OTTAWA, Nov. 26, 2018
OTTAWA, Nov. 26, 2018 /CNW Telbec/ - LiveWell Canada Inc. ("LiveWell" or the "Company"), (TSXV: LVWL) (CSE: LVWL) has been approved to list its common shares on the Canadian Securities Exchange (CSE). As a result, the Company will voluntarily delist its common shares from the TSXV. The transition will happen seamlessly, with LiveWell listing on the CSE starting today and the delisting from the TSXV will take place in the near future.
Moving to the CSE will allow LiveWell to accelerate its growth plans to become a global leader in the CBD market without restrictions on operating in certain international markets.
"LiveWell is preparing for its transformative progression to a global life sciences company leveraging robust CBD supply chain production capacity, while focusing on a brand development strategy that prioritizes functional products and outcomes," said David Rendimonti, President and CEO of LiveWell Canada Inc. "The CSE embraces transforming companies like LiveWell who are growing beyond the Canadian borders," he added.
Legalization and acceptance of CBD for its health and wellness benefits are accelerating at a rapid pace globally. CBD derived from hemp faces fewer legal restrictions worldwide than cannabis. The Brightfield Group of Chicago estimates the North American market alone for CBD from hemp could reach US$22 billion by 2022. While hemp cultivation, processing and sale activities are currently legal in the U.S., as per the State Farm Act, the anticipated passage of the Hemp Farming Act of 2018 would legalize hemp federally before the end of the year and essentially create the same business environment for hemp as any other agricultural commodity.
"With the CSE listing, LiveWell is now positioned to pursue CBD opportunities not only in Canada, but globally, including the large and important U.S. market. We see this opportunity as immense and immediate. Listing on the CSE versus the TSXV allows us to take advantage of that," Mr. Rendimonti said.
As recently announced, LiveWell has partnered with Vitality CBD Natural Health Products in a major hemp CBD supply deal to a U.S. private equity firm. Commencing in January 2019, the joint venture will wholesale 1,000 kg/month of CBD, increasing to 3,000 kg/month in April. LiveWell will also provide marketing, sales and operational support for selling the hemp CBD to end consumers in North America. This CBD Transaction is expected to be finalized by the end of November, following due diligence and execution of a definitive agreement.
About LiveWell Canada
LiveWell Canada Inc. is an innovative Canadian hemp and cannabis company focused on advanced research on CBD and other cannabinoids, as well as development, distribution, sales and marketing of prescription and consumer health and wellness products. The company has greenhouses under construction in Ontario and Québec. Further, LiveWell is in the process of acquiring Acenzia, an advanced manufacturing and research centre near Windsor, Ontario, which is expected to close by December 31, 2018. For more information, visit livewellcorp.com
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements about the Company and its business. Often, but not always, forward-looking statements can be identified by the use of words such as "plan", "continue", "expect", "schedule", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements (including negative variations) that certain events or conditions "may" or "will" occur. Such statements are based on the current expectations of management. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of unknown and known risk factors and uncertainties affecting the Company. Further, the Company cautions that this foregoing list of material factors is not exhaustive, and readers are encouraged to read all Risk Factors disclosed in the Company's Management Discussion & Analysis dated October 26, 2018.
In respect of the forward-looking statements and information concerning the anticipated benefits and completion of the CBD Transaction and the Acenzia acquisition, including the anticipated timing for completing the respective definitive agreements, the Company has provided such statements and information in reliance on certain assumptions that it believes are reasonable at this time. Further, there can be no assurance that the CBD Transaction and the Acenzia acquisition will occur, or that it will occur on the terms and conditions contemplated in this news release. Following the due diligence, the CBD Transaction and Acenzia acquisition could be modified, restructured or terminated.
The forward-looking information contained in this press release represents expectations of the Company as of the date of this press release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For more information, visit livewellcorp.com
SOURCE LiveWell Canada Inc.
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Media: English - Deborah Stokes, 819 576-3789 - [email protected], French - Dorra Jemail, 819 718-2042 (8:30am-4:30pm), [email protected]; Investors: Nicole Marchand - 416 428-3533 - [email protected]; Company: David Rendimonti, President and CEO, Steven Archambault, Chief Financial OfficerCopyright CNW Group 2018