Toronto, Ontario – June 15, 2020 (Newsfile Corp.) (Investorideas.com Newswire) City View Green Holdings Inc. (CSE: CVGR) (OTCQB: CVGRF) (“City View” or the “Company”), trading through the facilities of the Canadian Securities Exchange (“CSE”) under the symbol “CVGR” and on the OTCQB® under the symbol “CVGRF” and Budd Hutt Inc. (“Budd Hutt”), a private retail cannabis focused company, and further to the press release on June 13, 2019, the Company and Budd Hutt are pleased to announce that Budd Hutt has received a retail cannabis license from Alberta Gaming, Liquor and Cannabis (“AGLC”) at its Grand Cache, Alberta location. Three other locations are undergoing final inspections by the AGLC during June 2020. During June 2019, Budd Hutt entered into an agreement to acquire seven pre-licensed retail cannabis store locations in the Alberta market. The remaining three locations in Alberta have the appropriate regulatory approvals in place from AGLC and require leasehold improvements and branding prior to undergoing the final inspection approval process to receive a retail license from AGLC. City View reports that it has increased its holdings in Budd Hutt to 27.5%, previously 19.99%. Quinsam Capital Corporation (CSE: QCA) increased its investment to $2.2M, from its initial investment of $1.1M, as part of a loan arrangement with Budd Hutt. Budd Hutt expects to fund inventory and staffing requirements to open the four stores after the grant of the four store licenses. Budd Hutt and City View are currently investigating all strategic alternatives to fund Budd Hutt including a joint venture, merger, additional financing, reverse take-over, or outright sale. The Company and Budd Hutt will report back to shareholders as opportunities materialize.
Roger Dent, CEO of Quinsam Capital, commented:
“We are pleased that Budd Hutt has made excellent progress in the licensing process. We think that both Budd Hutt and City View have advanced nicely since we initially became involved with these companies.”
Craig Belcher, Director of Budd Hutt, commented:
“These are exciting times as we start the next chapter of our business and retail vision. The support of Quinsam throughout the process has allowed us to continue to pave the way for opening our stores and providing a new option in the markets and communities we are joining. We look forward to becoming part of the local fabric and culture in Alberta.”
Rob Fia, CEO & President of City View, commented:
“We are excited that Budd Hutt expects to have four retail licenses from the AGLC in the near term which represents a cash flow opportunity for Budd Hutt and in turn generates significant value for City View and its shareholders.”
About City View Green Holdings Inc.
City View Green is a leading cannabis-infused food company focused on the development of food brands, extraction, and distribution. Upon the anticipated receipt of its Cannabis Act processing and sales licences (“Cannabis Licences”), City View will incorporate cannabis-infused food production and extraction at its Brantford, Ontario facility. Once operational, it is our expectation that City View will produce high quality cannabis-infused food, oils, distillates, and water-soluble products for the food and beverage markets. In addition, City View owns a 27.5% stake in Budd Hutt Inc. (“Budd Hutt”), a retail-focused cannabis company with access to cannabis cultivation and production licences in Alberta and other retail opportunities across Canada. Through its relationship with Budd Hutt, the Company anticipates securing shelf space, product placement, and distribution opportunities for City View’s products. For more information visit www.cityviewgreen.ca.
For further information contact: City View Green Holdings Inc.
Rob Fia, CEO & President
About Budd Hutt Inc.
Budd Hutt is a retail focused Cannabis company with pending applications for licenses in Alberta and is exploring other retail opportunities across Canada. In addition, Budd Hutt owns a 19.9% stake in City View. Budd Hutt invites investors to visit www.buddhutt.com to sign up for information about the Company and its products and services as such information becomes available. Budd Hutt intends to secure shelf space and distribution opportunities for City View’s products.
For further information contact: Budd Hutt Inc.
Craig Belcher, Director
About Quinsam Capital Corporation
Quinsam is a merchant bank based in Canada that is focusing on cannabis-related investments. Our merchant banking business may encompass a range of activities including acquisitions, advisory services, lending activities and portfolio investments. Quinsam invests its capital for its own account in assets, companies, or projects, which we believe, are undervalued and where we see a viable plan for unlocking such value. We do not invest on behalf of any third party and we do not offer investment advice. Generally, Quinsam does not believe that individual investments are material reportable events. Quinsam chooses to announce certain investments once the company is certain that it has finished buying its position because the Company feels that this information helps Quinsam’s investors understand its investment decision-making process. Generally, Quinsam does not announce the sale of investments.
For further information, please contact:
Roger Dent, CEO
Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.
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