Indus Holdings, Inc. Terminates Pending W Vapes Acquisition in Nevada and Oregon and Sells Associated Real Estate Indus Remains Focused on its California-Growth Strategy

Indus Remains Focused on its California-Growth Strategy

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SALINAS, Calif., July 17, 2020 (GLOBE NEWSWIRE) -- Indus Holdings, Inc. (“Indus” or the “Company”) (CSE: INDS; OTCQX: INDXF), announces that it has terminated the pending acquisition of assets from W Vapes announced in May of 2019. The termination of the transaction coincides with an asset acquisition announced between Planet 13 and W Vapes. All figures stated are in US Dollars.

Under the terms of the termination, Indus will no longer be obligated to acquire the assets of W Vapes. Additionally, the Las Vegas facility that Indus acquired on December 6, 2019, which is home of the local cultivation operations, will be sold to certain affiliates of Planet 13. Indus received a cash payment of $500,000 at signing and upon the closing of the transaction following regulatory approvals, Indus will receive additional net cash proceeds of approximately $2.8 million.

“As we have stated previously, this acquisition and the associated expenditure of shareholder capital no longer made strategic sense for Indus,” said George Allen, Chairman of the board of Indus Holdings, Inc. “This termination is in keeping with our focus on California, the world’s largest cannabis market where we see ample opportunity to redeploy capital with greater inherent synergies that support our go-forward strategy and path to profitability.”

About Indus Holdings, Inc.

Indus Holdings, Inc. (CSE: INDS; OTCQX: INDXF) is a vertically-integrated cannabis company with advanced production capabilities, including cultivation, extraction, manufacturing, brand sales & marketing, and distribution. Founded in 2014 and based in Salinas, California, Indus offers services supporting every step of the supply chain and an extensive portfolio of award-winning brands, including Cypress Cannabis, House Weed, The Original Pot Co., MOON, Acme, and Kaizen Medicinals. Indus Distribution, a division of Indus Holdings, Inc., is a leading distributor of cannabis products, servicing an extensive portfolio of brands and licensed retailers.

Media Contact:
Renata Follmann
[e-mail]

Investor Relations Contact:
Bill Mitoulas
Indus Holdings, Inc.
[e-mail]
Office: 1.416.479.9547

Company Contact:
Mark Ainsworth
[e-mail]

Forward Looking Statements

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Indus’ beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Indus’ control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved.” The forward-looking information and forward-looking statements contained herein may include, but are not limited to, the Company executing definitive documentation and completing the Follow-On Financing, management and board changes and statements under “Path to profitability”. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Indus’ current beliefs and is based on information currently available to Indus and on assumptions Indus believes are reasonable.