ALID - Allied Signs 3-Year Forward Purchase Agreement to Provide Colombian Grown Cannabis Worth US$750000
(TheNewswire)
Kelowna, BC, Canada / TheNewswire / February 15, 2024 Allied Corp . ("Allied" or the “Company”) ( OTC:ALID ) is pleasedto announce that it has signed another 3-year sales agreement tosupply another international distributor with THC flower. The 3-yearcontract is worth at least US$250,000 per year once minimum quarterlyorder quantities are fulfilled. The first purchase order under thiscontract was also signed simultaneously and the product for this isbeing prepared to ship.
This contract follows the expansion of Allied’s commercialteam in 2023 (press release here ) and underscores thecompany’s continued momentum, including its recently signed 3-year3-party flower distribution agreement to the UK (press release here ) and two successfulshipments of THC based medical cannabis to Australia in November 2023(press releases here and here ).
“ Allied had already completed ashipment for this same partner in Q4 2023 and this contract is atestament of customer satisfaction and is aligned with Allied’sobjective of building long-term recurring partnerships”, said JubaHadid, VP of Global Sales. “This achievement is additional evidenceof the company’s ability to comply with the medical cannabisworld’s most stringent quality standards set by the respectiveauthorities”.
About Allied Corp. – CLICK HERE
AlliedCorp. is a Canadiancannabis supplier with its production center in Colombia. Byleveraging Canadiancannabis cultivation expertise and Colombian price advantages, Allied offers consistentsupply of premium cannabis product at scale and at attractive prices,while meeting international high-quality standards.
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Forward-LookingStatements:
This press release contains“forward-looking information” within the meaning of applicablesecurities laws in Canada or the United States ( “forward-lookinginformation”). Forward-looking information may relate to theCompany’s future outlook and anticipated events, plans or results,and may include information regarding the Company’s objectives,goals, strategies, future revenue or performance and capitalexpenditures, and other information that is not historicalinformation. Forward-looking information can often be identified bythe use of terminology such as “believe,” “anticipate,”“plan,” “expect,” “pending,” “in process,”“intend,” “estimate,” “project,” “may,” “will,”“should,” “would,” “could,” “can,” the negativesthereof, variations thereon and similar expressions. Theforward-looking information contained in this press release is basedon the Company’s opinions, estimates and assumptions in light ofmanagement’s experience and perception of historical trends, currentconditions and expected future developments, as well as other factorsthat management currently believes are appropriate and reasonable inthe circumstances. Forward looking statements in this press releaseinclude the following: that Allied is leveraging the conditions in itsColombia grow operation and future Kelowna location to support itsResearch and Development efforts; that Allied is making importantstrides forward to position itself as a leader in the medical cannabisspace, that Allied intends to make a series of proposed trademark andother intellectual property protection filings, as part of theCompany’s Intellectual Property and Pharma Development (IP&PD)Strategy, statements respecting the joint development, manufacturing,and the introduction of TACTICAL RELIEF™ brandedproducts.
There can be no assurance that theunderlying opinions, estimates and assumptions will prove to becorrect. Risk factors that could cause actual results to differmaterially from forward-looking information in this release include:the Company’s exposure to legal and regulatory risk; the effect ofthe legalization of adult-use cannabis in Canada and Colombia on themedical cannabis industry is unknown and may significantly and negatively affect theCompany’s medical cannabis business; that the medical benefits,viability, safety, efficacy, dosing and social acceptance of cannabisare not as currently expected; that adverse changes or developmentsaffecting the Company’s main or planned facilities may have anadverse effect on the Company; that the medical cannabis industry andmarket may not continue to exist or develop as anticipated or theCompany may not be able to succeed in this market; risks related tocompletion of the greenhouse construction in Colombia, risks relatedto market competition; risks related to the proposed adult-usecannabis industry and market in Canada and Colombia including theCompany’s ability to enter into or compete in such markets; that theCompany has a limited operating history and a history of net lossesand that it may not achieve or maintain profitability in the future;risks related to the Company’s current or proposed internationaloperations; risks related to future third party strategic alliances orthe expansion of currently existing relationships with third parties;that the Company may not be able to successfully identify and executefuture acquisitions or dispositions or successfully manage the impactsof such transactions on its operations; risks inherent to theoperation of an agricultural business; that the Company may be unableto attract, develop and retain key personnel; risks resulting fromsignificant interruptions to the Company’s access to certain keyinputs such as raw materials, electricity, water and other utilities;that the Company may be unable to transport its cannabis products topatients in a safe and efficient manner; risks related to recalls ofthe Company’s cannabis products or product liability or regulatoryclaims or actions involving the Company’s cannabis products; risksrelated to the Company’s reliance on pharmaceutical distributors;that the Company, or the cannabis industry more generally, may receiveunfavorable publicity or become subject to negative consumer orinvestor perception; that certain events or developments in thecannabis industry more generally may impact the Company’s reputationor its relationships with customers or suppliers; that the Company maynot be able to obtain adequate insurance coverage in respect of therisks that it faces, that the premiums for such insurance may notcontinue to be commercially justifiable or that there may be coveragelimitations and other exclusions which may result in such insurancenot being sufficient; that the Company may become subject to liabilityarising from fraudulent or illegal activity by its employees,contractors, consultants and others; that the Company may experiencebreaches of security at its facilities or losses as a result of thetheft of its products; risks related to the Company’s informationtechnology systems; that the Company may be unable to sustain itsrevenue growth and development; that the Company may be unable toexpand its operations quickly enough to meet demand or manage itsoperations beyond their current scale; that the Company may be unableto secure adequate or reliable sources of necessary funding; risksrelated to, or associated with, the Company’s exposure to reportingrequirements; risks related to conflicts of interest; risks related tofluctuations in foreign currency exchange rates; risks related to theCompany’s potential exposure to greater-than-anticipated taxliabilities; risks related to the protection and enforcement of theCompany’s intellectual property rights, or the intellectual propertythat it licenses from others; that the Company may become subject toallegations that it or its licensors are in violation of theintellectual property rights of third parties; that the Company maynot realize the full benefit of the clinical trials or studies that itparticipates in; that the Company may not realize the full benefit ofits licenses if the licensed material has less market appeal thanexpected and the licenses may not be profitable; as well as any otherrisks that may be further described in and the risk factors discussedin the Company's continuous disclosure including its Management'sDiscussion and Analysis sections in its Quarterly Reports on Form10-Q, Annual Reports on Form 10-K and Current Reports on Form 8-Kfiled under the Company's profile at www.sec.gov.
Although management has attempted toidentify important risk factors that could cause actual results todiffer materially from those contained in the forward-lookinginformation in this presentation, there may be other risk factors notpresently known to the Company or that the Company presently believesare not material that could also cause actual results or future eventsto differ materially from those expressed in such forward-lookinginformation in this presentation. There can be no assurance that suchinformation will prove to be accurate, as actual results and futureevents could differ materially from those anticipated in suchinformation. Accordingly, readers and viewers should not place unduereliance on forward-looking information, which speaks only as of thedate made. The forward-looking information contained in this releaserepresents the Company’s expectations as of the date of this releaseor the date indicated, regardless of the time of delivery of thepresentation. The Company disclaims any intention, obligation orundertaking to update or revise any forward-looking information,whether as a result of new information, future events or otherwise,except as required under applicable securities laws.
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