Vancouver, British Columbia: Further to its news releases dated February 4 and April 7, 2021, HEMP FOR HEALTH INC. (CSE: HFH) (“HFH” or the “Company”) announces that the letter of intent whereby HFH was proposing to acquire 100% of the outstanding shares of Pacific Hemp Company Pty Ltd. (“PHC”) (the “Transaction”) has been terminated.
“Unfortunately, PHC was unable to meet its minimum obligations and consequently, the Definitive Agreement, originally scheduled to be executed by March 31, 2021, was still not signed by the extended deadline date of May 17, 2021,” said Robert Eadie, President and CEO of HFH.
“The project with PHC is synergistic and has great merits. It would have been an excellent opportunity for our Company to grow and expand into the international market,” added Mr. Eadie. “However, due to a number of logistical challenges compounded by the COVID situation, the Transaction was taking much longer to complete than originally anticipated. Our shareholders are anxious for us to move forward and have us resume trading. Should the complications be resolved in a timely manner, we would be happy to revisit the situation,” concluded Mr. Eadie.
The Company’s planting season in the Tuscan area of Italy is scheduled to commence in June.
ON BEHALF OF THE BOARD
Signed “Robert Eadie”
Robert Eadie, President, Chief Executive Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 416-640-1936 x 203
Toll Free: 1-866-602-4935
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
This news release does not constitute an offer of sale of any securities in the United States. None of the Company’s securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”) or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the availability of government financing programs and the business and operations of the company. Forward-looking statements are necessarily based upon a number of estimates 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. There is no assurance any of the forward-looking statements will be completed as described herein, or at all. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; operating and technical difficulties in connection with the Company’s activities, lack of investor interest; requirements for additional capital; changes in general economic conditions; accidents, delays or the failure to receive regulatory approvals, including the required permits needed by the Company’s operations; changes in laws, regulations, policies, and programs affecting the Cannabis industry, and so forth. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Hemp for Health disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Hemp for Health Inc:
Hemp for Health is a cultivator and distributor of premium CBD products with an exclusive, long-term contract for land with farmers in the Tuscan region of Italy for the purpose of yielding the highest quality hemp-based CBD. Our focus is to offer the absolute best in natural and organic CBD products to our customers, and that starts with pristine soil, seeds, and sun. (See further details available in the Company’s filings on SEDAR.)