Wildflower Secures $600,000 Purchase Order from California
VANCOUVER, British Columbia, Dec. 14, 2017 (GLOBE NEWSWIRE) -- Wildflower Marijuana Inc. (CSE:SUN) (the “Company”) through its recently acquired, King Brand, has received its initial purchase order for approximately CAN$600,000.
Wildflower closed on the purchase of King Extracts in August 2017, acquiring the King Brand, its trademarks and all proprietary formulations. King has been operating in California since 2016 and has established distribution channels. The King purchase gives Wildflower a platform to launch its products in the State of California through King’s existing distribution channels.
In addition, Wildflower signed a Partnership Term Sheet with one of the largest distributors in California with access to over 600 retail cannabis stores. Pursuant to the Partnership, Wildflower received this initial purchase order. The order is intended to supply 50 of their high volume clients as the Company takes a staged approached to product roll-out in order to ensure quality and deliverables.
Wildflower CEO William McLean stated, “With the beginning of a recreational cannabis market in California next month, we believe Wildflower is well-positioned to drive further revenue growth. With our very first PO being in excess of half a million dollars and supplying just 50 of the 600 retail outlets of just one distributor, future potential for Wildflower and King revenues in this market are significant. It is gratifying to receive the first of what we expect to be many such purchase orders. This represents a significant milestone for Wildflower.”
THE CALIFORNIA CANNABIS INDUSTRY
29 states have legalized medical cannabis use and 8 states have legalized recreational use. California will be the latest state to legalize recreational use and sales are expected to be over $6 billion within the first year. This would represent the largest market for cannabis in the world.
Wildflower is a cannabis company focused on developing and designing branded cannabis products. Wildflower sells its CBD+ products online and to retailers throughout the US and also produces and markets its THC products in regulated cannabis jurisdictions.
On Behalf of the Board of Directors
Director and CEO
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The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Canadian Securities Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
The Canadian Securities Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release.