Harvest Health & Recreation Signs Landmark Agreement to Distribute CBD Products to More than 10,000 Retail Stores Across the U.S.
- Largest trade association network of independent convenience stores and gas stations - Asian American Trade Associations Council - to welcome Colors, CBx Essentials and Harvest branded product lines through their implementation partner system.
- Convenience stores and gas stations expected to capture $8-10b of $22b CBD market.
PHOENIX - June 4, 2019 (Investorideas.com Newswire) Harvest Health & Recreation, Inc. (CSE: HARV, OTCQX: HRVSF) ("Harvest"), vertically-integrated cannabis company with one of the largest and deepest footprints in the U.S., today announced the signing of an agreement to bring their popular Colors, CBx Essentials and Harvest-branded CBD product lines to more than 10,000 retail stores, including convenience stores and gas stations across the country. The multi-million-dollar partnership, which will roll out to the Asian American Trade Associations Council ("AATAC") retailer network brings leading CBD products with significant demand to a system of every day strategic markets in small towns and major metropolitan regions.
"This exclusive partnership enables a massive advance in distribution for Harvest-owned CBD brands and follows our strategic path of expanding the scale of our wholesale and retail distribution nationally," said Harvest Chairman Jason Vedadi. "Demand for CBD is unprecedented and by delivering leading products in 10,000 accessible locations gives us an unparalleled reach to consumers."
The AATAC is one of the largest trade associations for independent convenience and gas stations in the country, with 50,000 primary and affiliate members and a reach of almost 90,000 locations that control over 60 percent of the market. Although many stores are branded, the vast majority of all convenience stores and gas stations in America are considered independent and the industry reaches more Americans on a daily basis than grocery, drugstore, dollar store and big box stores all combined. The AATAC's primary and affiliate members operate many franchises of the most popular branded retailers such as 7-11, Circle K, Sunoco, Chevron, 76, BP, Arco, ampm, Kangaroo, Shell, Marathon, and many others. The group estimates convenience stores and gas stations will account for $8-10 billion of what The Brightfield Group expects to be a $22 billion CBD market in three years.
"While many CBD product companies currently experience an artificially high premium as early adopters flood the market, we realized that only true quality brands like Harvest's COLORS and CBx brands, which have a long and established pedigree will be around after the first wave," said AATAC Board of Directors Trustee Paul Rock. "Massive categories like energy products were built primarily in our retail channel and we expect Harvest's line of CBD products to be no different."
The partnership will include extensive training for store clerks and associates, an educational campaign about CBD and other cannabinoids and in-store dedicated shelf space and marketing promotions.
Harvest's line of products is expected to begin arriving in stores across the country in the summer of 2019 and may expand to 30,000 locations by the end of the year.
About Harvest Health and Recreation, Inc.
Headquartered in Tempe, Arizona, Harvest Health & Recreation Inc. is a multi-state cannabis operator (MSO) and vertically-integrated cannabis company. Subject to completion of announced acquisitions, Harvest will have the largest footprint in the U.S., with rights to more than 210 facilities, of which approximately 140 are retail locations and more than 1,580 employees across 17 states. Since 2011, the company has been committed to aggressively expanding its Harvest House of Cannabis retail and wholesale presence throughout the U.S., acquiring, creating and growing leading brands for patients and consumers nationally and continuing on a path of profitable growth. Harvest's mission is to improve lives through the goodness of cannabis and is focused on its vision to become the most valuable cannabis company in the world. We hope you'll join us on our journey: https://harvestinc.com.
About Asian American Trade Associations Council
The Asian American Trade Associations Council (AATAC) is composed of delegates from various business retailer groups across the country with each group having as few as a 100 or as many as 10,000 or more retail locations. The aggregate reach of AATAC is 90,000+ retail locations in the corner store, general retail outlet, convenience store, and gas station (C-Store) industry. AATAC's primary and affiliate members operate many franchises of the most popular branded C-Store retailers such as 7-11, Circle K, Sunoco, Chevron, 76, BP, Arco, ampm, Kangaroo, Shell, Marathon, and many others. AATAC was reshaped in 2012 to cohesively aggregate the purchasing power, bargaining ability, and regulatory feedback that are required to excel in the retailing industry across multiple sectors throughout North America. AATAC also is backed by the power of an implementation arm and a marketing division that not only increases the reach and placement of products and services, but also can launch and build entire brands within the industry. AATAC conducts private tradeshows, dinners, events, gatherings, and face-to-face program implementations, providing its corporate partners with direct access to retail location owners and management and leading to a competitive advantage within the marketplace. The overall C-Store industry reaches more Americans daily than grocery, drugstore, dollar store, and big box stores combined.
Certain statements in this announcement are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, many of which, by their nature, are inherently uncertain and outside of the Company's control and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.
These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements in this news release include, but are not limited to, information concerning the ability of the Company to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors. Those assumptions and factors are based on information currently available to the Company. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the ability of the Company to develop the Company's brand and meet its growth objectives, the ability of the Company to complete acquisitions that are accretive to the Company's revenue, the ability of the Company to obtain and/or maintain licenses to operate in the jurisdictions in which it operates or in which it expects or plans to operate. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking statements and forward-looking information. The forward-looking information contained in this release is made as of the date hereof and the Company assumes no obligation to update or revise any forward-looking statements or forward-looking information that are incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
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Alex Howe, Head of Corporate Communications
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