VANCOUVER, British Columbia, May 24, 2022 (GLOBE NEWSWIRE) -- Eden Empire Inc. (CSE: EDEN) (the “Company” or “Eden Empire” or “EDEN”) is pleased to announce the singing of a Non-Binding Letter of Intent agreement (the "AGREEMENT") with PLANTAVIDA located in Colombia.
The Agreement (the "AGREEMENT") dated May 20th, 2022, is made by and between EDEN EMPIRE INC. and “PLANTAVIDA”. The PLANTAVIDA SAS project located in north-western Cundinamarca, Colombia, is dedicated to implementing strategic social business, bringing safe, natural and ecologically friendly wellness products to the emerging cannabis business with the goal of providing work and social benefits to the community, such as education, unemployment, health, housing and security. PLANTAVIDA is licensed for the complete cycle of production, from seed to derivate and final product sale for national and export markets.
PLANTAVIDA is a fully licensed Colombian cannabis company focused on genetics, cultivation, derivatives and final product produced from high quality mineral organic feed stock at competitive prices.
Both EDEN and PLANTAVIDA are interested in pursuing a joint business in Colombia, Germany, Mexico and Australia with a focus of jointly developing, branding and marketing cannabis products,and recognize the immense opportunity to provide a standardized product and experience in the global marketplace. EDEN desires PLANTAVIDA to produce final products which conform to the final country of destination's laws and regulations. The Parties wish to work jointly developing the Product for sale for the Target Market; and EDEN will have access to all PLANTAVIDA products for distribution to all Franchisees providing access to PLANTAVIDA to the target markets.
“Eden Empire is excited to break into these new emerging markets. EDEN’s management team has spent time and resources within these markets and sees an important void in the supply chain gap where EDEN and PLANTAVIDA hope to play a part,” stated President Kolt Taekema.
The Parties are willing to use this Agreement as a basis for preliminary discussions, development, and marketing of the Product; including the sales in physical stores, online store, branding, packaging. This Agreement will serve as a presentation of intent until other formal Agreements between the Parties enter into force with definitive documents. The due-diligence period for both companies is a term of 60 days before entering into a definitive stage. Progress throughout these 60 days will be updated and communicated effectively to shareholders.
“At PLANTAVIDA, we are looking forward to elevating and furthering our relationship and capitalize on EDEN’s experience as we move into Colombia’s and Europe’s emerging retail markets,” stated Principal Marc Williams of PLANTAVIDA.
For further information related to PLANTAVIDA please visit their website at www.plantavida.co.
For further information or should you have any questions, please feel free to contact us at investors@edenempire.com or 778-903-7325.
This press release is not an offer of securities for sale in the United States, and the securities described in this press release may not be offered or sold in the United States absent registration or an exemption from registration. The securities have not been and will not be registered under the United States Securities Act of 1933.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
About EDEN Empire
EDEN Empire is in the business of investments and operations in the cannabis sector and engaging in retail cannabis sales. EDEN Empire intends to expand its retail operations in Canada and to expand its business to cannabis cultivation, extraction and processing and become a fully integrated cannabis product company in the United States. EDEN Empire intends to expand its franchised locations in the State of Michigan.
EDEN Empire has an award winning and established nationwide brand, including a substantial intellectual property portfolio, and a dedicated management team with extensive cannabis industry experience. Upon completion of EDEN Empire’s currently intended acquisitions, and approval to operate its retail locations, the Company is expected to have a significant retail cannabis footprint in Canada and Michigan. Retail cannabis operations are an emerging sector with significant cash flow potential.
Cautionary Note Regarding Forward-Looking Statements
This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “upon” “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements and information include, but are not limited to, the Company’s advancement with the other Party, the Company’s future operations of retail cannabis stores in the United States and Canada; the Company expanding its business to cannabis cultivation, extraction and processing and becoming a fully integrated cannabis company in the United States; the completion of the Company’s currently intended acquisitions; the receipt of all necessary licenses and approvals to operate the Company’s retail locations; and the proposed future transactions Eden may undertake and their expected timing.
Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Eden Empire to control or predict, that may cause Eden Empire’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: Eden Empire may not obtain the requisite regulatory approvals and may not begin operating cannabis retail or cultivation and processing operations; that the actual use of proceeds may differ from those currently stated; the inherent risks involved in the general securities markets; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; currency fluctuations; regulatory restrictions and the possibility for changes in laws, rules, and regulations in the industry; liability, competition, loss of key employees and other related risks and uncertainties. Eden Empire does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
