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8-K - PRIMARY DOCUMENT - GILLA INC. | gillaform8k.htm |
Exhibit 99.1
GILLA SIGNS CANNABIS LICENSING AGREEMENT IN NEVADA
TORONTO, CANADA – (June 20th,
2017) - Gilla Inc.
(“Gilla” or the “Company”) (OTCQB: GLLA),
the fast-growing designer, marketer and manufacturer of E-liquid
for vaporizers and developer of cannabis concentrate products,
today announced that the Company’s Toronto-based subsidiary,
Gilla Enterprises Inc., has entered into its first production and
distribution licensing agreement (the “Licensing
Agreement”) to introduce and launch the Company’s new
portfolio of cannabis concentrate products. The Licensing Agreement
has been entered into with Alternative Medicine Association, LC
(“AMA” or the “Licensee”), a
Nevada-licensed medical marijuana establishment (“MME”)
which was recently acquired by Friday Night Inc. (CSE: TGIF), a
Canadian-based public company.
Under
the terms of the Licensing Agreement, the Company granted to the
Licensee an exclusive five-year license to produce and distribute
Gilla’s unique array of cannabis concentrate products
including its high terpene vape oils, naturally extracted vape oils
and pure crystalline or high grade, naturally extracted cannabis
crystals (together, the “Licensed Products”) in the
State of Nevada. The Licensee will manufacture the Licensed
Products in its medical marijuana cultivation and production
facility located in Las Vegas, Nevada for wholesale distribution
utilizing Gilla’s standard operating procedures, marketing
support and brand name that will be announced and formally launched
in the coming weeks. The Licensed Products are scheduled to be
launched for sale on or around July 1, 2017 in conjunction with the
adoption of recreational marijuana by the State of Nevada. As
consideration for the license and rights granted under the
Licensing Agreement, the Company will receive a fifteen percent
royalty of gross revenues generated by the Licensed
Products.
“This
is a significant milestone for Gilla and we are very excited for
the opportunity to work with our new partner to launch our newly
developed portfolio of cannabis products alongside the adoption of
recreational marijuana in Nevada,” stated Mr. Graham
Simmonds, Chairman and CEO of Gilla. He added, “AMA was the
first-licensed MME in southern Nevada and operates a premier
facility in the Las Vegas area. Their expertise and cultivation
capacity has positioned them to become an industry leader in the
wholesale marijuana business. In furthering our
multi-jurisdictional mandate, the Company is working on a number of
additional licensing opportunities in both the United States and
Canada to bring Gilla’s branded cannabis products to
additional jurisdictions this year.”
Mr.
Mark Zobrist, CEO of AMA stated, “This is an excellent
opportunity for Friday Night to broaden its product offering in
preparation for the upcoming implementation of recreational
marijuana in the State of Nevada.” He added, “Our team
is very impressed with the quality of the Gilla product offering
and we look forward to a mutually-successful business
relationship.”
About Alternative Medicine Association, LC and Friday Night
Inc.
Alternative
Medicine Association, LC owns and operates a licensed medical
marijuana cultivation and production facility in Las Vegas, Nevada.
The company produces its own line of cannabis-based extracts
including shatter, live resin, wax and oils including vape oils,
flavored vape oils, terpene enhanced oils, and clear distillates
and manufactures other third-party brands of similar products.
Friday Night Inc., a Canadian public company (CSE: TGIF), recently
acquired AMA and now owns or controls both hemp and cannabis based
operations in the State of Nevada with plans to expand both within
and outside of the state.
About Gilla Inc.
Gilla
Inc. manufactures, markets and distributes E-liquid for use in
vaporizers and develops turn-key vapor and cannabis concentrate
solutions for high terpene vape oils, pure crystalline, high
performance vape pens and other targeted products. Gilla aims to be
a global leader in delivering the most efficient and effective
vaping solutions for nicotine and cannabis related products. The
Company’s multi-jurisdictional, broad portfolio approach
services both the nicotine and cannabis markets with high quality
products that deliver a consistent and reliable user experience.
Gilla’s proprietary product portfolio includes the following
brands: Coil Glaze™, Siren, The Drip Factory, Craft
Vapes™, Craft Clouds, Surf Sauce, Vinto Vape, VaporLiq, Vape
Warriors, Vapor’s Dozen, Miss Pennysworth’s Elixirs,
The Mad Alchemist™, Replicant, Enriched Vapor and Crown
E-liquid™.
Forward-looking Statements
Note:
This press release contains “forward looking
statements” as defined in the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
currently available competitive, financial and economic data and
management’s views and assumptions regarding future events.
Such forward-looking statements are inherently uncertain. Gilla
Inc. cannot provide assurances that the matters described in this
press release will be successfully completed or that the company
will realize the anticipated benefits of any transaction. Actual
results may differ materially from those projected as a result of
certain risks and uncertainties, including but not limited to:
global economic and market conditions; the war on terrorism and the
potential for war or other hostilities in other parts of the world;
the availability of financing and lines of credit; successful
integration of acquired or merged businesses; changes in interest
rates; management’s ability to forecast revenues and control
expenses, especially on a quarterly basis; unexpected decline in
revenues without a corresponding and timely slowdown in expense
growth; the company’s ability to retain key management and
employees; intense competition and the company’s ability to
meet demand at competitive prices and to continue to introduce new
products and new versions of existing products that keep pace with
technological developments, satisfy increasingly sophisticated
customer requirements and achieve market acceptance; relationships
with significant suppliers and customers; as well as other risks
and uncertainties, including but not limited to those detailed from
time to time in Gilla Inc. SEC filings. Gilla Inc. undertakes no
obligation to update information contained in this release. For
further information regarding risks and uncertainties associated
with Gilla Inc.’s business, please refer to the risks and
uncertainties detailed from time to time in Gilla Inc.’s SEC
filings.
For
more information, please visit gilla.com, or
contact:
Mr. Graham Simmonds
Chairman and CEO
T: 1
(416) 843-2881
E:
graham.simmonds@gilla.com