SASKATOON, Saskatchewan & OAKVILLE, Ontario--(BUSINESS WIRE)--

CanniMed Therapeutics Inc. (TSX: CMED) (“CanniMed”) and Up Cannabis Inc. (wholly-owned licensed producer of Newstrike Resources Ltd. TSX-V: HIP) (“Up Cannabis”) applaud the Saskatchewan government on their announcement today to issue approximately 60 cannabis retail permits to private operators in the lead up to the adult-use recreational market.

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CanniMed and Up Cannabis will work collaboratively and apply to the Saskatchewan Liquor and Gaming Authority for a retail cannabis permit when the application criteria are announced in the coming weeks.

“We are extremely confident that a combined CanniMed/Up Cannabis application will pass the initial screening criteria for a retail location,” said Brent Zettl, President and CEO, CanniMed. “Not only does CanniMed have the best track record in the industry regarding inventory reporting, quality control and product supply, our synergistic relationship with Up Cannabis will bring strength in the areas of branding and product development suited to the adult use recreational market. We fully believe that a CanniMed/Up Cannabis retail location will be of benefit to both the medical and recreational access in the province.”

Jay Wilgar, President and CEO of Up Cannabis, said: “The acquisition by CanniMed of Up Cannabis positions our collective team as a clear market leader in the adult use recreational cannabis space. Today’s announcement aligns perfectly with our overall corporate strategy, and validates the value of our work to develop a comprehensive marketing approach, supported by the best people and partnerships available.”

About CanniMed Therapeutics Inc.

CanniMed is a Canadian-based, international plant biopharmaceutical company and a leader in the Canadian medical cannabis industry, with 17 years of pharmaceutical cannabis cultivation experience, state-of-the-art, GMP-compliant production process and world class research and development platforms with a wide range of pharmaceutical-grade cannabis products. In addition, the Company has an active plant biotechnology research and product development program focused on the production of plant-based materials for pharmaceutical, agricultural and environmental applications.

CanniMed, through its subsidiaries, was the first producer to be licensed under the Marihuana for Medical Purposes Regulations, the predecessor to the current Access to Cannabis for Medical Purposes Regulations. It was the sole supplier to Health Canada under the former medical cannabis system for 13 years, and has been producing safe and consistent medical cannabis for thousands of Canadian patients, with no incident of product diversion or recalls.

For more information, please visit our websites: www.cannimed.ca (patients) and www.cannimedtherapeutics.com (investors).

About Newstrike and Up Cannabis

Newstrike is the parent company of Up Cannabis, a licensed producer of cannabis. Newstrike, together with its strategic partners, is developing a diverse network of high quality cannabis brands. For more information visit www.up.ca or www.newstrike.ca.

Notice Regarding Forward Looking Statements

This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of CanniMed and Newstrike to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

These forward-looking statements include, but are not limited to, statements relating to our expectations with respect to: the proposed application to the Saskatchewan Liquor and Gaming Authority, the outcome of the proposed acquisition of all the issued and outstanding common shares of Newstrike; the anticipated benefits of a retail permit. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. In respect of the forward-looking statements and information concerning the anticipated benefits and completion of CanniMed’s acquisition of Newstrike, CanniMed and Newstrike have provided such statements and information in reliance on certain assumptions that they believe are reasonable at this time, including assumptions as to qualifications of CanniMed to apply to the Saskatchewan Liquor and Gaming Authority for a retail permit permit; and the receipt of all shareholder, regulatory and court approvals for CanniMed’s acquisition of Newstrike. There can be no assurance that CanniMed will qualify to a retail permit of the proposed acquisition. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release.

Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors that could affect the operations or financial results of CannIMed and the completion of its acquisition of Newstrike are included in documents on file with applicable securities regulatory authorities, including the management information circular of CanniMed dated December 8, 2017, available on sedar.com.

The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. CanniMed and Newstrike do not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.

None of the Toronto Stock Exchange, TSX Venture Exchange and their Regulation Services Providers accept responsibility for the adequacy or accuracy of this release.

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