its retail experiences, will reflect the best of what our province has to offer: creativity, personality and bravery – an uncommon experience for the keen cannabis consumer.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to the Company’s expansion plans. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including all risk factors set forth in the annual information form of Delta 9 dated March 19, 2020 which has been filed on SEDAR. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
