Avant Brands Expands Cultivar Portfolio to Meet Rapidly Growing International Demand
Kelowna, BC – April 2, 2024 – Avant Brands Inc. (TSX: AVNT) (OTCQX: AVTBF) (FRA: 1BU0) (“Avant” or the “Company”), a leading producer of innovative and award-winning cannabis products, today announced the execution of a Cultivar Supply Agreement (the “Agreement”) with 1183279 B.C. LTD (the “Consultant”). This Agreement expands Avant's access to a diverse range of new and unique cultivars, further positioning the Company to meet the growing international demand for its high-quality cannabis products.
Norton Singhavon, Founder & CEO of Avant, commented:
“This Agreement marks a pivotal moment for Avant as we reinforce our commitment to delivering exceptional products to consumers in Canada and globally. With access to these cultivars, we are well positioned to continue driving international growth in our existing markets while concurrently pursuing new markets.”
Jarred Costa, Cultivar Consultant to Avant Brands, commented:
“There isn’t another group that I would rather be partnered exclusively with than Avant. Avant’s dedication to producing top-shelf cannabis makes them an ideal partner to bring these unique and exclusive cultivars to the Canadian and international markets. I am eager to continue supporting Avant on its initiatives to become a major cannabis player globally.”
Exciting Cultivar Offerings:
Avant has entered into the Agreement, which is expected to enhance the Company's already extensive cultivar library. This strategic partnership brings forth a selection of some of the most captivating and distinctive cultivars that are highly sought-after in prominent and mature markets such as California.
Avant will receive a minimum of 30 cultivars (the “Cultivars") (that must pass Avant’s commercialization testing), with 28 Cultivars already delivered to the Company, presenting an exciting addition to the Company’s portfolio. Avant will have exclusive rights to these Cultivars in Canada and worldwide. Among these exceptional Cultivars are:
PB Souffle x Frozen White Truffle:
Description: Combines the rich, creamy flavours of PB Souffle with the exotic and aromatic notes of Frozen White Truffle, resulting in a unique and indulgent cannabis experience. Expect a smooth smoke with hints of nuttiness and earthiness, complemented by subtle sweet undertones.
Lineage: PB Souffle is a hybrid strain known for its potent effects and dessert-like aroma, while Frozen White Truffle is a hybrid strain prized for its pungent truffle scent and uplifting high. Crossing these two cultivars creates a harmonious blend of flavours and effects
Blue Pave:
Description: Vibrant and visually striking cultivar with dense, resinous buds and a distinct blue hue. Aroma is reminiscent of fresh blueberries with hints of floral sweetness. Offers a balanced high, inducing a relaxed and euphoric state ideal for unwinding after a long day.
Lineage: Blue Pave is a hybrid strain derived from crossing Blue Dream and Gelato, two renowned cannabis varieties. This lineage results in a well-rounded and flavorful cannabis experience.
Guava Bomba:
Description: Tropical and fruity cultivar known for its intense guava aroma and flavour profile. Buds are often dense and coated in sparkling trichomes with a glistening appearance. The high is typically uplifting and energizing, making it a popular choice for daytime use.
Lineage: Guava Bomba is a hybrid strain created by crossing Guava Kush with THC Bomb. This lineage combines the fruity and exotic flavours of Guava Kush with the potent and explosive effects of THC Bomb, resulting in a well-balanced and enjoyable cannabis strain.
Wing Suit:
Description: Potent and exhilarating cultivar with soaring effects and an uplifting high. Buds are dense and resinous, with a pungent aroma combining earthy and citrus notes. Favored by those seeking a creative boost or burst of motivation.
Lineage: Wing Suit is a hybrid strain created by crossing Jet Fuel Gelato with Mendo Breath. This lineage brings together the fuel-like aroma of Jet Fuel Gelato with the relaxing and sedating qualities of Mendo Breath, resulting in a potent and well-balanced cannabis cultivar.
Slapz:
Description: Hard-hitting and potent cultivar known for its heavy-handed effects and sedating high. Buds are dense and resinous, with a skunky and earthy aroma. Best enjoyed in the evening or before bedtime, as its effects are deeply relaxing and may induce sleepiness.
Lineage: Slapz is an Indica-dominant hybrid strain created by crossing Slurricane with Purple Punch. This lineage combines the fruity and sweet flavours of Purple Punch with the powerful and sedating effects of Slurricane, resulting in a knockout strain ideal for relaxation and stress relief.
Pink Kitty:
Description: Delightful and visually appealing cultivar with vibrant pink pistils and a sweet, floral aroma. Buds are typically dense and coated in sparkling trichomes, giving them a frosty appearance. Offers a balanced high, with euphoric and uplifting effects transitioning into a relaxed state of mind and body.
Lineage: Pink Kitty is a hybrid strain resulting from the crossbreeding of Pink Kush and Platinum Cookies. This lineage combines the potent sedative properties of Pink Kush with the sweet and earthy flavours of Platinum Cookies, resulting in a well-rounded and enjoyable cannabis experience.
Highlights of the Agreement:
Termination of Previous Agreement: The Parties have mutually agreed to terminate the previous Cultivar Supply Agreement dated December 2019. As a result, approximately 1.085 million escrowed common shares in the capital of Avant (“Avant Shares") will be returned to the Company's treasury and cancelled.
Exclusive Cultivar Supply: Under the terms of the Agreement, the Consultant commits to providing Avant with clean, healthy, pathogen-free, and unique Cultivars exclusively until December 15, 2026.
Minimum Cultivars: Under the terms of the Agreement, the Consultant commits to providing Avant a minimum of 30 Cultivars, and no maximum until, December 15, 2026. Avant will conduct commercial viability tests on the Cultivars for approval and inclusion in the minimum count of 30.
Consideration: In consideration of the Cultivars provided, Avant will issue 4.5 million Avant Shares to the Consultant, subject to the following hold periods and escrow restrictions:
1. 50% (or 2.25 million Avant Shares) as follows:
i. 1,000,000 Avant Shares will be subject to a statutory 4-month hold period;
ii. 625,000 Avant Shares will be held in escrow and released on August 15, 2024, and
iii. 625,000 Avant Shares will be held in escrow and released on December 15, 2024.
2. Remaining 50% (or 2.25 million Avant Shares) will be held in escrow based on testing the Cultivars for commercialization viability and will be released on a prorated basis as the Company tests the Cultivars and issues a pass or fail; provided however that if these Avant Shares are released from escrow prior to August 2, 2024, the Avant Shares will also be subject to a statutory 4-month hold period.
The Agreement and the issuance of the Avant Shares to the Consultant remains subject to the final approval of the Toronto Stock Exchange.
About Avant Brands Inc.
Avant is an innovative, market-leading premium cannabis company. Avant has multiple operational production facilities across Canada, which produce high-quality, handcrafted cannabis products, based on unique and exceptional cultivars. Avant's products are distributed via three complementary sales channels: recreational, medical and export. Avant's recreational consumer brands include: BLK MKT™, Tenzo™, Cognōscente™ and Treehugger™, which are sold in British Columbia, Saskatchewan, Manitoba, Ontario, Atlantic Canada, Québec and the territories. The Company's medical cannabis brand, GreenTec™, is distributed nationwide, directly to qualified patients through its GreenTec Medical portal and through various medical cannabis partners. Avant is a publicly traded corporation listed on the Toronto Stock Exchange (TSX: AVNT), and cross-trades on the OTCQX Best Market (OTCQX: AVTBF) and Frankfurt Stock Exchange (FRA: 1BU0). The Company is headquartered in Kelowna, British Columbia and has operations in British Columbia, Alberta and Ontario.
To learn more about Avant, access the investor presentation, or learn more about its consumer brands, please visit www.avantbrands.ca.
For additional information, please contact:
Investor Relations at Avant Brands Inc.
1-800-351-6358
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