New License Clears the Path for Thrive to Launch a Portfolio of Ultra-Premium Concentrate Products, Completing its Pivot from B2B Seller to B2C Retail Player

TORONTO, June 09, 2020 (GLOBE NEWSWIRE) — Thrive Cannabis (“Thrive”, “Company”), a licensed producer of premium, craft cannabis concentrates and dried flower based in Simcoe, Ontario, is pleased to announce that it has received approval from Health Canada for the sale of cannabis extract products to authorized retailers nationwide.

Thrive will bring to market a portfolio of premium concentrate products which have been under research & development for the past year, including Live Resin Dabs and Vapes under the Greybeard brand, and Fast Acting Oral THC and CBD Strips under the Being brand. Both brands are scheduled to launch in the summer of 2020. The Company also has other innovations in the pipeline moving towards commercialization including Live Rosin and topicals, which it anticipates launching in Q1 2021.

“We are extremely pleased to have received our extract sales license, a key milestone in our pivot from wholesale to branded retail. We thank all the people at Health Canada who have worked hard to maintain continuity despite the challenges of working under the pressures of COVID-19. As a craft cultivator with a deep passion rooted in quality, we believe that our products will set the standard by which all other concentrates will be measured.

“High demand from our wholesale partners has resulted in us consistently being sold out, a reflection of the quality of our products and our understanding of what the market really wants. We are applying these same market and quality-driven standards to Thrive’s next generation of extract-based products. We have already developed excellent relationships with both the provinces and retailers, and to meet demand we are bringing additional indoor, outdoor, extraction, and manufacturing capacity online, immediately,” said Geoff Hoover, Thrive CEO.

Greybeard Live Resin Dabs
Thrive has developed a Live Resin Dab product called Terp Slush that will be the first of its Greybeard concentrates to reach the Ontario Cannabis Store and other retailers this summer. Terp Slush is an elevated version of HTFSE (High-Terpene Full-Spectrum Extract), made from cannabis grown outdoors at the Thrive farm. During harvest, the crop is flash-frozen to seal in the cannabinoids and terpenes until they are ready to be extracted through Thrive’s proprietary hydrocarbon process, resulting in highly aromatic and flavourful concentrates.

“One of the greatest things about our Live Resin Terp Slush is its consistency. This slush is easy to scoop up for use in dab rigs and pens, ensuring a consistent user experience in every dose,” said Bubba Nicholson, Thrive Director of Channel Management.

Greybeard Live Resin Vapes
Thrive’s upcoming Live Resin Vape Cartridges (0.5g, 510 thread), also marketed under the Greybeard brand, will start from the same premium Live Resin as its Terp Slush dab products.

“Once the top colas of our 2019 outdoor-grown crop nearly hit 20% THC and a terpene content of over 5% in the field, we topped those trees and immediately froze them to lock it all in,” said Tyson Cramer, Thrive CTO/COO.

The result is an aromatic and flavourful Live Resin Vape product, retaining twice the terpene content as compared to CO2 extracted dried flower. This allows Thrive to capture a lush and vivid representation of its cannabis trees at the peak of their outdoor bloom in each Greybeard Live Resin Vape cartridge.

Thrive SVP Marketing, Sung Kang, explains the appeal of Live Resin this way: “While there will always be a great deal of demand for standard vape cartridges that focus primarily on delivering a high THC content with a little bit of added flavour, the market is absolutely saturated with that kind of product. Instead, our Live Resin vapes will be all about showcasing the high terpene content we work so hard to grow in the field and subsequently capture in every Greybeard Live Resin Vape cart.”

Being Fast Acting Cannabis Oral Strips
Thrive is also completing production of its Fast Acting Oral THC and CBD Strips, which will be marketed under its wellness brand called Being. These strips will be a smoke-free cannabis alternative that delivers more cannabinoids per equivalent dose, faster, than other non-combustible formats. Thrive’s technology delivers cannabinoids rapidly by micronizing cannabis oils and suspending them evenly in a thin film. And when dissolved under the tongue each strip delivers its cannabinoids with greater impact than edibles, oils or capsules containing similar amounts of THC as it allows it to bypass the digestive system.

Thrive’s 10mg THC and 10mg CBD Oral Strips are easy to tear into smaller segments for micro-dosing and will be sold in pouches of 10 strips each, with each strip hermetically sealed in individual wrappers for portability. The strips will be naturally flavoured with peppermint oil, sugar-free, gluten-free, nut-free, and contain no animal products.

About Thrive Cannabis:
Thrive Cannabis is a privately held, vertically integrated cultivator and processor of premium and ultra-premium craft cannabis and cannabis concentrates, founded in 2018, with production facilities in Simcoe, Ontario. Thrive holds production, sales and outdoor cultivation licenses from Health Canada. Thrive Cannabis is currently developing premium products for the Canadian recreational market that will commence distribution in 2020. To learn more, visit us at thrivecannabis.ca

For Thrive Investor Relations Inquiries, please contact:
Geoff Hoover, CEO – Thrive Cannabis
Email: ghoover@thrivecannabis.ca 

Waylon Iserhoff, SVP Finance – Thrive Cannabis
Email: wiserhoff@thrivecannabis.ca 

For Thrive Media & PR Inquiries, please contact:
Media Relations
Email: PR@thrivecannabis.ca 

CAUTIONARY STATEMENT AND FORWARD-LOOKING INFORMATION
Thrive Cannabis is not a reporting issuer (or the equivalent thereof) in any jurisdiction, is not listed on any stock exchange, and may never become a reporting issuer or listed on any stock exchange, therefore, any securities issued by Thrive Cannabis will be subject to an indefinite hold period which may never expire.

This News Release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

This News Release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking information, including, without limitation, statements relating to Thrive Cannabis’: (i) business strategy, objectives, and expected growth; (ii) ability to secure and/or maintain all appropriate cannabis licenses in its jurisdiction(s) of operation; (iii) continued growth of the cannabis market; (iv) the effectiveness and popularity of Thrive Cannabis’ business strategy and its ability to bring its products to commercial production; and (v) the ability to reduce production and energy costs through economies of scale.

Forward-looking information is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Thrive Cannabis be materially different from those expressed or implied by such forward-looking information, including without limitation: (i) business strategy, objectives, and expected growth; (ii) ability to secure and/or maintain all appropriate cannabis licenses in its jurisdiction(s) of operation; (iii) continued growth of the cannabis market; (iv) the effectiveness and popularity of Thrive Cannabis.

Readers are cautioned not to place undue reliance on the above forward-looking information, or any statements related thereto, which should not be construed as exhaustive and speak only as of the date of this News Release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking information is expressly qualified in its entirety by this cautionary statement.

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