RMMI Announces Completion of Name Change to Discover Wellness Solutions, Takes Possession of 550,000 kg of High-CBD Biomass and Completes Strategic Alliance with SynerGenetics Bioscience
Calgary, Alberta--(Newsfile Corp. - December 29, 2020) - Discover Wellness Solutions Inc. (CSE: WLNS) (formerly RMMI Corp.) ("Discover Wellness" or the "Company"), a licensed producer and processor under the Cannabis Act (Canada), is pleased to announce that it has completed the name change approved by its shareholders on December 22, 2020. Discover Wellness will continue to trade on the Canadian Securities Exchange (the "CSE") under the symbol "RMMI" until the first week of January 2021 when the name change and new trading symbol, "WLNS", will be reflected by the CSE.
Discover Wellness also announces that pursuant to its previously announced transaction, press release dated October 15, 2020, with SynerGenetics Bioscience Inc. ("SG"), Discover Wellness has taken possession of the first 550,000 kg of high-CBD biomass related to the Hemp Contribution Agreement and completed the Strategic Alliance agreement with SG, which provides Discover Wellness exclusivity over SG's high-CBD genetics in Canada and assumption of its hemp CBD flower, biomass and concentrate business globally.
"The contribution of this first 550,000 kg of high-CBD biomass from SG and the completion of the Strategic Alliance agreement is a significant first step in leveraging the combined resources under the Discover Wellness umbrella" commented Peter Cheung, Interim Chief Executive Officer and Chief Financial Officer. "This marks a milestone in developing Discover Wellness into the premiere publicly-traded pure-play hemp CBD company with global scope" he added.
In connection with taking possession of the first 550,000 kg of high-CBD hemp biomass pursuant to the Company's previously announced Hemp Contribution Agreement and the completion of SG Strategic Alliance agreement, the Company has issued 19,734,000 common shares.
Discover Wellness has granted 200,000 stock options with an exercise price of $0.355 to a Company consultant.
Discover Wellness Solutions Inc.
Discover Wellness (formerly RMMI Corp.) is a Canadian company licensed, through its subsidiary, to cultivate, produce, process and sell cannabis in various forms. The Company's vision is to enhance shareholder value by establishing cost leadership in hemp processing and CBD extraction coupled with a global distribution strategy.
Manish Grigo, Chief Strategy Officer
Peter Cheung, Interim Chief Executive Officer and Chief Financial Officer
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"). By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our public disclosure documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
Trading in the securities of RMMI should be considered highly speculative.
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