The Yield Growth Corp. (CSE: BOSS) (OTCQB: BOSQF) is pleased to announce that on November 6, 2019 Yield Growth closed an agreement to license 126 product formulas to subsidiary Flourish Mushroom Labs.
Flourish Mushroom Labs
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As part of the closing, Flourish Mushroom Labs made the first payment of $1,800,000 due under the license agreement with the issuance to Yield Growth of 90,000,000 common shares of Flourish Mushroom Labs issued at a deemed value of $0.02 per share. The shares are subject to escrow provisions pursuant to NP 46-201 and will be released as follows: 10% on the completion of an initial public offering by Flourish Mushroom Labs, and the balance of shares released over a 36 month term after an initial public offering.
The Yield Growth licensed formulas may be used in foods, beverages, personal care, skin care, cosmetic and other wellness products that are infused with functional mushrooms or psilocin or psilocybin (magic mushrooms) or any combination thereof.
In consideration for the non-exclusive 50 year license, Flourish Mushroom Labs has agreed to pay $3,000,000 to Yield Growth. The first payment of $1,800,000 has been made. The remaining sum of $1,200,000 may be paid in cash over 24 months, but if Flourish Mushroom Labs is successful in listing its stock on a Canadian stock exchange within 6 months, then $200,000 shall be deducted from the purchase price, and if a listing is achieved between 6 – 12 months, then $400,000 shall be deducted from the purchase price.
About The Yield Growth Corp.
The Yield Growth Corp. is building and operating hemp, cannabis and edible mushroom assets in what the Global Wellness Institute reports is a $4.2 trillion-dollar global wellness market. It owns the cannabis wellness brands Urban Juve, Wright & Well and Jack n Jane. The Yield Growth management team has deep experience with global brands including Johnson & Johnson, Procter & Gamble, M·A·C Cosmetics, Skechers, Best Buy and Aritzia. Its all natural hemp skincare brand, Urban Juve, has signed distribution agreements in Canada, Colombia, Brazil, Greece and Cypress and through its distributor network has access to over 8,000 retail locations. Urban Juve has been featured in UK Vogue, Vanity Fair UK and Elle Canada and has an alliance with leading online beauty community, ipsy. Yield Growth’s Wright & Well brands are launching a THC/CBD line of topical products in Oregon and a CBD from hemp topicals line in California this winter. Jack n Jane is launching cannabis products in Canada in 2020. Yield Growth is launching a line of edible mushroom wellness products in 2020.
Through its subsidiaries, Yield Growth has over 200 proprietary beauty, wellness, edibles and beverage formulas for commercialization. It had filed 12 patents to protect its extraction method and formulas. Yield Growth is in revenue through multiple streams including licensing, services and product sales.
Investor Relations Contacts:
Penny White, President & CEO
Kristina Pillon, Investor Relations
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, Wright & Well, Flourish Mushroom Labs, Jack n Jane and UJ Beverages 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49526