SAN MATEO, Calif., Dec. 11, 2019 (GLOBE NEWSWIRE) — Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) (the “Company” or “PLUS”), a cannabis branded products company in the U.S., today announced the transition of its primary California distribution partner from Calyx Brands Inc. (“Calyx”) to HERBL Distribution Solutions (“HERBL”) for the Company’s best-selling cannabis products.
- PLUS products are currently available in 360 licensed retailers in California
- HERBL distributes to more than 600 licensed retailers in California
- PLUS has an internal sales team of fifteen individuals who have been working closely with HERBL and retailers to make the transition a success
“After an extensive review of the major California cannabis distributors, we determined that HERBL was best positioned to scale with PLUS and reliably deliver product to retailers at the lowest cost,” said Jake Heimark, Co-founder & CEO of PLUS. “One of our goals at PLUS is to put our products on every shelf at an affordable price, and we believe HERBL is the perfect partner to help us reach that goal. Their substantial market reach and world class management team give us confidence that they will help PLUS further solidify our position as the largest cannabis-infused gummies brand in California.1”
HERBL is a leader in the California market with active distribution to over 600 licensed retailers across the state, 240 more locations than the 360 licensed retailers in which PLUS cannabis-infused edibles are available today.
PLUS has an internal sales team of fifteen individuals working directly with HERBL’s team to ensure a quick and efficient transition for the Company’s current retail partners, and to open new accounts moving forward.
PLUS, as a part of this transition, has entered into a settlement agreement with Calyx dated December 9, 2019, which addresses, among other things, the termination of the distribution arrangement between the two parties. In accordance with the terms of the settlement agreement, the Company has arranged with HERBL to take responsibility for distributing the Company’s branded products inventory currently held by Calyx. Additionally, a qualified third party will assist in the collection of a portion of outstanding accounts receivable associated with the sales of PLUS branded products by Calyx. PLUS has also agreed to forbear any claims against Calyx and its parent company, Nutritional High, through June 5, 2020.
(1) Year-to-Date According to BDS Analytics GreenEdge Platform in 2019
California THC: PLUS cannabis-infused edibles are currently available in 360 licensed retailers across the state of California.
Nevada THC: PLUS cannabis-infused gummies are currently available in 30 Nevada dispensaries, including all three MedMen locations and Planet 13. They are expected to be rolled out to more dispensaries across Nevada in the coming weeks.
National Hemp CBD: PLUS recently launched a line of 100% Hemp CBD-infused gummies. They are available for purchase in 43 states across the country at plusproducts.com.
PLUS is a hemp and cannabis food company focused on using nature to bring balance to consumers’ lives. PLUS’s mission is to make cannabis safe and approachable – that begins with high-quality products that deliver consistent consumer experiences. PLUS is headquartered in San Mateo, CA and has 80 employees.
Founded in 2016, HERBL provides distribution solutions to the cannabis industry with the use of innovative technology, state of the art climate-controlled facilities, high security climate-controlled trucks, and sales/marketing professionals. Currently servicing over 600 dispensaries throughout California, they are supply chain experts, guided by a proven team with extensive experience in world class distribution. The company has multiple licenses and locations across the state of California. To learn more about HERBL, visit www.HERBL.com.
For further information contact:
CEO & Co-founder
Head of Investor Relations
Tel +1 213.282.6987
Third Street Media Group
Tel +1 213.712.8811
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This press release includes statements containing certain “forward-looking information” within the meaning of applicable securities law (each, a “forward-looking statement”). Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur and include, but are not limited to, statements relating to: (i) the transition of the primary California distribution partner to HERBL and whether or not HERBL will: (A) be best positioned to scale with PLUS and reliably deliver product to retailers at the lowest cost, or at all; (B) be able to help PLUS solidify its position as the largest cannabis-infused gummies brand in California; and (C) be able to help PLUS achieve one of its primary goals to be on every shelf available; (ii) the sales and field marketing teams ability, in working directly with licensed retailers, to ensure a successful transition to HERBL as a new distributor, or at all; and (iii) whether or not PLUS cannabis-infused gummies will be rolled out to more dispensaries across Nevada in the coming weeks.
These forward-looking statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this press release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, the success of the Company’s investments, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of the Company’s products, customer experience and retention, the continued development of adult-use sales channels, managements estimation of consumer demand in in jurisdictions where the Company exports, expectations of future results and expenses, the availability of additional capital to complete capital projects and facilities improvements, the ability to expand and maintain distribution capabilities, the impact of competition, the ability of the Company to implement initiatives and the possibility for changes in laws, rules, and regulations in the industry. The Company is under no obligation, and expressly 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 expressly required by applicable law.
Founder & Interim Editor of L.A. Cannabis News