ST. JOHN'S, Newfoundland and Labrador, June 15, 2020 (GLOBE NEWSWIRE) -PRESS RELEASE- Delta 9 Cannabis Inc. has entered into a definitive agreement with Oceanic Releaf Inc. and Taylor Giovannini and to acquire a 5% interest in the common stock of Oceanic in exchange for the provision by Delta 9 of certain consulting and training services to Oceanic. Delta 9 has also entered into an agreement with the Canadian province of Newfoundland and Labrador, Newfoundland and Labrador Liquor Corporation and Oceanic pursuant to which Delta 9 will supply cannabis and cannabis-related products in that province.
"We are looking forward to working with Oceanic to further assist start-up cannabis companies grow and flourish. We also look forward to bringing our portfolio of high quality Delta 9 products into the Province of Newfoundland and Labrador," said John Arbuthnot, founder and CEO of Delta 9. "This marks Delta 9’s first direct investment in a cannabis company in Newfoundland and Labrador and when looking for opportunities to do so in that Province, Oceanic stood out as a clear choice."
"We are thrilled to move forward with the Province of Newfoundland and Labrador, NLC and Delta 9. Together we will cultivate amazing cannabis, create a memorable retail experience and revitalize the community of Burin,” said Giovannini, founder and president of Oceanic. “We are so excited by the opportunity to work with a company like Delta 9, to learn from them, and especially to see them invest in our Province. It’s proof that we have the potential to contribute something special to the cannabis industry, both here at home and around the world – fresh, clean products from one of the last unspoiled areas in North America. Strategic partnership with Delta 9 will elevate Oceanic’s expertise and expedite products to market."Consideration for the common shares acquired by Delta 9 in the capital stock of Oceanic will be paid by way of the provision of certain consulting and training services to Oceanic over a term of one year pursuant to a strategic cooperation agreement.
