LOS ANGELES, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) ("Irwin" or the "Company"), whose herbal supplements are already available in in 100,000 stores in North America, has reached a licensing agreement with Entourage Health Corp. (TSX-V:ENT) (OTCQX:ETRGF) (FSE:4WE), a Canadian producer and distributor of award-winning cannabis products, through its wholly owned subsidiary Irwin Naturals Cannabis, Inc. Under this exclusive arrangement, Irwin Naturals' famous brand will be enhanced with cannabis and made available to dispensaries across Canada in a line of softgels in five different varieties: CBD, THC and three additional formulations that include both THC and another cannabinoid.
Klee Irwin, CEO of Irwin Naturals said, "We've set out to become the first household brand to have its products available on dispensary shelves across America. This partnership with Entourage takes that plan international, pairing our trusted, proven herbal supplement business with a cutting-edge cannabis company to open a new frontier in our business. Entourage's sustainable growth hub and its state-of-the-art extraction practices make it the perfect company to provide an array of new cannabis products for the customers who have come to love and trust Irwin Naturals over the past 28 years."
George Scorsis, CEO and Executive Chairman, Entourage, "Irwin Naturals needs no introduction. The history of its products, the loyalty they've inspired, speak for themselves in health and wellness. Adding our expertise in the cannabis space creates a game-changing pairing that will put the Irwin Naturals brand on dispensary shelves all across Canada."
Third-party data1 estimates the Canadian market for edibles and other alternative cannabis products to be worth C$2.7 billion annually. Cannabis alternatives were legalized in October 2019, offering more discreet and accessible alternative such as edibles that avoid the stigma that can be attached to smoking.
This line of Irwin Naturals cannabis products will be offered as softgels that utilize hempseed oil and medium-chain triglycerides (MCT's). There will be five different formulations: THC (10 mg THC), CBD (25 mg CBD), 1:1 (10 mg CBD, 10 mg THC), 5:1 (50 mg CBD, 10 mg THC) and a 2:1 formulation that combines THC and the cannabinoid CBN (10 mg THC, 5 mg CBN).
Entourage is one of the largest cannabis processors in Canada, and its most recent quarterly report was its strongest operating performance to date. It fulfilled some of its largest orders with exemplary delivery rates. In May, Entourage announced the debut of TeaPot, a cannabis-infused iced-tea beverage developed in conjunction with the Boston Beer Company, maker of Sam Adams and Twisted Tea.
Irwin Naturals was founded in 1994 and its best-in-class nutraceuticals have built it into a brand that is now recognized in 80 percent of American households.2 It has operated profitably for the past 27 years,3 and it is now seeking to use the equity and power of that brand in emerging markets like cannabis and psychedelic mental-health clinics.
Irwin Naturals first entered into the cannabis industry in 2018 when it began infusing hemp-based CBD into its herbal supplements available in the United States. This year, it began formulating its products with THC with the goal of becoming the first household brand to have its products available in all 38 states where cannabis is currently legal. Because cannabis is not legal at the federal level in the United States, Irwin Naturals has gone state by state, reaching licensing agreements with cannabis manufacturers. It has already announced agreements in California, Colorado, Ohio and New Mexico. This agreement with Entourage in Canada means that Irwin Naturals cannabis products will achieve not just national, but international distribution.
About Irwin Naturals
Irwin Naturals has been a household name and best-in-class herbal supplement formulator since 1994. It is now leveraging its brand to enter into both the cannabis and psychedelic industries. On a mission to heal the world with plant medicine, Irwin's growing portfolio of products is available in more than 100,000 retail doors across North America where nearly 100 million people know the Irwin Naturals brand.4 In 2018, the Company first leveraged its brand to expand into the cannabis industry by launching hemp-based CBD products into the mass market. The Company is now leveraging its famous halo of brand trust with an objective to become one of the first household name brands to offer THC-based products and psychedelic mental health treatment. Irwin Naturals became a publicly traded company on the Canadian Securities Exchange (CSE) in August 2021. The Company's shares began to be traded on the OTCQB Venture Market in November 2021. More information on the Company's stock can be found via Bloomberg as well as the Wall Street Journal.
Chief Executive Officer
Irwin Naturals Investor Relations
This news release contains certain forward-looking statements that reflect the current views and/or expectations of management of the Company with respect to performance, business and future events. Forward-looking statements can often be identified by words such as "may", "will", "would", "could", "should", "believes", "estimates", "projects", "potential", "expects", "plans", "intends", "anticipates", "targeted", "continues", "forecasts", "designed", "goal", "objective," or the negative of those words or other similar or comparable words. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates. Forward-looking statements in this news release include statements related to information concerning the ability of the Company to perform the terms of the transaction referenced herein; the receipt of all necessary approvals, including regulatory approvals; expectations for other economic, market, business and competitive factors; and the Company actually entering into and doing business in the U.S. cannabis and psychedelics markets. Except for (i) the License and Supply Agreement announced herein and (ii) the other license and supply deals entered into referenced herein (with The Hive Laboratory, LLC, as described in the Company's April 19, 2022 press release; with Assurance Laboratories as described in the Company's May 13, 2022 press release; with BeneLeaves Ltd. as described in the Company's May 24, 2022 press release; Larsen Group II LLC as described in the Company's May 20, 2022 press release), the Company does not have any other active operations or agreements with respect to the entrance into the THC and/or cannabis markets. The potential entrance by the Company into these new business segments are in their preliminary stages and may be subject to approval from the board of directors of the Company as well as any regulatory approval, including that of the Canadian Securities Exchange. These statements are based on numerous assumptions that are believed by management to be reasonable in the circumstances, and are subject to a number of risks and uncertainties, including without limitation: board and regulatory approval, including the approval of the Canadian Securities Exchange; Irwin being able to acquire and/or enter into business relationships to enter into these new markets; the Company obtaining the required licenses; and changes to regulations and laws regarding cannabis or psychedelics. Further information on the regulatory environment and risks will be contained in future disclosures. Forward-looking statements are subject to a number of known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from that which are expressed or implied by such forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and assumptions which are difficult to predict. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. The Company does not undertake any obligation to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither the CSE nor its Market Regulator (as that term is defined in policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
1 Nurturing New Growth: Canada Gets Ready for Cannabis 2.0, Deloitte.
2 Consumer brand recognition information is based on a formal Company survey with a sample size of 500 randomly selected adults.
3 Under several corporate structures, Klee Irwin has operated the Irwin brand profitably since 1994, as measured by EBITDA adjusted for extraordinary costs.
4 Consumer brand recognition information is based on a formal Company survey with a sample size of 500 randomly selected adults.