2021 Annual General Meeting Updated

Vancouver, B.C.Luff Enterprises Ltd., formerly Ascent Industries Corp., (CSE: LUFF) (“LUFF” or the “Company”) is pleased to provide this update to the annual general meeting of the shareholders, which is to be held on Wednesday, September 22, 2022, at 10:00 am (Pacific Daylight Time) (the “AGM”). As provided in the AGM’s meeting materials filed on SEDAR on August 17, 2021, the AGM will be conducted by remote access through the use of Zoom Cloud Meetings.

Shareholders wishing to access the meeting must fill out the form accessible through the following link: luffbrands.com/agm2021. We kindly ask that each shareholder include: (i) their name, (ii) their email address, (iii) the number of shares held, and (iv) whether those shares are registered or beneficially held. Shareholders wishing to address specific questions at the AGM, should provide those questions in the designated area of the form. In the following days, we will provide you with a zoom access link, and a password to access the meeting.

About Luff Enterprises Ltd.

LUFF Brands is a CBD lifestyle company, focused on providing premium quality, innovative products across the United States. Committed to plant-based science, LUFF produces a suite of thoughtfully designed products.

The company focuses on unique formulations leveraging cannabinoids such as CBG and CBN; and boosts them with superfood ingredients to empower people to realize the full potential of everyday life. LUFF’s scientifically formulated products are non-GMO, THC-free, 3rd party tested, and only crafted with hemp grown in the United States.

THE CANADIAN SECURITIES EXCHANGE (THE “CSE”) HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE CSE OR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements include, but are not limited to, the anticipated timing of the official launch of the Company’s new product suite. 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. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties. There can be no assurance that forward-looking 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 the forward-looking statements and information contained in this news release. Except as required by law, Luff assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

For further information:
Philip Campbell, CEO and Director
Email: [email protected]
Telephone: 250-419-7665

LUFF Enterprises Announces Equity Financing

Vancouver, B.C. – Luff Enterprises Ltd., (CSE: LUFF) (“LUFF” or the “Company”) is pleased to announce its intention to raise up to $750,000 by way of a non-brokered private placement of 28,846,154 units at a price of $0.026 per unit (the “Private Placement”).

Each Unit shall consist of one common share of the Company and one common share purchase warrant (each a “Unit Warrant”). Each Unit Warrant will entitle the holder thereof to acquire a common share of the Company (a “Warrant Share”) at a price of $0.05 until 5:00pm EDT on the date that is 36 months after the Closing Date.

The closing of the Private Placement is expected to occur before September 30, 2021 and is subject to receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange. All securities issued pursuant to the Private Placement will be subject to a four-month hold period in accordance with applicable Canadian securities laws.

Proceeds from the Private Placement will be used for working capital and in support of the ecommerce marketing initiatives. Should the Private Placement be oversubscribed, the Company reserves the right to accept additional funds, subject to regulatory approval.

About Luff Enterprises Ltd.

LUFF Brands is a CBD lifestyle company, focused on providing premium quality, innovative products across the United States. Committed to plant-based science, LUFF produces a suite of thoughtfully designed products.

The company focuses on unique formulations leveraging cannabinoids such as CBG and CBN; and boosts them with superfood ingredients to empower people to realize the full potential of everyday life. LUFF’s scientifically formulated products are non-GMO, THC-free, 3rd party tested, and only crafted with hemp grown in the United States.

THE CANADIAN SECURITIES EXCHANGE (THE “CSE”) HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE CSE OR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements include, but are not limited to, the anticipated timing of the official launch of the Company’s new product suite. 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. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties. There can be no assurance that forward-looking 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 the forward-looking statements and information contained in this news release. Except as required by law, Luff assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

For further information:
Philip Campbell, CEO and Director
Email: [email protected]
Telephone: 250-419-7665

Luff Enterprises Provides Corporate and Operations Update

Vancouver, B.C.Luff Enterprises Ltd, (CSE: LUFF) (LUFF or the Company) is pleased to provide a corporate and operational update, and preview of headline financial results for the second quarter ended June 30, 2021.

The Company continues to focus its efforts on growing sales of its core suite of hemp derived CBD wellness products primarily through online channels.

These efforts are showing signs of success, and our heavy investment in inventory, new team members, and focused marketing spend is driving good sales velocity.

While the US market remains competitive, our early success in growing sales is highly encouraging. We are seeing repeat buyers and are exploring a subscription model for select products.

Second Quarter Preliminary Unaudited Financial Highlights (All amounts stated in CAD unless otherwise noted)

  • Achieved unaudited net revenue of $245,640, an increase of 248% over Q1 2021 sales of $70,598
  • Estimated gross profit margin of 37% in Q2, versus 32% in Q1 2021
  • “Sale ready” inventory at retail sales value of over $3m

We are committed to establishing multiple distribution channels, attaining consistent and recurring revenue streams, and scaling manufacturing capabilities in Portland.

Concurrent to developing the US market, we continue discussions with partners for expansion into new and promising international markets, like Mexico and Europe, with the aim of replicating the D-to-C model in these markets.

Update on Sale of Nevada licenses and Facility

As outlined in our recent filings, we made the decision to divest our Nevada licenses and building for approximately $6m, and concentrate our resources on our existing full-service manufacturing facility in Portland, Oregon.

We expect the sale to close in September 2021 and will use the net proceeds to invest in equipment to expand operational capacity. We will also expand our existing D-to-C pipeline by allocating more money into advertising in channels, where we are seeing a strong return-on-ad-spend (ROAS).

The sale is subject to customary closing conditions in addition to approval by the Nevada Cannabis Compliance Board.

LUFF CEO Philip Campbell commented, “We are extremely happy with the growth of our online sales in the second quarter: over 3x the sales of the first quarter. Our targeted advertisements combined with data-driven algorithmic marketing strategy is showing promising early results and good market acceptance of our best-in-class products. We have built a strong inventory in high-velocity products and the margins are holding up well. We expect this profitable growth to continue, as we ramp up in the quarters ahead. With the Nevada facility sale on track to complete in the next 60 days, we will have additional capital to invest in scaling sales.”

About Luff Enterprises Ltd.

LUFF Brands is a CBD lifestyle company, focused on providing premium quality, innovative products across the United States. Committed to plant-based science, LUFF produces a suite of thoughtfully designed products.

The company focuses on unique formulations leveraging cannabinoids such as CBG and CBN; and boosts them with superfood ingredients to empower people to realize the full potential of everyday life. LUFF’s scientifically formulated products are non-GMO, THC-free, 3rd party tested, and only crafted with hemp grown in the United States.

THE CANADIAN SECURITIES EXCHANGE (THE “CSE”) HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE CSE OR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements include, but are not limited to, the anticipated timing of the official launch of the Company’s new product suite. 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. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties. There can be no assurance that forward-looking 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 the forward-looking statements and information contained in this news release. Except as required by law, Luff assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

For further information:
Philip Campbell, CEO and Director
Email: [email protected]
Telephone: 250-419-7665

Luff Enterprises Announces the Sale of Nevada Facility and Licenses for CAD $6.05 million

Vancouver, B.C. – Luff Enterprises Ltd, (CSE: LUFF) (“LUFF” or the “Company“) is pleased to announce that it has entered into definitive agreements (“Agreements“) to sell its Las Vegas facility and associated licenses (“Assets“) to The Pharmari Nevada, LLC, a privately held company for total cash consideration of CAD $6.05 million.

The Agreements are subject to customary closing conditions in addition to approval by the Nevada Cannabis Compliance Board.

The Company has indicated in prior filings that the Las Vegas facility was being marketed for sale and it is pleased to conclude the definitive agreements.

LUFF CEO, Philip Campbell commented, “The sale of our Las Vegas facility and licenses allows LUFF to reallocate capital to focus on its core business of manufacturing and selling premium quality and innovative CBD products.  We are now actively selling our suite of products through e-commerce channels and this transaction frees up the capital required to scale our manufacturing capacity and improve margins.  Early online sales are very encouraging and we plan to prudently increase investment in automated equipment in order to scale production and secure manufacturing efficiencies.”

About Luff Enterprises Ltd.

LUFF Brands is a CBD lifestyle company, focused on providing premium quality, innovative products across the United States. Committed to plant-based science, LUFF produces a suite of thoughtfully designed products.

The company focuses on unique formulations leveraging cannabinoids such as CBG and CBN; and boosts them with superfood ingredients to empower people to realize the full potential of everyday life. LUFF’s scientifically formulated products are non-GMO, THC-free, 3rd party tested, and only crafted with hemp grown in the United States.

THE CANADIAN SECURITIES EXCHANGE (THE “CSE”) HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE CSE OR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements include, but are not limited to, the anticipated timing of the official launch of the Company’s new product suite. 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. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties. There can be no assurance that forward-looking 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 the forward-looking statements and information contained in this news release. Except as required by law, Luff assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

For further information:
Philip Campbell, CEO and Director
Email: [email protected]
Telephone: 250-419-7665

Luff Enterprises Launches White Labelling Manufacturing Program, Secures Partnership with Shade Media Inc.

Vancouver, B.C. – Luff Enterprises Ltd, (CSE: LUFF) (“LUFF” or the “Company“) is pleased to announce the launch of LUFF’s private labelling (“White Label“) program featuring a portfolio of product offerings that are focused on industrial hemp-based CBD products rich in novel cannabinoids including CBN and CBG.

Under LUFF’s White Label program, wholesale customers can focus on four key options in order to best leverage their own core competencies:

1. Contract Manufacturing – work with LUFF formulation experts and experienced staff to create and develop products
2. Wholesale – bulk products that are fully tested and provided to clients either in bulk form, or filled and retail ready
3. Semi-Custom – customize a stock product to create a unique and reliable new product without the hassle of starting from scratch
4. Custom Filling & Labelling – source their own packaging and labels or work with LUFF’s supply chain specialists as we complete their custom order ready for retail distribution

By working with LUFF’s team for their production and logistics needs, our clients are able to focus on building their own brands, product names, and other intellectual property.

LUFF’s White Label partners will receive access to LUFF’s experienced management team, ISO certified testing facilities, custom Ph.D. formulators, expert logistics sourcing and supply chain specialists, and our facilities and equipment – saving both time and money in developing and distributing their product lines. You can find more about our White Labelling services here:

https://luffbrands.com/white-label-solutions/

John Sweeney, Chief Operating Officer of LUFF states, “LUFF’s ability to provide a custom white labeling solution for its current and future partners provides a pathway to expand and expedite access to premium quality cannabinoid products for wellness focused institutions, businesses, and consumers worldwide.”

Providing a custom White Label program for CBD products marks a significant achievement towards:

• Driving high-margin revenue, while leveraging excess facility capacity;
• Continuous product innovation, while simultaneously increasing LUFF’s exposure to the marketplace; and,
• Demonstrating LUFF’s impact in the market with the education of businesses, and consumers through focused communications, marketing, and sales distribution.

In tandem, LUFF is also pleased to announce that the company has entered into a licensing and manufacturing agreement (the “Agreement”) with Shade Media Inc (“Shade”). Under the agreement, LUFF will immediately begin the production of several Shade branded products for immediate distribution into established channels.

Shade co-founder, Jay Levine, commented “Shade prides itself on curating the latest and best products that the industry has to offer. It’s with this philosophy that we are proud to announce our partnership with LUFF as we launch our CBD gummy line. Shade’s founders are creatives and parents and have personal experience with the many benefits that CBD can bring to the body and mind. Our mission is to enhance creativity and provide relief while keeping you in the moments of your life.”

“Adding a high-quality white-label platform to our existing commercial program has been a priority for LUFF Brands in 2021. Our partnership with Shade represents an incredible way to get differentiated CBD products in front of as many consumers as possible” said LUFF CEO, Philip Campbell. “The first order should be completed and ship to select states in Q2 2021.”

About Luff Enterprises Ltd.

LUFF Brands is a CBD lifestyle company, focused on providing premium quality, innovative products across the United States. Committed to plant-based science, LUFF produces a suite of thoughtfully designed products.

The company focuses on unique formulations leveraging cannabinoids such as CBG and CBN; and boosts them with superfood ingredients to empower people to realize the full potential of everyday life. LUFF’s scientifically formulated products are non-GMO, THC-free, 3rd party tested, and only crafted with hemp grown in the United States.

THE CANADIAN SECURITIES EXCHANGE (THE “CSE”) HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE CSE OR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements include, but are not limited to, the anticipated timing of the official launch of the Company’s new product suite. 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. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties. There can be no assurance that forward-looking 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 the forward-looking statements and information contained in this news release. Except as required by law, Luff assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

For further information:
Philip Campbell, CEO and Director
Email: [email protected]
Telephone: 250-419-7665