DionyMed Brands Inc. Signs Binding Term Sheet to Acquire Massachusetts’ Pioneer Valley Extracts, LLC
TORONTO--(BUSINESS WIRE)--Jan 22, 2019--DionyMed Brands Inc. (“DionyMed” or “Company”) (CSE: DYME), a multi-state cannabis brands, distribution and delivery platform, today announced it has signed a binding term sheet to acquire Pioneer Valley Extracts, LLC, a manufacturer and emerging cannabis brand in Massachusetts.
Currently, DionyMed owns and sells its award-winning brand family, including the Winberry Farms concentrates and vape cartridges throughout California, Nevada and Oregon. The acquisition of Pioneer Valley Extracts expands the Company’s national footprint in Massachusetts, the fast growing and first recreational cannabis market on the East Coast. Consideration for the acquisition is not material to the Company and, therefore, terms for the agreement have not been disclosed.
Edward Fields, CEO of DionyMed, commented, “We are excited to bring Pioneer Valley Extracts onto the DionyMed platform while entering one of the most dynamic cannabis markets in the U.S. The Massachusetts market is poised to become one of the largest recreational markets in the U.S. and this acquisition is the right launch vehicle to bring the award winning DionyMed brand portfolio to Massachusetts consumers.”
David Cichocki, CEO of Pioneer Valley Extracts, said: “The Pioneer Valley team is excited to become a part of the DionyMed story with access to the capital, leadership and the deep operational capabilities required to become a leader in the Massachusetts market.”
To be added to the DionyMed e-mail distribution list, please e-mail DionyMed@kcsa.com with DionyMed in the subject line.
Founded in 2017, DionyMed is a multi-state cannabis brands, distribution and delivery platform, supporting cultivators, manufacturers and award-winning brands in the medical and adult-use cannabis markets. DionyMed sells branded products in every category from flower to vape cartridges, concentrates and edibles. DionyMed serves more than 700 dispensaries and completes over 40,000 Direct-To-Consumer deliveries each month with its growing portfolio of products and brands. Learn more at www.DionyMed.com and follow @DYME_Inc on Twitter and LinkedIn.
About Pioneer Valley Extracts
Based in Massachusetts, Pioneer Valley Extracts believes in crafting the perfect extract in its purest form. All of Pioneer Valley Extracts CBD-infused products and extracts are organic, full spectrum and robust in CBD to allow your body to maximize on the beneficial cannabinoids, terpenes and flavonoids.
Forward-Looking Information and Statements
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved” and include, without limitation, statements related to the ability of the Company to satisfy the conditions for future draws under the Agreement and to make future draws under the credit facility, the Company’s expectations with respect to future commitments for the full amount of the credit facility, the use of funds made available under the credit facility, the expansion of the Company’s US operational footprint and product portfolio, the number and weighted-average exercise price of the warrants issued in connection with the credit facility, the expansion of the Company’s online platforms, enhancing the Company’s distribution reach and product variety and changes to the Company’s revenue drivers.
In connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions, including but not limited to: the Company having the requisite borrowing base and being able to satisfy the conditions for future draws under the Agreement in the Lender’s discretion and being able to make future draws under the credit facility, the Company being able to obtain future commitments from existing or future lenders for the full amount of the credit facility, the Company’s business plan necessitating the use of proceeds as set out herein, the Company’s share price maintaining relative stability with respect to the weighted-average exercise price of the warrants issued in connection with the credit facility.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements, including but not limited to: the Company not having the requisite borrowing base or not being able to satisfy the conditions for future draws under the Agreement in the Lender’s discretion, the Company not being able to make future draws under the credit facility, there not being future commitments from existing or future lenders for the full amount of the credit facility, material changes in the Company’s business plan that would affect the use of proceeds as set out herein, there being material fluctuations in the Company’s share price and certain other risk factors set out in the Listing Statement of the Company available on the Company’s profile on SEDAR at .
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190122005353/en/
CONTACT: Edward Fields, CEO
Peter Kampian, CFO
Phil Carlson / Erika Kay
KCSA Strategic Communications
Phone: (212) 896-1233
Kate Tumino / Tony Forde
KCSA Strategic Communications
212-896-1252 / 347-487-6218
KEYWORD: UNITED STATES NORTH AMERICA CANADA MASSACHUSETTS
INDUSTRY KEYWORD: HEALTH ALTERNATIVE MEDICINE PHARMACEUTICAL
SOURCE: DionyMed Brands Inc.
Copyright Business Wire 2019.
PUB: 01/22/2019 08:30 AM/DISC: 01/22/2019 08:31 AM