New Leaf Ventures subsidiary announces manufacturing services agreement
by CM Staff
New Leaf Services will provide labor for processing and co-packing of specific products for Anonymous Buffalo at the licensed facility of New Leaf Enterprises.
VANCOUVER — New Leaf Ventures Inc., a management and investment organization committed to evaluating, investing, and accelerating advanced stage operations in the North American Cannabis sector, announces that it’s subsidiary New Leaf Services LLC has executed a manufacturing services agreement with Anonymous Buffalo LLC in Washington State.
New Leaf Services will provide labor for processing and co-packing of specific products for Anonymous Buffalo at the licensed facility of New Leaf Enterprises. Anonymous Buffalo has distribution rights for several brands in Washington State and this agreement allows for predetermined product listings within the brand portfolios to be processed and packaged with all materials provided by Anonymous Buffalo. These brands include industry cannabis pioneer “Solstice” along with several other respected brands within Washington. All finished products will be delivered to Anonymous Buffalo for distribution to their customer base throughout the State.
The team behind Anonymous Buffalo has been operating in the cannabis industry for over a decade, connecting various pieces of the supply chain to put products in the hands of consumers.
Dax Colwell, CEO of New Leaf USA and Director of New Leaf Ventures states, “This is a strategic move that further supports our continuous strategy to advance efforts in building out processing and distribution capabilities here in Seattle. Consolidation of the Washington market is happening and teaming with other brands to create centralized processing and distribution will be key in the evolution of the cannabis industry in Washington. New Leaf is working hard to be at the forefront of this necessary consolidation and strives to be the go-to hub for brands alike.”
In addition, the Company has entered into a debt settlement agreement with an arms-length creditor to settle CAD$56,990.00 of debt for services provided by the Creditor to a subsidiary of the Company.
In settlement and full satisfaction of the debt in the amount of CAD$56,990.00, the Company has agreed to issue to the Creditor 278,000 common shares in the capital of the Company at a deemed issue price of $0.205 per Common Share.
