Geyser Brands Inc. Announces Closing of Agreement with Hanma Investment Group
VANCOUVER, BC, June 08, 2020 /CNW/ - Geyser Brands Inc. (TSXV: GYSR) (OTC: GYSRF) ("Geyser Brands" or the "Company") is pleased to announce that it has completed the strategic partnership and investment agreement ("Agreement") with the largest hemp company in China, Hanma Investment Group ("HMI").
HMI is China's largest comprehensive hemp conglomerate and an industry leader and innovator in China and globally. It is one of the largest producers of hemp-extracted CBD in the world, has industry leading patented technology, and has established a strong presence in numerous downstream areas of cannabis industry.
HMI has become a strategic shareholder of the Geyser subsidiary, Geyser Management Inc. ("GMI"), by acquiring from the Company 35% of the outstanding shares.
This partnership builds on the relationship and mutual promotion of the businesses in the Greater China and Canada, which includes extending distribution channels for Apawthecary Pets products in Greater China.
Under the terms of the agreement, HMI appoints Geyser as the exclusive agent of HMI for the sourcing, procurement or export, directly or indirectly, in or from Canada of all varieties of cannabis, all varieties of hemp and any extracts including cannabinoids. As further consideration for the shares, HMI has provided Geyser with a $2,000,000 Canadian dollar credit note, where the parties will agree on the delivery of a range of products necessary for the business, including manufacturing machinery, extraction technology, packaging materials and where legal, cannabidiol needed for end products, including CBD Isolate, Full Spectrum CBD oil, water soluble CBD, and specific Cannabinoids. HMI will also have the right to appoint up to two members of the GMI board.
About HMI
Hanma Investment Group Co., Ltd. (HMI Group) is committed to promoting the industrial revolution of biomass to replace minerals and becoming the world leader in hemp comprehensive application industry. HMI Group is a leading company of Asian cannabis industry and enjoys great reputation. For years, HMI Group has made positive contribution to the vigorous development of industrial use and medical use of hemp in China and made great achievements in setting industry standards and norms. At present, HMI Group is the only legal investment company in China focusing on the whole industrial chain of industrial hemp and the direction of biopharmaceutical.
As the industry leader, HMI Group focuses on the whole industrial chain investment of industrial hemp, from breeding, planting, extraction, R&D to production and sales worldwide, covering areas of biopharmaceutical, food, health food, beauty and cosmetics, medical devices, textiles, new materials, etc. In the meantime, HMI Group keeps deepening the industry analysis and industry layout, actively developing technical and product iterations, doing research and implementing the "patent pool" strategy, strengthening the creation and application of intellectual property rights, establishing media information platform to expand the social influence of enterprise, building a global product sales network, steadily entering the global market.
About Geyser Brands
Geyser Brands Inc. develops consumer product brands in the health and wellness sector that use hemp and CBD as a value-added ingredient. These involve next-generation formulas that focus on the mix of cannabinoids for specific conditions such as insomnia, anxiety and pain. Proprietary delivery technologies include all natural nano-technology, slow-release mechanisms and non-molecule degrading baking processes. In anticipation of coming edibles legislation, and with its Health Canada approved Licensed Production Facility, Geyser Brands has 15,000 square feet in two GMP facilities in Vancouver, BC.
For more information, visit Geyser Brands' website at www.geyserbrands.com.
On Behalf of the Board of Directors
"Andreas Thatcher"
____________________________________
Andreas Thatcher
Director and CEO
[email protected]
This news release contains forward–looking statements and forward–looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward–looking statements or information. Forward–looking statements and information are often, but not always, identified by the use of words such as "appear", "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward–looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the marijuana industry in general such as operational risks in growing; competition; incorrect assessment of the value and potential benefits of various transactions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and government regulations. Accordingly, readers should not place undue reliance on the forward–looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information relating to Geyser is available at www.sedar.com.
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SOURCE Geyser Brands Inc.
#330 - 321 Water Street, Vancouver, B.C., V6B 1B8, www.geyserbrands.com | [email protected]
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