VANCOUVER, British Columbia, Sept. 12, 2018 (GLOBE NEWSWIRE) -- New Age Farm Inc. (CSE:NF) (OTC:NWGFF) (FSE:0NF) (“New Age Farm” or the “Company”) is pleased to announce that it has entered into a letter of intent dated September 11, 2018 to acquire up to 37.5% of Trellis Holdings Oregon Op LLC (“Trellis”).

Trellis, an experienced and successful cannabis cultivation company, currently operates on one of the legal plots of the Company’s Cave Junction, Oregon property and holds an OLCC licence for the cultivation of 40,000 square feet of recreational cannabis.  Trellis has plans to expand the cultivation to inhabit the second legal plot on the Cave Junction property and add an additional 40,000 square feet of canopy. You can see a video of the current cultivation at trellisfarms.com. In addition, Trellis operates a licensed retail store at the Company’s Portland, Oregon property.

The Company and Trellis are working towards negotiating the terms of the acquisition. 

The letter of intent carries a 60-day due diligence term and is subject to approval from the current members of Trellis.

This transaction is considered a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101").  The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the transaction does not exceed 25% of the Company's market capitalization.

About New Age Farm

New Age Farm is an agricultural services company offering unique turnkey growing infrastructure and services for licensed growers and processors of luxury marijuana crops at its agri-campuses in Washington State. In November 2012, the Washington State Liquor and Cannabis Board (“WSLCB”) passed Initiative 502 (“I-502”). I-502 authorized the WSLCB to regulate and tax recreational marijuana products for persons over twenty-one years of age and thereby created a new industry for the growing, processing and selling of Washington State-regulated recreational marijuana products. New Age Farm provides innovative solutions for growers and processors in this burgeoning industry.

About We Are Kured, LLC

Kured is a wholly owned subsidiary of New Age Farm, acquired in December 2017. Kured is building an
innovative online CBD and lifestyle company. Kured has partnered with best in class hemp cultivators,
edible manufacturers, cutting edge product formulators to develop, market and distribute multiple lines of CBD products including, but not limited to, CBD vaporizer pens, topicals, gel capsules and more. All of We Are Kured’s products are 100% THC free and will be available for purchase internationally. THC, or tetrahydrocannabinol, is the primary active ingredient in cannabis.

For further information about New Age Farm, please consult the Company’s profile on SEDAR at www.sedar.com or visit the Company’s website at www.newagefarminc.com.  For further information about We Are Kured, please visit their website at www.wearekured.com.

On Behalf of the Board of Directors                                                        For Further Information Contact

Joshua Bartch                                                                                             Corporate Communications
Chief Executive Officer                                                                                corpcom@newagefarminc.com
info@newagefarminc.com                                                                           888-871-3936

We Are Kured Contact:

Ben Martch
Founder & CEO
www.wearekured.com

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to completion of planned improvements at both the Canadian and US sites on schedule and on budget, the availability of financing needed to complete the Company’s planned improvements on commercially reasonable terms, planned occupancy by the tenant-growers, commencement of operations, differences in yield on expected harvests, delays in obtaining statutory approval for marijuana production plans, issues that may arise throughout the grow period, outdoor crops affected by weather, the ability to mitigate the risk of loss through appropriate insurance policies, and the risks presented by federal statutes that may contradict local and state legislation respecting legalized marijuana. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

This news release does not constitute an offer of securities for sale in the United States. These securities have not and will not be registered under United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.