Green Acre Capital Distribution Corp. Makes an Additional Investment of US$2 million, increasing its interest in the US Distribution Joint Venture to 50%
- Green Acre to invest an additional US$2 million into Joint Venture to distribute Cannabis in the United States with an initial focus on California fulfilling its rights under the previously announced joint venture.
- Green Acre's investment has been funded by an option agreement with Johnson Brothers, a leading wine, spirits, and beer distributor.
- Funds will be used to accelerate Humble's expansion of cannabis distribution operations in California.
TORONTO, March 1, 2023 /CNW/ - Humble & Fume Inc. (CSE: HMBL) (OTCQX: HUMBF) ("Humble" or the "Company"), a leading North American distributor of cannabis and cannabis accessories, announced today that Green Acre Capital Distribution Corp. ("Green Acre") has invested a further US$2 million in HC Solutions Holdings Inc. ("HCI"), a joint venture company established by Humble and Green Acre for the purpose of distribution of cannabis, initially focused on accelerating the Company's expansion into cannabis distribution operations throughout the United States in California. As a result of this additional investment, Green Acre's ownership interest in HCI increases from 45% to 50%, with the other 50% owned by Humble.
As was the case with Green Acre's previous investments into HCI of an aggregate of US$8M, the additional US$2 million now invested was funded through an option agreement with Johnson Brothers, a leading wine, spirits, and beer distributor in the United States. Further information on the JV, Green Acre and Johnson Brothers is set out in the Company's November 15, 2021, April 25, 2022 and September 13, 2022 press releases.
"The recent investment made by Johnson Brothers under their Green Acre option agreement is a testament to their continuous support for our expansion efforts in the United States," said Jakob Ripshtein, CEO of Humble. "We are proud to partner with Johnson Brothers, who are recognized for their operational proficiency in the distribution of alcoholic beverages throughout the United States."
Humble & Fume Inc. is a leading North American distributor of cannabis and cannabis accessories, supported by a customer-centric sales team and a strong fulfillment infrastructure. As the only fully integrated cannabis distribution solution, Humble bridges the gap for retailers, licensed cannabis producers, multi-state operators, and cannabis consumers to maximize sales penetration, and increase financial performance. With over 20 years of North American operating experience, Humble has cultivated extensive vendor and customer relationships, distributing premium cannabis consumables and consumption devices.
Johnson Brothers Liquor Company is a family-owned wine, spirits, and beer distributor with headquarters in St. Paul, Minnesota. The company has been servicing its customers throughout the United States since 1953. To learn more about their story, services, and locations, please visit www.johnsonbrothers.com.
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the proposed listing on the CSE, the focus of the Company's business, and intentions of those subject to early warning disclosure requirements. Any such forward-looking statements may be identified by words such as "expects", "anticipates", "intends", "contemplates", "believes", "projects", "plans" and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Statements about, among other things, Humble & Fume Inc.'s strategic plans including future growth opportunities and strategies in the United States are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that such forward-looking statements will occur as described herein. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances or actual results unless required by applicable law. Readers are encouraged to refer to the Company's disclosure available on its SEDAR profile (at www.sedar.com) for information as to the risks and other factors which may effect the Company's business objectives and strategic plans.
SOURCE Humble & Fume Inc.
Matthew MacKay, CFO, Humble & Fume, Inc., [email protected], 1-877-438-4367
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