New Leaf Ventures subsidiary’s manufacturing services agreement
April 12, 2023 By Grow Opportunity Staff
(Globe Newswire) Vancouver — New Leaf Ventures Inc., a management and investment organization dedicated to evaluating, investing, and accelerating advanced stage operations in the North American cannabis sector, says its wholly-owned subsidiary New Leaf Services LLC has executed a manufacturing services agreement with Anonymous Buffalo LLC in Washington State.
New Leaf Services will provide labor for processing and co-packing of specific products for Anonymous Buffalo at the licensed facility of New Leaf Enterprises. Anonymous Buffalo has distribution rights for several brands in Washington State and this agreement allows for predetermined product listings within the brand portfolios to be processed and packaged with all materials provided by Anonymous Buffalo. These brands include industry cannabis pioneer “Solstice” along with several other respected brands within Washington. All finished products will be delivered to Anonymous Buffalo for distribution to their customer base throughout the State.
The team behind Anonymous Buffalo has been operating in the cannabis industry for over a decade, connecting various pieces of the supply chain to put products in the hands of consumers. They pride themselves on their establishment of deeply rooted relationships in the Washington cannabis industry and continue to focus their efforts on partnerships that aide in the creation of a quality and consistent cannabis experience.
“This is a strategic move that further supports our continuous strategy to advance efforts in building out processing and distribution capabilities here in Seattle. Consolidation of the Washington market is happening and teaming with other brands to create centralized processing and distribution will be key in the evolution of the cannabis industry in Washington. New Leaf is working hard to be at the forefront of this necessary consolidation and strives to be the go-to hub for brands alike.” — Dax Colwell, CEO, New Leaf USA, and director of New Leaf Ventures
In addition, the company has entered into a debt settlement agreement with an arms-length creditor to settle CAD$56,990.00 of debt for services provided by the creditor to a subsidiary of the company.
In settlement and full satisfaction of the debt in the amount of CAD$56,990.00, the company has agreed to issue to the Creditor 278,000 common shares in the capital of the company at a deemed issue price of $0.205 per common share.
All common shares issued pursuant to the debt settlement are subject to a statutory hold period of four months plus a day from the date of issuance of the common shares in accordance with applicable securities legislation.
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