Vancouver, BC, October , 2023 – YourWay Cannabis Brands Inc. (CSE:YOUR)(OTC:YOURF)(FSE: HOB) (the “Company” or “YourWay“), a consumer-centric House of Brands committed to redefining the way consumers and cannabis brands interact, announces the receipt of a complaint against the Company.
Trulieve Cannabis Corp., Harvest Health & Recreation, Inc., and Randy Taylor Consulting, LLC (collectively, the “Plaintiffs”) filed a verified complaint in the Arizona Superior Court, Maricopa County, against, among others, the Company, Labtronix, Inc., d/b/a Venom Extracts and YourWay Cottonwood, LLC (collectively, the “Defendants”).The Plaintiffs claim that the Defendants, their related entities and employees, participated in unlawful kickback schemes to the detriment of the Plaintiffs.
While the Company has not yet filed a response to the complaint, the Company’s current management team is working to investigate the claims as the alleged misconduct occurred prior to the tenure of the current management team. YourWay does not currently make any payments of the type alleged in the complaint. Once the Company’s board of directors has authorized a proposed course of action, the Company will provide stakeholders with a further update.
About YourWay Cannabis Brands
YourWay is a publicly traded, multi-state and consumer-centric House of Brands committed to redefining the way consumers and cannabis brands interact with sales and operations in Arizona. By building their own brands, partnering with others, and supporting retail partners’ control brand strategy, they are dedicated to expanding their reach; remolding the cannabis industry and ultimately redefining consumers and cannabis brands interact.
YourWay aims to connect with the cannabis consumer on a deeper level, utilizing decades of brand-building expertise and an integral understanding of the customer experience to create an intuitive suite of branded products that closely aligns with consumer need states. The YourWay portfolio is an all-encompassing House of Brands designed to create a sense of belonging for every cannabis consumer regardless of their relationship with the plant.
Your Way Contacts:
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For investor inquiries, please contact: [email protected]
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain “forward-looking information” as defined under applicable Canadian securities legislation, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding: the current management team’s investigation of the claims; the Company’s commitment to provide a further update to stakeholders once the Company’s board of directors has authorized a proposed course of action;and expectations for other economic, business, and/or competitive factors. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.
Investors are cautioned that forward-looking information is not based on historical fact but instead reflects management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company.
The Company, through several of its subsidiaries, is indirectly involved in the manufacture, possession, use, sale, and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States. Local state laws where the Company operates permit such activities however, investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable United States federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward nonenforcement against individuals and businesses that comply with recreational and medicinal cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under United States federal law, nor will it provide a defense to any federal proceeding which may be brought against the Company. The enforcement of federal laws in the United States is a significant risk to the business of the Company and any proceedings brought against the Company thereunder may adversely affect the Company’s operations and financial performance. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information, which speak only as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.