Cannabis Stock News: World Class Extractions (CSE: PUMP) Announces Investment in The Hash Corporation
Vancouver, British Columbia - February 24, 2023 (Newsfile Corp.) (Investorideas.com Newswire) World Class Extractions Inc. (CSE: PUMP) (FSE: WCF) (OTCQB: WCEXF) ("World Class") is pleased to announce it has made an investment into The Hash Corporation (CSE: REZN) ("HashCo") by way of a secured convertible debenture.
On February 24, 2023, HashCo issued a secured convertible debenture in the amount of $750,000 (the "Hash Debenture") to World Class. The Hash Debenture bears interest at 5% per annum, and matures on May 31, 2023 (the "Maturity Date").
World Class has the option to convert the Hash Debenture, including accrued but unpaid interest, into common shares of HashCo at $0.05 per common share.
The use of proceeds of the Hash Debenture will be to fund HashCo's purchase orders.
About World Class
World Class is an innovation-driven company and has been approved by its shareholders to change its business from a company focused on the cannabis industry to that of an investment issuer with a focus on the life sciences industries. Specifically, and subject to regulatory and securities exchange approval of a change of business, World Class intends to focus on investing in private and public companies with strong intellectual property, exceptional management and high growth potential that may be strategically positioned in the global market. World Class recently disposed of its wholly owned subsidiary Soma Labs Scientific Inc., a designer, manufacturer, and supplier of extraction and processing equipment and solutions.
About The Hash Corporation
The HashCo is a Canadian company positioning itself to focus on the production and sale of cannabis based hashish and other cannabis products. HashCo intends to apply its separation and curing techniques to produce a suite of high-quality cannabis resin products, which are all-natural and free of additives and carcinogenic solvents. HashCo intends to tailor its product offerings to pay tribute to historic traditions, fragrances and tastes, while upholding the highest health and safety standards. As of the date of this press release, HashCo is actively seeking and developing partnerships and collaborations with licensed cultivators and other strategic partners within Canada, with the goal of crafting and introducing to the regulated market authentic products which reflect quality and innovation.
For further information, please contact:
WORLD CLASS EXTRACTIONS INC.
Chief Executive Officer
THE HASH CORPORATION
Chief Executive Officer
This news release contains "forward-looking information" within the meaning of applicable securities laws statements regarding World Class's intention to focus on investing in private and public companies with strong intellectual property, exceptional management and high growth potential that may be strategically positioned in the global market, the anticipated closing of any acquisitions by World Class, the continued growth and expansion of World Class' operations, and the receipt of regulatory approvals, including the approval of the CSE. Forward-looking statements are based on the opinions, assumptions, factors and estimates of management considered reasonable at the date the statements are made.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others: general economic, market or business conditions; uninsured risks; regulatory changes; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.
The statements in this press release are made as of the date of this release. The Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company or its financial or operating results.
Not for distribution to United States newswire services or for dissemination in the United States.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Person (as defined in in Rule 902(k) of Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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