MINNEAPOLIS, Jan. 8, 2021 /PRNewswire/ -- Vireo Health International Inc., ("Vireo" or the "Company") (CNSX: VREO,OTCQX: VREOF), the leading physician-founded, science-focused multi-state cannabis company, today announced that the Company has launched a new line of naturally-augmented cannabis flower called Amplifi™. The product line will feature dry cannabis flower strains sold in 3.5-gram TerpSafeTM jars. Amplifi is the first brand that utilizes Vireo's new TerpSafe packaging technology, a proprietary patent-pending system that not only preserves the existing terpene profile but can naturally augment the terpene content of cannabis flower over time.
Amplifi products launched in Vireo's popular Ultimate Purple strain and are currently available at licensed dispensaries in Maryland. The brand's second strain, Gorilla Girl, will be available later this month. In addition to the launch in Maryland, the Company expects Amplifi products to be available in Arizona at the Vireo dispensary located in Phoenix and at third-party dispensaries statewide starting in February.
"We are excited to announce the launch of Amplifi, a new brand that will feature several of our most popular strains of dry cannabis flower," said Chief Executive Officer of Vireo Health, Kyle Kingsley, M.D. "Not only will Amplifi feature Vireo's next generation strains, but the flower's terpenes will be preserved and enhanced by our TerpSafe packaging. We believe that this proprietary technology will become the standard for flower packaging throughout the industry."
Recently featured in a peer-reviewed research paper published in the Journal of Cannabis Research, Vireo's new TerpSafe technology is a novel approach shown to preserve cannabis flower by inhibiting the gradual loss of terpenes. The technology works effectively towards terpene preservation for a variety of different cannabis flowers, grown and stored under various conditions. Multiple lab tests and real-world analyses have shown that cannabis flower stored in traditional packaging lost nearly half of its native terpenes over a four-week period. When the same flower was stored in Vireo's TerpSafe packaging system, the terpene content increased over the same four-week period.
Researchers were also able to successfully adjust the terpene profile of cannabis stored using the TerpSafe technology. This will provide patients and manufacturers the ability to customize the terpene profile of their cannabis as a result.
"In addition to keeping cannabis flower fresher for longer, what sets TerpSafe apart from conventional terpene-preserving packaging is that it is proven to reinfuse the product even after multiple openings," said Vireo Chief Scientific Officer, Eric Greenbaum. "Our research design included conditions which mimicked patient use, where the bottles were opened periodically over a period of weeks and conclusively showed that the terpene-preservation capabilities of our system are not adversely affected by the jar being opened at a normal-use rate."
The new packaging will enable cultivators and manufacturers to protect and enhance the naturally occurring terpenes in cannabis flower. This helps ensure the terpene levels in cannabis products are preserved throughout the distribution chain – from greenhouse to the customer home – so that consumers can enjoy a robust and consistent flavor profile.
Last year, Vireo signed a limited exclusive licensing agreement with eBottles420, the largest supplier of cannabis packaging in North America, to manufacture and distribute TerpSafe packaging.
About Vireo Health International, Inc.
Vireo Health International, Inc. is a physician-led cannabis company focused on bringing the best of technology, science, and engineering to the cannabis industry. Vireo manufactures proprietary, branded cannabis products in environmentally-friendly, state-of-the-art greenhouses and other facilities and distributes its products through its growing network of Green Goods™ retail locations and third-party dispensaries. Vireo's team of more than 400 employees, led by scientists, engineers, and cultivation experts, is focused on efficiency and the creation of best-in-class products, while driving scientific innovation within the cannabis industry and developing meaningful intellectual property. Today, Vireo is licensed to grow and/or process cannabis in seven markets. The Company is operational in five of those markets – including the core markets of Arizona, Maryland, Minnesota, New Mexico, and New York. The Company holds 29 total retail dispensary licenses, of which 16 are currently open for business. For more information about Vireo Health, please visit www.vireohealth.com.
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Forward-Looking Statement Disclosure
This press release contains "forward-looking information" within the meaning of applicable United States and Canadian securities legislation. To the extent any forward-looking information in this press release constitutes "financial outlooks" within the meaning of applicable United States or Canadian securities laws, such information is being provided as preliminary financial results and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking information contained in this press release may be identified by the use of words such as "plans," "expects" or "does not expect," "is expected," "look forward to," "budget" "scheduled," "estimates," "forecasts," "will continue," "intends," "anticipates," "does not anticipate," "believes," "should," "should not," or variations of such words and phrases or indicates that certain actions, events or results "may," "could," "would," "might," "should," or "will" "be taken," "occur," or "be achieved." Forward-looking information may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, milestones, strategies and outlook of Vireo, and includes statements about, among other things, the value of assets, the amount of liabilities, the designation of certain businesses or assets as "core" or "non-core," decisions about allocation of capital and other resources, future developments, the future operations, potential market opportunities including the potential effects of the approval of adult-use cannabis in one or more markets, potential opportunities to monetize assets, strengths and strategy of the Company. Forward-looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements should not be read as guarantees of future performance or results. Forward-looking information includes statements with respect to the opportunities for the Company to leverage increasing scale to improve sales growth and operating performance; the anticipation that the medical-only state markets in which the Company's subsidiaries operate could enact recreational-use legislation over the near-to mid-term future; the anticipated benefits of strategic initiatives; the effects of reduction of corporate overhead and SG&A expenses; improvement to unit economics; expansion of retail dispensaries in key markets; the expectation that such expansion will drive stronger revenue growth, operating margins and free cash flow; the anticipated closing of certain divestitures and the timing thereof; the anticipated benefits of the land purchase option acquired by the Company in New York; the Company's anticipation that it will enter into definitive loan documents with Green Ivy Capital and receive proceeds from a resultant loan; the expectation that a preliminary base shelf prospectus will become final or that any securities will be sold under a base shelf prospectus; the anticipated share issuance and proceeds related to the Company's redemption of all subordinate voting share purchase warrants issued to participants in the March 10, 2020, private placement; the transition of the Company's financial reporting from IFRS to U.S. GAAP; and updates on actual and proposed development initiatives, including estimates of the timing of completion of such initiatives. Forward-looking information includes both known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this press release. Financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to various risks as set out herein. Our actual financial position and results of operations may differ materially from management's current expectations and, as a result, our revenue and cash on hand may differ materially from the revenue and cash values provided in this press release. Forward-looking information is based upon a number of estimates and assumptions of management, believed but not certain to be reasonable, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct, including preliminary financial expectations regarding the annualized reduction of corporate overhead and SG&A expenses. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, risks related to preliminary financial results being subject to the completion of the Company's financial closing procedures and not being audited or reviewed by the Company's independent registered public accounting firm; the timing of recreational-use legislation in markets where the Company currently operates; current and future market conditions, including the market price of the subordinate voting shares of the Company; risks related to the COVID-19 pandemic; federal, state, local and foreign government laws, rules and regulations, including federal and state laws in the United States relating to cannabis operations in the United States; limited operating history; changes in laws, regulations and guidelines; operational, regulatory and other risks; execution of business strategy; management of growth; difficulty to forecast; conflicts of interest; risks inherent in an agricultural business; liquidity and additional financing; foreign private issuer status and the risk factors set out in the Company's listing statement dated March 19, 2019, filed with the Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com and in the Company's registration statement on Form 10, filed November 5, 2020 on EDGAR with the U.S. Securities and Exchange Commission.
The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE Vireo Health International, Inc.