Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA:
97X) (“Irwin” or the “Company”), whose herbal supplements
are already available in in 100,000 stores in North America, has
reached a licensing agreement with Entourage Health Corp.
(TSX-V:ENT) (OTCQX:ETRGF) (FSE:4WE), a Canadian producer and
distributor of award-winning cannabis products, through its wholly
owned subsidiary Irwin Naturals Cannabis, Inc. Under this exclusive
arrangement, Irwin Naturals’ famous brand will be enhanced with
cannabis and made available to dispensaries across Canada in a line
of softgels in five different varieties: CBD, THC and three
additional formulations that include both THC and another
cannabinoid.
Klee Irwin, CEO of Irwin Naturals said, “We’ve set
out to become the first household brand to have its products
available on dispensary shelves across America. This partnership
with Entourage takes that plan international, pairing our trusted,
proven herbal supplement business with a cutting-edge cannabis
company to open a new frontier in our business. Entourage’s
sustainable growth hub and its state-of-the-art extraction
practices make it the perfect company to provide an array of new
cannabis products for the customers who have come to love and trust
Irwin Naturals over the past 28 years.”
George Scorsis, CEO and Executive Chairman,
Entourage, “Irwin Naturals needs no introduction. The history of
its products, the loyalty they’ve inspired, speak for themselves in
health and wellness. Adding our expertise in the cannabis space
creates a game-changing pairing that will put the Irwin Naturals
brand on dispensary shelves all across Canada.”
Third-party data1 estimates the Canadian market for
edibles and other alternative cannabis products to be worth C$2.7
billion annually. Cannabis alternatives were legalized in October
2019, offering more discreet and accessible alternative such as
edibles that avoid the stigma that can be attached to smoking.
This line of Irwin Naturals cannabis products will
be offered as softgels that utilize hempseed oil and medium-chain
triglycerides (MCT’s). There will be five different formulations:
THC (10 mg THC), CBD (25 mg CBD), 1:1 (10 mg CBD, 10 mg THC), 5:1
(50 mg CBD, 10 mg THC) and a 2:1 formulation that combines THC and
the cannabinoid CBN (10 mg THC, 5 mg CBN).
Entourage is one of the largest cannabis processors
in Canada, and its most recent quarterly report was its strongest
operating performance to date. It fulfilled some of its largest
orders with exemplary delivery rates. In May, Entourage announced
the debut of TeaPot, a cannabis-infused iced-tea beverage developed
in conjunction with the Boston Beer Company, maker of Sam Adams and
Twisted Tea.
Irwin Naturals was founded in 1994 and its
best-in-class nutraceuticals have built it into a brand that is now
recognized in 80 percent of American households.2 It has operated
profitably for the past 27 years,3 and it is now seeking to use the
equity and power of that brand in emerging markets like cannabis
and psychedelic mental-health clinics.
Irwin Naturals first entered into the cannabis
industry in 2018 when it began infusing hemp-based CBD into its
herbal supplements available in the United States. This year, it
began formulating its products with THC with the goal of becoming
the first household brand to have its products available in all 38
states where cannabis is currently legal. Because cannabis is not
legal at the federal level in the United States, Irwin Naturals has
gone state by state, reaching licensing agreements with cannabis
manufacturers. It has already announced agreements in California,
Colorado, Ohio and New Mexico. This agreement with Entourage in
Canada means that Irwin Naturals cannabis products will achieve not
just national, but international distribution.
About Irwin Naturals
Irwin Naturals has been a household name and
best-in-class herbal supplement formulator since 1994. It is now
leveraging its brand to enter into both the cannabis and
psychedelic industries. On a mission to heal the world with plant
medicine, Irwin’s growing portfolio of products is available in
more than 100,000 retail doors across North America where nearly
100 million people know the Irwin Naturals brand.4 In 2018, the
Company first leveraged its brand to expand into the cannabis
industry by launching hemp-based CBD products into the mass market.
The Company is now leveraging its famous halo of brand trust with
an objective to become one of the first household name brands to
offer THC-based products and psychedelic mental health treatment.
Irwin Naturals became a publicly traded company on the Canadian
Securities Exchange (CSE) in August 2021. The Company’s shares
began to be traded on the OTCQB Venture Market in November 2021.
More information on the Company’s stock can be found via Bloomberg
as well as the Wall Street Journal.
“Klee Irwin”_______________________Klee IrwinChief
Executive OfficerT:310-306-3636investors@irwinnaturals.com
IR Information
For investor-related information, please visit
ir.irwinnaturals.com/, call (800) 883-4851,
or email Investors@IrwinNaturals.com.
Press Contact
Irwin Naturals Investor RelationsCassandra
Bassanetti-DrummT: 310-306-3636investors@irwinnaturals.com
Forward-Looking Information
This news release contains certain forward-looking
statements that reflect the current views and/or expectations of
management of the Company with respect to performance, business and
future events. Forward-looking statements can often be identified
by words such as "may", "will", "would", "could", "should",
"believes", "estimates", "projects", "potential", "expects",
"plans", "intends", "anticipates", "targeted", "continues",
"forecasts", "designed", "goal", “objective,” or the negative of
those words or other similar or comparable words. Forward-looking
statements are based on the then-current expectations, beliefs,
assumptions, estimates and forecasts about the business and the
industry and markets in which the Company operates. Forward-looking
statements in this news release include statements related to
information concerning the ability of the Company to perform the
terms of the transaction referenced herein; the receipt of all
necessary approvals, including regulatory approvals; expectations
for other economic, market, business and competitive factors; and
the Company actually entering into and doing business in the U.S.
cannabis and psychedelics markets. Except for (i) the License and
Supply Agreement announced herein and (ii) the other license and
supply deals entered into referenced herein (with The Hive
Laboratory, LLC, as described in the Company’s April 19, 2022 press
release; with Assurance Laboratories as described in the Company’s
May 13, 2022 press release; with BeneLeaves Ltd. as described in
the Company’s May 24, 2022 press release; Larsen Group II LLC as
described in the Company’s May 20, 2022 press release), the Company
does not have any other active operations or agreements with
respect to the entrance into the THC and/or cannabis markets. The
potential entrance by the Company into these new business segments
are in their preliminary stages and may be subject to approval from
the board of directors of the Company as well as any regulatory
approval, including that of the Canadian Securities Exchange. These
statements are based on numerous assumptions that are believed by
management to be reasonable in the circumstances, and are subject
to a number of risks and uncertainties, including without
limitation: board and regulatory approval, including the approval
of the Canadian Securities Exchange; Irwin being able to acquire
and/or enter into business relationships to enter into these new
markets; the Company obtaining the required licenses; and changes
to regulations and laws regarding cannabis or psychedelics. Further
information on the regulatory environment and risks will be
contained in future disclosures. Forward-looking statements are
subject to a number of known and unknown risks, uncertainties, and
other factors that may cause actual results, performance, or
achievements to be materially different from that which are
expressed or implied by such forward-looking statements.
Forward-looking statements are not guarantees of future performance
and involve risks, uncertainties, and assumptions which are
difficult to predict. Accordingly, readers should not place undue
reliance on forward-looking statements and information, which are
qualified in their entirety by this cautionary statement. The
Company does not undertake any obligation to release publicly any
revisions for updating any voluntary forward-looking statements,
except as required by applicable securities law.
Neither the CSE nor its Market Regulator (as that
term is defined in policies of the CSE) accepts responsibility for
the adequacy or accuracy of this release.
__________________1 Nurturing New Growth: Canada
Gets Ready for Cannabis 2.0, Deloitte.2 Consumer brand recognition
information is based on a formal Company survey with a sample size
of 500 randomly selected adults.3 Under several corporate
structures, Klee Irwin has operated the Irwin brand profitably
since 1994, as measured by EBITDA adjusted for extraordinary
costs.4 Consumer brand recognition information is based on a formal
Company survey with a sample size of 500 randomly selected
adults.
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