Alta Supply and Vista Receive Temporary California Cannabis Distribution Licenses
Ottawa, Canada – January 3, 2018 – CannaRoyalty Corp. (CSE: CRZ) (OTCQX: CNNRF) (“CannaRoyalty” or the “Company”), today announced that on January 2, 2018, Alta Supply Inc. (“Alta Supply”) received a Temporary Cannabis Distribution License (Type 11 – Medical). Vista Distribution Inc. (“Vista”), an Oakland distribution company 49% owned by Alta Supply, received the same class of distribution license the date prior (collectively, the (“Licenses”). These Licenses enable Alta Supply and Vista to engage in commercial cannabis distribution in the state of California, through facilities in Oakland, California. Alta Supply is a distributor of Bhang® vaporizer and Bhang® chocolate products, as well as products for over a dozen other well-known third-party cannabis companies throughout California. As announced on November 28, 2017, CannaRoyalty has executed a binding term sheet to acquire Alta Supply.
“Distribution is going to be an increasingly important part of the value chain moving through 2018 as California transitions to a full recreational adult-use market,” said Marc Lustig, CEO of CannaRoyalty. “In addition to the rapid growth expected in the overall California market, regulations will be enforced beginning July 1st that all sales of cannabis products be distributed through a licensed distributor, like Alta Supply. CannaRoyalty, through its investees, has the broadest disclosed exposure to California State Licenses today and we look forward to an exciting year for the Company and for shareholders as we execute on the opportunities we have in front of us.”
CannaRoyalty-affiliated entities have filed a number of license applications in California. Some highlights regarding those entities and applications may be found in the Company’s press release titled: CannaRoyalty welcomes the transition of California into a full recreational adult-use cannabis market with the public market’s broadest disclosed exposure to California State Licenses, dated January 2, 2018.
CannaRoyalty is an active investor and operator in the legal cannabis industry. Our focus is building and supporting a diversified portfolio of growth-ready assets in high-value segments of the cannabis sector, including research, consumer brands, devices and intellectual property. Our management team combines a hands-on understanding of the cannabis industry with seasoned financial know-how, assembling a platform of holdings via royalty agreements, equity interests, secured convertible debt, licensing agreements and its own branded portfolio. CannaRoyalty’s shares trade on the Canadian Stock Exchange (CSE) under the symbol CRZ and internationally on the OTCQX under the symbol CNNRF.
For further inquiries, please contact:
Marc Lustig, CEO
Jonathan Ross, CFA
LodeRock Advisors Inc.