High Hampton Holdings Corp. Reports Third Quarter 2018 Financial Results
TORONTO, July 31, 2018 – High Hampton Holdings Corp. (CSE: HC) (FSE: OCHN) (“the “Company”) today announced that it has filed its Consolidated Interim Financial Statements for the Quarter (Q3 2018) ending May 31, 2018. The Consolidated Financial Statements and Management Discussion and Analysis thereof are available on SEDAR at www.sedar.com.
Quarter ended May 31, 2018 Highlights:
- On March 8th, 2018 the Company it successfully closed its non-brokered private placement of 31,703,565 units of the Company at a price of $0.60 per unit for gross proceeds of approximately $19 million. Each Unit consists of one common share of the Company (each a “Common Share”) and one Common Share purchase warrant (each a “Warrant”). Each Warrant entitles the holder thereof to purchase one additional Common Share at an exercise price of $0.90for a period of 24 months following the closing of the Offering.
- Liquidity remains strong with over $20 million in working capital as at May 31st, 2018.
- On April 18th, 2018, the Company signed its first binding Letter of Intent to acquire 100% of all outstanding shares of award-winning California edibles Cannabis company “CALIGOLD”.
- On May 2, 2018, the Company announced that it had entered into a binding term sheet to acquire all membership interests of 8 Points Management LLC and Bravo Distro LLC including the control of a strategic distribution hub in Sacramento as part of the Company’s objective to build a strong cannabis distribution network across California.
Subsequent to the quarter:
- On June 7, 2018, the City of Coachella Ratified the Approval of a Conditional Use Permit (CUP) for High Hampton’s CoachellaGro Operation to cultivate medicinal cannabis.
- On June 21, 2018, the Company acquired all the membership interests of 420 Realty (“420”). 420 has applied for multiple permits in the City of Cudahy, CA (Greater Los Angeles Area), for a Development Agreement including cannabis cultivation, nursery, manufacturing, delivery, and distribution licenses on a single parcel location.
- On July 10, 2018, High Hampton successfully closed the acquisition of 8 Points Management LLC and Bravo Distro LLC.
- On July 16, 2018, the Company announced that it has engaged leading global greenhouse design firm Aurora Larssen Projects Inc. (“ALPS”) for the design and support of its CoachellaGro Cannabis Cultivation Facility. ALPS is a wholly owned subsidiary of Aurora Cannabis Inc. (ACB.TSX).
David E. Argudo Chief Executive Officer stated, “The last quarter and the subsequent months have witnessed the successful execution of several of our key strategic initiatives. In doing so we are rapidly expanding ourCalifornia presence by cross pollinating talent while vertically integrating major aspects of the cannabis industry such as product development, branding, cultivation, manufacturing, delivery and distribution. In addition, we are excited to have chosen the Aurora Larssen Project team to help build our Coachella facility. With these initiatives underway I believe strongly we are positioning the Company to grow shareholder value.”
About High Hampton Holdings Corp.
High Hampton Holdings Corp. is a cannabis sector investment company focused on opportunities in California striving to become the largest consolidator in the medicinal cannabis sector. The Company has assembled a stellar team with cannabis, capital markets, compliance, political, licensing and brands & products supply chain experience and aggressively develops its wholly owned subsidiaries toward active operations:
CoachellaGro Corp., a California corporation focused on the development of a 254,000 sq ft. greenhouse facility situated in the cannabis industrial park located in Coachella, California with a valid conditional use permit (CUP) for the development of a full-service production facility in order to serve third party state licensed medicinal marijuana operators.
420 Realty, LLC has applied for multiple permits to vertically integrate in the City of Cudahy, CA (Greater Los Angeles Area), for a development agreement (DA) including cannabis cultivation, nursery, manufacturing, delivery, and distribution licenses on a single parcel location. 8 Points Management, LLC serves the cannabis industry with sales, marketing, transportation, and supply chain management services through its subsidiary Bravo Distro LLC. Bravo’s customers include Californiastorefront dispensaries, delivery services, and chain stores, as well as non-retail accounts of cannabis such as manufacturers, cultivators, and the emerging CBD medical market of clinics, universities, research, veterinary, and other sciences with an expanding customer base.
CALIGOLD is serving the edibles market by crafting America’s finest quality “medicinal-grade” cannabis edible products combining art and science to deliver innovative creations and adhere to important industry standards in consistency, dosing accuracy, and compound formulation.
High Hampton trades in Canada, ticker symbol HC on the CSE, and in Europe, ticker symbol 0HCN on the FSE. Neither the CSE, nor the FSE has approved nor disapproved the contents of this press release. Neither the CSE, nor the FSE accepts responsibility for the adequacy or accuracy of this release.
Marijuana Industry Involvement
Canadian listings (CSE) will remain in good standing as long as they provide the disclosure that is rightly required by regulators and complying with applicable licensing requirements and the regulatory framework enacted by the applicable state in which they operate. Marijuana is legal in certain states however marijuana remains illegal under US federal law and the approach to enforcement of US federal law against marijuana is subject to change. Shareholders and investors need to be aware that adverse enforcement actions could affect their investments and that High Hampton’s ability to access private and public capital could be affected and or could not be available to support continuing operations.
On behalf of the Board of Directors
High Hampton Holdings Corp.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the intention of the parties to complete the Acquisition and certain ancillary transactions contemplated thereby. These transactions are subject to a number of material risks, and there is no assurance that they will be completed on the terms or within the timeframes currently contemplated, or at all. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
All monetary references herein refer to Canadian dollars unless otherwise specified.
SOURCE High Hampton Holdings Corp.