Toronto, Ontario--(Newsfile Corp. - February 26, 2020) - Beleave Inc. (CSE: BE) (OTCQX: BLEVF) ("Beleave" or the "Company"), a licensed producer of cannabis and cannabis-derived products, continues the roll out of its portfolio of adult use cannabis products with Flyte Classic vape pens, recently relaunched into the Canadian market in conjunction with Volero Brands Inc. ("Volero"). The product is now available in the brand's home province, British Columbia, with Manitoba and Saskatchewan product deliveries this week.
A legacy brand acquired by Volero and produced by Beleave, Flyte Classic wickless, low-profile, ceramic core cartridges are sold in 0.5 gram net weight units (kits include slim-form 100mAh batteries). Each cartridge contains 300 mg of THC and is available through provincial cannabis brick-and-mortar and online stores, as well as Licenced Retail Outlets ("LRO") in British Columbia, Manitoba and Saskatchewan.
"We have focused our efforts to be prepared for a successful launch of Cannabis 2.0 products as Canada moves forward with newly allowed product categories," said Kevin Keagan, Beleave CEO. "With this expansion of our Flyte product into Western Canada and British Columbia, we are excited for Canadians to have access to high-quality, safe alternative cannabis products for which the market has been anxiously awaiting."
Launching in BC was a priority for the Flyte brand, recognizing the supporters who had made it a legacy favourite in its home province.
Beleave has been developing new product lines, including cannabis-infused products, oils, vape pens, and other novel cannabis delivery methods for release throughout 2020 as Canadians are increasingly looking for new and safe ways to consume cannabis.
Operational Update
The Company also announced today that it has closed on a Subscription Agreement (the "Agreement") with a private purchaser (the "Purchaser"), totalling CAD $270,000. The transaction was coordinated by Shaxon Enterprises, with whom Beleave entered into an agreement last month to provide consulting and capital raising services for the Company.
Under the terms of the Agreement, the Purchaser has agreed to subscribe to a total of 1,500,000 common shares, at a price per unit based on a 20-day VWAP. Each unit is comprised of one common share of the Company and one common share purchase warrant of the Company. This entitles the holder to purchase one common share of the Company at an exercise price of $0.05 following a four-month hold and expiring 24 months following the closing date.
Beleave anticipates using the proceeds from the transaction to fund its day-to-day operations and expansion activities.
About Beleave Inc.
Beleave is an ISO certified, Canadian cannabis company headquartered in the Greater Toronto Area that cultivates high-quality cannabis flower, oil and extracts for medical and recreational markets. Beleave is fully licenced to cultivate and sell medical and recreational cannabis and is leading the way through research partnerships with universities to develop pharma-grade extracts and derivatives.
Beleave is developing new product lines, including cannabis-infused products, oils, vape pens, and other novel cannabis delivery methods for 2020. Beleave has developed a network of medical cannabis clinics in Ontario and Quebec under the Medi-Green banner.
About Volero Brands Inc.
Volero Brands is a privately held, British Columbia-based company engaged in the development of a family of cannabis brands and delivery systems for Canadian and international markets. The Company's flagship brand is Flyte, a suite of popular cannabis distillate products.
The Flyte brand and expertise has been licensed in the state of Nevada for concentrates prepared from distillates of phytocannabinoids and packaged in vaporizer pen cartridges. The Company brings deep technical and brand expertise to extraction, formulation, development and marketing of cannabis distillate-based products.
Investor Relations Contact:
Kevin Keagan
Chief Executive Officer
Phone: 1 (647) 449 - 7352
Email: kkeagan@beleave.com
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). The use of any of the words "plan", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking information. These statements are only predictions. Although the Company believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. This information speaks only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com.
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