Hill Street Beverage Company ventures into cannabis-infused beverages
Hill Street Beverage Company signed a national agreement with Lifford Cannabis Solutions Inc., who will be responsible for the sales and distribution of Hill Street's cannabis-infused beverage portfolio in Canada. Lifford's sales team will be responsible for maximizing the number of locations where Hill Street's cannabis-infused beverage portfolio is sold, and ensuring the Company's products are prominently featured in government-owned and independent dispensaries across Canada. By some estimates, there are expected to be over 500 such dispensaries by the time cannabis-infused beverages are expected to become legal later this year. As partial consideration to Lifford, Hill Street will issue to Lifford, $100,000 worth of Common Shares of Hill Street at a deemed price per share equal to $0.1921, which the parties have determined to be equal to the 10-day volume weighted average price of the Common Shares as of February 22, 2019 (the "Consideration Shares"). The issuance of the Consideration Shares is subject to the approval of the TSX Venture Exchange. "We're leveraging our experience building award-winning alcohol-free wine and beer brands to create extraordinary cannabis-infused beverages, providing consumers with healthier and safer alternatives to alcohol," said Doug Taylor, Executive Vice President of Sales and Distribution at Hill Street in a press release. "Having the talented Lifford Cannabis Solutions team representing Hill Street will help ensure our portfolio is readily available for sale in Canada's emerging retail, online, and food service channels in the coming years." "We couldn't be happier to represent Hill Street Beverages. Their vision and energy establishes the Company as a leading player in this evolving cannabis market, and their notable beverage portfolio really impressed our team," said Lisa Campbell, CEO of Lifford Cannabis Solutions in a press release. "The proven technology platform they're using for cannabis-infusion closely mimics the effect consumers get from alcohol without any negative side effects, and will undoubtedly deliver the same type of taste and experience upon which our parent company, Lifford Wines and Spirits, has built its stellar industry reputation."
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