VANCOUVER, British Columbia, Dec. 20, 2018 (GLOBE NEWSWIRE) -- The Yield Growth Corp. (CSE:BOSS) announces that its new subsidiary UJ Topicals Inc. has entered agreements with Nova Paths LLC to manufacture and distribute its THC and CBD infused line of topical products throughout the state of Oregon. Nova Paths is an Oregon Liquor Control Commission approved and licensed manufacturer and distributor of cannabis products in Oregon.
Yield Growth’s wholly-owned subsidiary, UJ Topicals Inc., has granted to Nova Paths a non-exclusive license to its brand and proprietary product formulations for pain balm, analgesic pain gel, a pain patch, massage oil, capsules, and other products (the “UJ Topicals Line”). Nova Paths will manufacture CBD and THC infused versions of the products under Oregon law. UJ Topicals has also appointed Nova Paths as its exclusive distributor for the UJ Topicals Line in Oregon. Under the terms of the agreements, Nova Paths will retain a fee of 25% of the wholesale revenues from sales of UJ Topicals and pay the balance of wholesale revenue, less certain expenses, to UJ Topicals.
New Frontier Data projects $1.04 billion in Oregon’s total cannabis sales in 2020 - $856 million recreational, $187 million medical. That will rank the state as the fifth largest US market behind California ($3.1 billion), Washington ($2.28 billion), Colorado ($1.83 billion) and Massachusetts ($1.05 billion).
“We are excited to bring our high-quality, Ayurveda-inspired products infused with THC and CBD to Oregon,” said Penny Green, CEO of Yield Growth and UJ Topicals. “We will now look to finding licensing partners to launch our THC infused line of topicals in other legal states such as California and Washington.”
UJ Topicals Inc. was recently incorporated as a wholly owned subsidiary of Yield Growth. It has acquired rights from Yield Growth subsidiary, Urban Juve Provisions Inc., to infuse its catalogue of over 50 product formulas with CBD and THC and market the products through appropriate channels. UJ Topicals is developing several international topicals brands with the intent of launching them in jurisdictions where cannabis topicals are legal. The Yield Growth Corp. is building an international network for the legal manufacturing and sale of products containing hemp oil, CBD and THC.
Topicals are cannabis-infused products which are most popularly chosen for localized pain relief, muscle soreness, tension, and inflammation. Anecdotal evidence exists for an even wider spectrum of benefits, from psoriasis, dermatitis and itching, to headaches and cramping. Topicals are a fast growing industry within the cannabis sector. According to data from BDS Analytics, sales of topical cannabis products grew by 82% from 2016 to 2017 in Colorado, Washington, Oregon and California. Legal topicals sold in these states included CBD and THC infused creams, lotions, massage oils, lubricants, lip balm and patches, with infused balms and salves being the top selling items.
About Nova Paths LLC
Nova Paths is an OLCC licensed processor, manufacturer and distributor of cannabis products in Oregon, USA. Nova Paths has an established distribution network of over 400 stores in Oregon, with more stores joining every month. Nova Paths product lines include edibles, topicals, vape pens, capsules, and flower. The company manufactures in three models - house brands, licensed brands, and “Made in Nova” - a unique program that enables makers to develop and produce products inside Nova Paths, and thus dramatically reduce their time to market. Brands manufactured and/or distributed by Nova Paths include Top Hat (taffies and tarts), Pure Ratios, Majesty cosmetics, Dr. Terpene capsules and cartridges, Happy Daze capsules, Honu edibles, Pure Vape vape cartridges, Lissa’s cookie dough, Allay topicals, Alto Essentials (single serving packets of olive oil, salt, and honey) and several others.
About The Yield Growth Corp.
The Yield Growth Corp. is a diverse team of business executives dedicated to rapid, sustainable financial growth for businesses with viable models for success. Its directors and officers have experience at multi-billion dollar international companies including M.A.C Cosmetics, Aritzia, Skechers, Pepsi and Coca-Cola.
Urban Juve Provisions Inc., which has a catalogue of more than 50 wellness formulas, is wholly owned by Yield Growth. Urban Juve organically synthesizes ancient knowledge and modern techniques to create exceptional beauty and wellness solutions. Ayurvedic knowledge delineates three general categories or skin types. Urban Juve has translated these as Vitalize, Balance and Align, each with its own dedicated range of skin and body care formulations. Urban Juve has registered with Health Canada 26 products containing cannabis sativa hemp oil. The company has also filed 11 provisional patent applications in the United States. Urban Juve’s skin care products are sold in Canada, with distribution agreements signed for markets in the United States and Italy. Urban Juve has licensed its formulas to Yield Growth wholly owned subsidiary UJ Topicals Inc., which is launching its cannabis topicals line in Oregon, U.S.A.
For more information about Yield Growth, visit www.yieldgrowth.com or follow @yieldgrowth on Instagram. Visit www.urbanjuve.com and #findyourjuve across social platforms to learn, engage and shop.
Investor Relations Contacts:
Penny Green, Director, President & CEO
Kristina Pillon, Investor Relations
invest@yieldgrowth.com
1-833-514-BOSS 1-833-514-2677
1-833-515-BOSS 1-833-515-2677
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, intellectual property protection, and sale of, and demand for, Urban Juve and UJ Topicals products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Yield Growth cautions readers not to place undue reliance on forward-looking statements provided by Yield Growth, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Yield Growth expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/abfc9e64-a885-4e34-a47f-92a21f3380c3