June 18, 2018 – Vancouver, BC
New Age Farm Inc. (CSE:NF) (OTC:NWGFF) (FSE:ONF) (www.newagefarminc.com) (“New Age Farm” or the “Company”) announces that further to its news release of May 22, 2018 additional changes to the leadership team are in progress. Three of the current directors of New Age Farm will be stepping down as new directors take their places. This change in leadership will facilitate the Company’s ability to operate in the US marketplace in Washington State and will bring increased breadth and depth to wholly owned subsidiary, We Are Kured LLC’s, range of product offerings. David A. Johnson, C. Lorraine Pike and Anthony Chan will resign to allow new directors to step in. David Joshua Bartch and Eric Knutson will be added to the Board of Directors. Both Mr. Bartch and Mr. Knutson are experienced business leaders and well placed in the recreational cannabis space to advance the Company as it moves forward.
As noted on May 22, the Company is growing with its expansion into CBD under the We Are Kured, LLC (“Kured”) brand. Benjamin Martch, CEO of Kured has taken on the additional role of Interim CEO of New Age Farm. As previously announced, Mr. Carman Parente will remain on the Board of Directors and continue in his role as President of the Company for the foreseeable future. Mr. Parente will assist the new leadership team providing leadership, guidance, and sharing the corporate knowledge base to ensure an orderly transition. The Company has put together a transition team that will be active for the next several weeks, providing for an orderly changeover.
Mr. Martch, Interim CEO of New Age Farm, commented, “Under the new leadership, the Company will continue to advance its Washington State interests and expand Kured’s reach. We believe that there is great potential in the land portfolio that the previous management built up and we are excited about our plans for Kured, which we will share with stakeholders in the coming weeks.”
About New Age Farm
New Age Farm is an agricultural services company offering unique turnkey growing infrastructure and services for licensed growers and processors of luxury marijuana crops at its agri-campuses in Washington State. In November 2012, the Washington State Liquor and Cannabis Board (“WSLCB”) passed Initiative 502 (“I-502”). I-502 authorized the WSLCB to regulate and tax recreational marijuana products for persons over twenty-one years of age and thereby created a new industry for the growing, processing and selling of Washington State-regulated recreational marijuana products. New Age Farm provides innovative solutions for growers and processors in this burgeoning industry.
About We Are Kured, LLC
Kured is a wholly owned subsidiary of New Age Farm, acquired in December 2017. Kured is building an innovative online CBD and lifestyle company. Kured has partnered with best in class hemp cultivators, edible manufacturers, cutting edge product formulators to develop, market and distribute multiple lines of CBD products including, but not limited to, CBD vaporizer pens, topicals, gel capsules and more. All of We Are Kured’s products are 100% THC free and will be available for purchase internationally. THC, or tetrahydrocannabinol, is the primary active ingredient in cannabis. Kured expects to launch its first product, a fully loaded, 250 mg disposable terpene infused, hemp derived CBD vaporizing pen shortly. The vape pens will be available in three variations: Sunshine (Sativa blend), Moonlight (Indica blend) and Anytime (hybrid blend). Please bookmark http://wearekured.com, where Kured is in the process of building out a full website where consumers will be able to learn more about the company and purchase its products.
For further information about New Age Farm, please consult the Company’s profile on SEDAR at www.sedar.com.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to completion of planned improvements at both the Canadian and US sites on schedule and on budget, the availability of financing needed to complete the Company’s planned improvements on commercially reasonable terms, planned occupancy by the tenant-growers, commencement of operations, differences in yield on expected harvests, delays in obtaining statutory approval for marijuana production plans, issues that may arise throughout the grow period, outdoor crops affected by weather, the ability to mitigate the risk of loss through appropriate insurance policies, and the risks presented by federal statutes that may contradict local and state legislation respecting legalized marijuana. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
This news release does not constitute an offer of securities for sale in the United States. These securities have not and will not be registered under United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon.