SAN JOSE, Calif. – TPCO Holding Corp. (The Parent Company) (NEO: GRAM.U) (OTCQX: GRAMF), a consumer-focused California cannabis company, announced that it has entered into an exclusive brand licensing and cultivation and production agreement with Curio Wellness, to bring the Company’s brands and top-quality products to the State of Maryland, with anticipated market launch in late 2022.
Initial brands to be introduced under the terms of the Licensing Agreement include Monogram, Caliva, Mirayo by Santana, Deli and other TPCO owned brands, in a variety of product form factors including jarred fresh flower, prerolls, premium vapes, and infused gummies and chocolates. Some of the products will feature signature strains of cannabis cultivated by Curio in collaboration with The Parent Company. The Parent Company brands are expected to initially be available at Curio’s Far & Dotter dispensaries, with broad wholesale distribution to dispensaries across the State to follow.
“We are thrilled to complete our first out of state expansion and excited to introduce Maryland to our high-quality branded products,” said Troy Datcher, Chief Executive Officer, and Chairman of The Parent Company. “Curio’s premier indoor-grown cannabis, cGMP certification, and proven execution make them a great partner to provide Maryland’s patients with access to our well-known California brands.”
Mr. Datcher added, “This is an important first step as we build our presence outside of California and I look forward to continuing to partner with operators that share our values, passion for crafting the highest quality products and building brands that resonate with their consumers.”
Michael Bronfein, CEO of Curio Wellness said, “We are focused on providing Maryland’s patients with some of the highest quality, most innovative products that promote a better quality of life. I’m thrilled to welcome The Parent Company’s brands to the Curio family and look forward to working with their team to introduce new bespoke offerings for this important market.”
Under the terms of the Licensing Agreement Curio will exclusively manufacture, distribute, market and sell the Company’s branded products in the state of Maryland according to the highest product specifications and quality standards as established by The Parent Company. The Licensing Agreement has an initial term of four years with further renewal terms and anticipates a potential expanded partnership into additional states.
Forward Looking Statements
This press release contains forward-looking information within the meaning of applicable securities legislation which reflects The Parent Company’s current expectations regarding future events. The words “will”, “expects”, “intends”, “believes” and similar expressions are often intended to identify forward looking information, although not all forward-looking information contains these identifying words.
Specific forward-looking information contained in this press release includes, but is not limited to, statements concerning the availability of the Parent Company’s branded products, the potential product formats to be launched, and the growth potential of the Maryland market. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond The Parent Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward looking information. Such risks and uncertainties include, but are not limited to: changes in general economic, business and political conditions, changes in applicable laws, the U.S. and Canadian regulatory landscapes and enforcement related to cannabis, changes in public opinion and perception of the cannabis industry, reliance on the expertise and judgment of senior management, as well as the factors discussed under the heading “Risk Factors” in The Parent Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 31, 2022 and in the Company’s periodic reports subsequently filed with the SEC and in the Company’s filings on SEDAR at www.sedar.com. The Parent Company undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Caution Regarding Cannabis Operations in the United States
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the U.S. Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute, or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable U.S. federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve The Parent Company of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against the Company. The enforcement of federal laws in the United States is a significant risk to the business of The Parent Company and any proceedings brought against the Company thereunder may adversely affect the Company’s operations and financial performance.
(This information is primarily sourced from TPCO Holding Corp. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).