Origin House Converts MÜV Royalty Interest and Increases Equity Position in Prominent Cannabis Multi-State Operator, AltMed
Ottawa, Canada – February 28, 2019 – CannaRoyalty Corp. d/b/a Origin House (CSE: OH) (OTCQX: ORHOF) (“Origin House” or the “Company”), a leading North American cannabis products and brands company, today announced that it has completed the previously announced conversion of the Company’s 3.5% royalty interest on the sale of Alternative Medical Enterprises, LLC’s (“AltMed”) MÜV branded products (“MÜV”) into AltMed’s equity (the “Agreement”), increasing Origin House’s aggregate equity position in AltMed to 5.1%.
Commenting on the Agreement, Marc Lustig, Chairman and CEO of Origin House said, “Converting our royalty stream into a combination of cash and more exposure to a multi-state operator of AltMed’s calibre is another win for Origin House shareholders. With rapid expansion of their business in Florida and Arizona, we’re confident that having an increased ownership level in these two states through AltMed will increase the already sizeable return on investment.”
- Origin House previously owned a 4.8% equity interest in AltMed and a 3.5% gross product royalty on the sale of certain MÜV products.
- Upon conversion of the royalty interest, Origin House now owns an aggregate of 5.1% of AltMed. As consideration for the Company’s royalty interest, AltMed has issued a combination of cash and units of AltMed’s equity to Origin House.
- AltMed is a licensed cannabis business operating in Florida and Arizona. AltMed exclusively manufactures and distributes award-winning MÜV cannabis products through AltMed’s 100% owned subsidiary, NuTrae LLC, d/b/a MÜV, which owns MÜV.
- During 2019, AltMed plans to open 14 additional retail dispensaries in target Florida cities.
About Origin House
Origin House is a growing cannabis products and brands company operating across key markets in the U.S. and Canada, with a strategic focus on becoming a preeminent global house of cannabis brands. The Company’s foundation is in California, the world’s largest regulated cannabis market, where it delivers over 130 branded cannabis products to the majority of licensed dispensaries. Origin House’s brand development platform is operated out of five licensed facilities located across California, and provides distribution, manufacturing, cultivation and marketing services for its brand partners. The Company is actively developing infrastructure to support the proliferation of its brands internationally, initially through its acquisition of Canadian retailer 180 Smoke. Origin House’s shares trade on the Canadian Securities Exchange (CSE) under the symbol “OH” and on the OTCQX under the symbol “ORHOF”. Origin House is the registered business name of CannaRoyalty Corp. For more information, visit www.originhouse.com.
For further inquiries, please contact:
Marc Lustig, Chairman and CEO
Jonathan Ross, Origin House Investor Relations
LodeRock Advisors Inc.