An iconic Canadian band has just made a very Canadian move.
The Tragically Hip has partnered with a medical marijuana company as a “significant” investor and active stakeholder.
Newstrike and the Hip made the announcement on Tuesday morning, adding that Newstrike Resources Ltd. will trade under the symbol “HIP” on the TSX-V starting June 1.
“We are happy to announce that we have become partners with one of Canada’s newest, soon to be public, licensed producers of medicinal marijuana,” stated the Hip. “The company is called Newstrike and, after much discussion and assessment on our part, we’ve decided that this company – and the many creative people in it – are a perfect fit for The Hip.”
In their public statement, the band said that medicinal cannabis is legal in Canada, “and it already greatly benefits the health and well being of many of our fellow Canadians.”
The Hip said that they are excited about their involvement with Newstrike.
“Newstrike has done its due diligence with respect to all aspects of this business. They’ve hired pre-eminent scientists and growers, developed large, well-structured sites and have the wherewithal and expertise to take this on,” they wrote.
— The Tragically Hip (@thehipdotcom) May 30, 2017
As one of just 45 licensed producers of medical cannabis from Health Canada, Newstrike said it’s in a good position at a time of unprecedented opportunity to work with the Hip as investors, along with the government’s evolving framework.
“There is a commitment from the Federal Government to legalize recreational use in just over a year, and with good reason,” said the Hip.”The harm wrought by the prohibition of marijuana has been thoroughly researched and documented. This is a common-sense-policy and, in our opinion, is a change for the best.”
Newstrike’s executive chairman Scott Kelly said that no one knows Canada and Canadians like members of the Hip.
“With prohibition ending after 93 years we believe that Canadian adult consumers will look toward brands that speak to quality, best in class production and trust,” Kelly said. “No one knows Canada and Canadians like the members of The Tragically Hip. With their involvement and support Newstrike firmly believes we are developing the brand that adult consumers who choose to use cannabis will turn to.”
Newstrike Resources is a publicly traded Canadian medical cannabis company licensed to produce cannabis through its wholly-owned subsidiary, according to a press release. The company owns, operates or has identified a diversified network of growing platforms in Ontario.
“The members of The Tragically Hip are known to a generation of Canadians as artists that have never waivered in their commitment to quality and integrity,” said CEO Jay Wilgar. “I am proud, humbled and honoured that they chose to partner with and invest in us.”
Last year, Hip’s frontman Gord Downie announced he had brain cancer, prior to their major final Canadian tour.