Thrive Cannabis Scales Capacity & Operations Capabilities with Canary RX Joint Venture Agreement

TORONTO, May 28, 2020 (GLOBE NEWSWIRE) -- Thrive Cannabis ("Thrive", "Company"), a licensed producer of premium, craft cannabis concentrates and dried flower based in Simcoe, Ontario, is pleased to announce that the Company has entered into a Joint Venture agreement ("JV") with Canary RX Inc. ("Canary"), a licensed producer also based in Simcoe, Ontario, to expand its cultivation, processing and overall operational capacity in a non-dilutive manner to its shareholders.

Canary owns a 44,000 sq. ft. facility just 16 kms from Thrive in Southern Ontario that was purpose built for the indoor cultivation of cannabis, but never commissioned. Under the terms of the JV, Thrive will oversee operations and manage the indoor cultivation facility in exchange for a proportion of the facility's overall net profits. Thrive is currently commissioning the asset, with plants moving in at the end of May 2020, greatly expanding both Thrive's overall dried flower production capacity as well as its access to rare genetics.

"This is a world class asset to take on under our management that adds substantial capacity for the cultivation of premium indoor flower. We could not be more happy to be partnering with Canary RX for the mutual benefit of our organizations and shareholders," said Geoff Hoover, Thrive CEO.

"We are very excited to have entered into this JV partnership with a like-minded and quality driven licensed producer. With access to exclusive world class genetics and a highly skilled and qualified team focused on cultivating some of the best quality craft cannabis in Canada, we look very forward to what this relationship will bring for both parties," said Tony Zarcone, CEO at Canary RX Inc.

The JV has a term of five years.

About Thrive Cannabis:
Thrive Cannabis is a privately held, vertically integrated cultivator and processor of premium and ultra-premium craft cannabis and cannabis concentrates, founded in 2018, with production facilities in Simcoe, Ontario. Thrive holds production, sales and outdoor cultivation licenses from Health Canada. Thrive Cannabis is currently developing premium products for the Canadian recreational market that will commence distribution in 2020. To learn more, visit us at thrivecannabis.ca. 

For Thrive Investor Relations Inquiries, please contact:

Geoff Hoover, CEO - Thrive Cannabis
Email: [email protected]

Waylon Iserhoff, SVP Finance - Thrive Cannabis
Email: [email protected]

For Thrive Media & PR Inquiries, please contact:

Media Relations
Email: [email protected]

For Canary RX Investor Relations Inquiries, please contact:

Tony Zarcone, Acting CEO ? Canary RX
Email: [email protected]

CAUTIONARY STATEMENT AND FORWARD-LOOKING INFORMATION

Thrive Cannabis is not a reporting issuer (or the equivalent thereof) in any jurisdiction, is not listed on any stock exchange, and may never become a reporting issuer or listed on any stock exchange, therefore, any securities issued by Thrive Cannabis will be subject to an indefinite hold period which may never expire.

This News Release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

This News Release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking information, including, without limitation, statements relating to Thrive Cannabis': (i) business strategy, objectives, and expected growth; (ii) ability to secure and/or maintain all appropriate cannabis licenses in its jurisdiction(s) of operation; (iii) continued growth of the cannabis market; (iv) the effectiveness and popularity of Thrive Cannabis' business strategy and its ability to bring its products to commercial production; and (v) the ability to reduce production and energy costs through economies of scale.

Forward-looking information is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Thrive Cannabis be materially different from those expressed or implied by such forward-looking information, including without limitation: (i) business strategy, objectives, and expected growth; (ii) ability to secure and/or maintain all appropriate cannabis licenses in its jurisdiction(s) of operation; (iii) continued growth of the cannabis market; (iv) the effectiveness and popularity of Thrive Cannabis.

Readers are cautioned not to place undue reliance on the above forward-looking information, or any statements related thereto, which should not be construed as exhaustive and speak only as of the date of this News Release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking information is expressly qualified in its entirety by this cautionary statement.