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Herbal Dispatch Completes Acquisition of Golden Spruce Brand

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Herbal Dispatch Completes Acquisition of Golden Spruce Brand

Herbal Dispatch Completes Acquisition of Golden Spruce Brand

Vancouver, B.C. – Herbal Dispatch Inc. (formerly, Luff Enterprises Ltd.) (CSE: HERB) (“Herbal Dispatch” or the “Company”) is pleased to announce that the Company has entered into an asset purchase agreement for the acquisition of certain assets pertaining to the Golden Spruce cannabis brand (the “Asset Purchase Agreement”). As consideration for entering the Asset Purchase Agreement, the Company agreed to issue to the vendor 1,250,000 common shares of the Company at a deemed issue price of CAD$0.04 (the “Consideration Shares”). 

In furtherance to the Consideration Shares, the Company also agreed to issue to the vendor additional common shares following the completion of the below milestones:

a. 1,000,000 common shares at a deemed issue price equal to the 20-day volume weighted average at the time of issuance, to be issued upon the first completed sale of a Golden Spruce branded cannabis product (a “GS Product”); and

b. 750,000 common shares at a deemed issue price equal to the 20-day volume weight average at the time of issuance, to be issued upon gross sales of GS Products reaching CAD$1,500,000 over any three-month consecutive period or non-consecutive six-month period.

The Company has since confirmed that it has completed its first sale of a GS Product and wishes to issue the Consideration Shares along with the 1,000,000 common shares at a deemed issue price of CAD$0.005255, being the 20-day volume weight average as of the date of this news release.

In accordance with these issuances, the Company is also filing with the Canadian Securities Exchange a Form 9 – Notice of Proposed Issuance.

ABOUT HERBAL DISPATCH INC.
The Company owns and operates leading cannabis e-commerce platforms and is dedicated to providing top quality cannabis to informed consumers at affordable pricing. The Company’s flagship cannabis marketplace, herbaldispatch.com, is a trusted source for exclusive access to small-batch craft cannabis flower and a wide-array of other product formats. The Company’s common shares trade on the Canadian Securities Exchange under the symbol “HERB”.

For further information: 

Philip Campbell, CEO and Director 
Email: IR@herbaldispatch.com 
Telephone: 250-419-7665


CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: 
Certain statements in this news release, including statements or information containing terminology such as “anticipate”, “believe”, “intend”, “expect”, “estimate”, “may”, “could”, “will”, and similar expressions constitute “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, that address activities, events, or developments that the Company or a third party expect or anticipate will or may occur in the future, including the Company’s future growth, results of operations, performance, and business prospects and opportunities are forward-looking statements. These forward-looking statements reflect the Company’s current beliefs and are based on information currently available to the Company. These statements require the Company to make assumptions it believes are reasonable and are subject to inherent risks and uncertainties. 

Actual results and developments may differ materially from the anticipated results and developments discussed in the forward-looking statements as certain of these risks and uncertainties are beyond the Company’s control. These risk factors are interdependent and the impact of any one risk or uncertainty on a particular forward-looking statement is not determinable. Examples of forward-looking statements in this news release and the key assumptions and risk factors involved in such statements include, but are not limited to, future anticipated sales of products under the Golden Spruce cannabis brand. The success of future sales of this product is subject to a number of risks and uncertainties, including industry competition and future customer demand for the Company’s products, among others. 

Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected effects on the Company. These forward-looking statements are made as of the date of this news release. Except as required by applicable securities legislation, the Company assumes no obligation to update publicly or revise any forward-looking statements to reflect subsequent information, events, or circumstances. 

THE CANADIAN SECURITIES EXCHANGE (THE "CSE") HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS NEWS RELEASE. NEITHER THE CSE OR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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