VANCOUVER, BC / March 1, 2019 / EastWest Bioscience Inc. (the “Company” or “EastWest”) (TSX-V: EAST) announces that the Company has received several new purchase orders for its hemp-based consumer goods from global retailer The TJX Companies, Inc (NYSE: TJX), the leading mass retailer of apparel and home fashions in the U.S. and worldwide.
“With this new purchase order and our success at introducing two new hemp-based consumer product lines at the CHFA West natural health foods show in Vancouver last week, we continue to broaden our sales and reach into Canadian consumer markets,” says Rodney Gelineau, EastWest’s CEO. “With this important renewal of the TJX sales order, new orders placed at the CHFA, as well as the continued introduction of our unique hemp products to several new retail channels, we are very pleased with the steadily increasing sales growth of our family of hemp health products across Canada and the outlook for our retail distribution channels in 2019.”
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. TJX Canada has grown exponentially with four distribution centres in Ontario and British Columbia. It has 454 stores Canada wide and estimates store growth 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 validate EastWest as a leading brand in the Canadian natural health market and helps illustrate the Company’s growing 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
Co-Founder, Chief Executive Officer and Director
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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.