Vancouver, B.C. – Luff Enterprises Ltd., (CSE: LUFF) (“LUFF” or the “Company”) is pleased to provide a further update on its previously announced agreement to acquire the National Green Biomed group of companies (“NG Biomed”). On July 21, 2022 Luff announced its plan to acquire, largely for share consideration, NG Biomed, a licensed producer of cannabis products for both the recreational and medical consumer markets.
Luff announces that NG Biomed’s wholly owned subsidiary, Rosebud Productions Inc., has received final approval from Health Canada to authorize the activity of sale of cannabis extracts, edible cannabis, and cannabis topical products to provincially and territorially authorized retailers and holders of a licence for sale for medical purposes.
This approval was the final step in NG Biomed’s licence approval process, and will allow for a complete product offering for clients. It will also facilitate more streamlined procurement and fulfillment operations when medical sales are initiated.
Luff’s CEO, Philip Campbell, remarked, “The sales licence approval for extracts is the culmination of months of hard work and determination by the team at National Green Biomed, with a relentless focus on quality and consistency. With our new sales platform for medical products in Canada ramping up, this approval paves the way for Luff to expand the products that we are bringing to market, in addition to our proposed best-in-class craft flower menu.”
The acquisition of NG Biomed remains subject to approval from NG Biomed’s shareholders, approval from the Canadian Securities Exchange, if needed, and completion of customary closing conditions.
About Luff Enterprises Ltd.
LUFF is a hemp and wellness company, focused on providing premium quality, innovative products across the United States through its online store. Committed to plant-based science, LUFF produces and sources a suite of thoughtfully designed products to benefit a wide range of user needs.
Currently, the Company focuses on identifying unique products and formulations leveraging cannabinoids 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.
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This news release may contain “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. 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]