VANCOUVER, British Columbia, March 12, 2021 (GLOBE NEWSWIRE) — BC Craft Supply Co. Ltd. (the “Company” or “BC Craft“) (CSE: CRFT) (OTC:CRFTF) (FSE:ZZD1) announces that it has reached agreements with certain arms-length parties to settle outstanding indebtedness in an aggregate amount of $125,632.35 for past consulting and other services provided to the Company (the “Debt Settlement“). BC Craft will issue an aggregate of 868,666 common shares (“Shares“) at a deemed price of $0.12 per Share in full satisfaction of the Debt Settlement.
All securities issued in connection with the Debt Settlement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
The Company also announces that Mr. Kevin Taylor has resigned from the board of directors effective immediately. The Company wishes to thank Mr. Taylor for his contributions to the Company and wishes him well with his current and future endeavours. Ms. Regan McGrath has been appointed to the board of directors effective immediately and has been issued 200,000 incentive stock options at a price of $0.10 per Share for a period of five years, pursuant to the Company’s Stock Option Plan.
For further information please contact Matthew Watters, Director, at (604) 687-2038.
About BC Craft Supply Co. Ltd.
Based in Vancouver, British Columbia, BC Craft Supply Co. has aggregated the best legacy-era talent from Canada’s craft cannabis industry, which boasts an international reputation. The team at BC Craft supports the most trusted cannabis cultivators in Canada to transition into their supply chain, bringing with them their unique cultivars and years of experience with the plant. In exchange for support with licensing, compliance and distribution, cultivators will sign on as a BC Craft supplier. This makes BC Craft uniquely positioned to be the premium cannabis brand in Canada.
BC Craft’s subsidiary, Medcann Health Products Ltd., is a Health Canada licensed cultivator and processor with a license to sell medical cannabis products in Canada.
Matthew Watters, Director
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Although the Company believes that the material factors, expectations and assumptions expressed in such forward- looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance.
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. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Accordingly, readers should not place undue reliance on forward-looking statements. BC Craft disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.