EastWest Bioscience, Inc. (TSXV: EAST) is a Canadian-based producer, manufacturer, and distributor of premium hemp products. Shares jumped 37.04% through early trading on Thursday, December 13, 2108. Over the past three months, EastWest has seen an average daily volume of 762,083 shares. However, through Thursday morning, already 1.92 million shares have traded hands, equating to C$355,700 in dollar volume.
Shares surged Thursday morning after EastWest announced it has received purchasing orders from The TJX Companies, Inc. (NYSE: TJX) for its hemp-based consumer goods. TJX is a leading mass retailer of apparel, home fashions, and consumer goods with a total of 4,194 stores in nine countries. EastWest’s products will be available in the 454 TJX stores across Canada, although TJX plans to raise the number of its stores in Canada to up to 600, following the end of the 2019 fiscal year. Rodney Gelineau, CEO of EastWest, said, “We are continuing our strategy to get our products onto the shelves of major store chains and build awareness of our brand across Canada. TJX Canada is one of those major brands in Canada that fits our target market demographic.” Here is the full press release detailing EastWest’s purchase orders from TJX:
EastWest Bioscience, Inc. Press Release:
VANCOUVER, BC / ACCESSWIRE / December 13, 2018 / EastWest Bioscience (the “Company” or “EastWest”) (TSX.V: EAST) announces that the Company is processing purchasing orders for its hemp based consumer goods through global retailer The TJX Companies, Inc (NYSE:TJX), the leading mass retailer of apparel and home fashions in the U.S. and worldwide. TJX is a global retail giant that has built a distinguishable and competitive brand with a strong foothold in Canada’s consumer goods market under the banner TJX Canada, which comprises popular home goods and fashion apparel stores Winners, HomeSense, and Marshalls.
“EastWest is excited to work with TJX Canada and have the Company’s brands available within their growing health & wellness category,” says Rodney Gelineau, Eastwest’s CEO. “We are continuing our strategy to get our products onto the shelves of major store chains and build awareness of our brand across Canada. TJX Canada is one of those major brands in Canada that fits our target market demographic.”
TJX Canada has grown exponentially with four distribution centers in Ontario and British Columbia. It has 454 stores Canada wide and estimate store growth for a potential of up to 600 stores following their fiscal 2019-year end.
EastWest’s purchase order with TJX exemplifies the Company’s focused development as a trusted premium consumer goods brand into global market distributors and retailers. This major distribution channel continues to authenticate Eastwest as a leading brand in the Canadian natural health market, and it illustrates the Company’s significance as a global consumer goods manufacturer within the mass market. Since its inception in 2016, EastWest has been recognized as the leading manufacturer of premium hemp retail consumer goods in Canada. The Company continues to expand its family of natural health brands and its premium hemp consumer goods, which will soon be available in TJX stores across Canada.
About The TJX Companies, Inc.
The TJX Companies, Inc. is the leading mass retailer of apparel, home fashions and consumer goods in the U.S. and worldwide. TJX ranked No. 85 in the 2018 Fortune 500 list of the largest United States corporations by total revenue. As of February 3, 2018, the company recorded a net income of $2,607,948,000. The Company operated a total of 4,194 stores in nine countries: the U.S., Canada, the UK, Ireland, Germany, Poland, Austria, the Netherlands, and Australia and employs more than 235,000 employees worldwide.
About EastWest BioScience Group
EastWest Bioscience is a seed-to-sale organization that offers world class manufacturing and premium hemp-based consumer goods. Since it was founded in 2016, EastWest continues to grow as a high-quality producer, manufacturer and distributor of multiple lines of premium hemp products. EastWest is strategically positioned in mainstream consumer markets with wholistic natural products and has developed distribution channels into mainstream stores and markets in Canada. The Company has a Health Canada licensed, GMP (Good Manufacturing Practices) certified manufacturing facility and produces premium brands offering natural products for a preventive care lifestyle. EastWest consumer product lines are divided into four distinct brands: 1) Natural Advancement – natural biopharmaceutical health supplements; 2) Earth’s Menu – all-natural hemp superfoods; 3) Natural Pet Science – pet food and pet supplements; and 4) Chanvre Hemp – all-natural health and beauty products. The organization will continue to focus on ongoing development of innovative, hemp-based consumer products through advanced science with clean, natural ingredients to complement its current product offerings.
ON BEHALF OF THE BOARD OF DIRECTORS
EASTWEST BIOSCIENCE GROUP
“Rodney Gelineau”
Co-Founder, Chief Executive Officer and Director
For further information, please visit www.eastwestbioscience.com or contact EastWest Bioscience Investor Relations at 1-647-394-7383 or email us at investors@eastwestscience.com.
This press release is not an offer of securities for sale in the United States. The securities described in this press release have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act of 1933, as amended) absent registration or an exemption from registration. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction where such offer, solicitation, or sale would be unlawful.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the terms and conditions of the Acquisition. Forward-looking statements are 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 statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Article By: Andrew Rego
