TORONTO, July 12, 2018 (GLOBE NEWSWIRE) -- Newstrike Brands Ltd. (TSX-V: HIP ) (" Newstrike " or the " Company "), is pleased to announce that its wholly-owned subsidiary, Up Cannabis Inc. ( “Up Cannabis” ), has signed a Memorandum of Understanding with the British Columbia Liquor Distribution Branch (BCLDB) that will see a variety of Up Cannabis product sold via BCLDB-approved strategic retail partners and locations.

“This agreement is yet another significant achievement for Newstrike and a critical step in our strategy to position Up Cannabis as the preferred Canadian adult-use brand,” said Jay Wilgar, CEO of Newstrike and Up Cannabis. “British Columbia is a very important market for Up Cannabis and we are proud to supply the BCLDB with quality cannabis that will drive our sales and revenue.”   

Up Cannabis is one of only 31 Licensed Producers who have met the BCLDB’s requirements for supply of adult-use cannabis upon legalization. The agreement is conditional upon the federal and provincial governments adopting the necessary regulatory framework.

For further information or to request an interview, please contact:

PM Rendon Director, Communications & Public Relations 365-773-5432 pm@up.ca      

Jay Wilgar Chairman and CEO 905 844-8866 ext. 12 ir@newstrike.ca

About Newstrike and Up Cannabis

Newstrike is the parent company of Up Cannabis, a licensed producer of cannabis that is licensed to both cultivate and sell cannabis in all acceptable forms. Newstrike, through Up Cannabis and together with select strategic partners, including Canada’s iconic musicians The Tragically Hip, is developing a diverse network of high quality cannabis brands. For more information, visit http://www.up.ca   or http://www.newstrike.ca

Forward-Looking Information This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Newstrike to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements include, but are not limited to, statements relating to Newstrike’s expectations with respect to the legalization, sales, marketing and branding of cannabis. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain action s, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties.

Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date.

Newstrike does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.