VANCOUVER, British Columbia, Oct. 25, 2018 (GLOBE NEWSWIRE) -- NATURALLY SPLENDID ENTERPRISES LTD. (TSX-V: NSP) (OTCQB: NSPDF) is pleased to announce that it has closed the first tranche under its cooperation agreement with Wahupta Ventures Inc. (“Wahupta”) by issuing 555,556 common shares of Naturally Splendid at a price of $0.27 per share for total proceeds of $150,000.
The shares will be subject to restrictions on resale expiring on February 26, 2019.
As reported in the October 9, 2018 news release, the proceeds of the Investment will be used to continue the build of the Naturally Splendid’s cannabinoid extraction facility in Pitt Meadows and for working capital purposes. This first tranche is one of three tranches totaling $500,000 CDN and forms a portion of an overall investment of up to $2,000,000 CDN by Wahupta.
The Investment will allow Naturally Splendid to complete its Facility which will position the Company in a favorable position in the evolving cannabis markets in Canada within the new regulations taking effect October 17, 2018 as well as evolving regulations that are anticipated to create additional cannabinoid business opportunities moving forward.
Through Naturally Splendid’s wholly owned subsidiary, Naturally Splendid Extracts Ltd., Naturally Splendid has applied for a Dealer License under the Narcotic Control Regulations (Canada) in order to pursue a number of activities related to cannabis including research & development, product development and processing of cannabinoids. With new regulations coming into effect this past October 17th, the Company will now be eligible to receive licenses and permits that will be replacing the previous licensing structure.
Naturally Splendid President Mr. Craig Goodwin states, “Cannabis regulations continue to evolve positively globally as witnessed by the recent regulatory changes in Canada. We will continue to focus on the opportunities surrounding the myriad of cannabinoids contained within cannabis sativa and at this time will be focused on the many opportunities with cannabidiol (CBD). The Company has engaged consultants as well as imbedded expertise within our Advisory Board to guide us through regulatory procedures. The combination of the appropriate licensing in conjunction with extraction capabilities and new product development will continue to provide multiple new opportunities to the Company”.
About Wahupta Ventures Inc.
Please visit Wahupta’s website for more information: www.wahupta.com
About Naturally Splendid Enterprises Ltd.
Naturally Splendid is a biotechnology and consumer products company that is developing, producing, commercializing, and licensing an entirely new generation of plant-derived, bioactive ingredients, nutrient dense foods, and related products. Naturally Splendid is building an expanding portfolio of patents (issued and pending) and proprietary intellectual property focused on the commercial uses of industrial hemp cannabinoid compounds in a broad spectrum of applications.
For more information e-mail firstname.lastname@example.org or call Investor Relations at 604-673-9573
On Behalf of the Board of Directors
Mr. Douglas Mason
Naturally Splendid Enterprises Ltd.
(NSP – TSX Venture; NSPDF – OTCQB; 50N Frankfurt)
#108-19100 Airport Way
Pitt Meadows, BC, V3Y 0E2
Office: (604) 465-0548
Fax: (604) 465-1128
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Naturally Splendid cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Naturally Splendid's control including, Naturally Splendid's ability to compete with large food and beverage companies; sales of any potential products developed will be profitable; sales of shelled hemp seed will continue at existing rates or increase; the ability to complete the sales of all bulk hemp seed purchase orders; and the risk that any of the potential applications, including its application to become a Licensed Dealer, may not receive all required regulatory or legal approval. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Naturally Splendid undertakes no obligation to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.