Cannabinoid Biosciences, Inc. Acquire Controlling Stake of Kid Castle Educational Corporation
The Acquisition of Kid Castle
Los Angeles, California--(Newsfile Corp. - November 5, 2019) - Cannabinoid Biosciences, Inc., a California corporation acquired control of Kid Castle Educational Corporation (OTC Pink: KDCE) by acquiring 70 million shares of KDCE common stocks outstanding. As a result of the acquisition, all the former officers of Kid Castle Educational Corporation resigned their appointments. Mr. Frank I Igwealor was appointed as the KDCE's Chief Executive Officer, Chief Financial Officer and Chairman of the Board of Directors effective October 21, 2019. Mr. Igwealor, Dr. Solomon SK Mbagwu, MD, and Ms. Patience C Ogbozor has also as new director of the Company. The changes to the board of directors of the Company will not be effective until at least ten days after an Information Statement is mailed or delivered to all of the Company's shareholders in compliance with Section 14(f) of the Securities Exchange Act of 1934, as amended, and Rule 14f-1 thereunder.
The Purpose of the Acquisition of KDCE
We acquired control of KDCE because we anticipate that it would help our journey to NASDAQ through up-listing. Steps to get KDCE into Nasdaq includes:
(1) We intend to bring KDCE current with SEC, OTC and FINRA, run it simultaneously alongside CBDZ, and then up-list KDCE to the NASDAQ. We'll then run both simultaneously, direct-list CBDZ to NASDAQ, and uplist KDCE to the Nasdaq and then spin out KDCE shares to cbdz shareholders.
(2) We make KDCE a "Pure Play" CBD operations through multiple acquisition that strictly follows the dictates of the 2018 Farm Bill focusing on: (1) Ownership interest in certain businesses that extract, purchase and distribute Bulk Pure CBD, Isolate, Hemp Oil, THC-free CBD Distillate and Crude CBD Oil; and (2) Partnerships with local farmers to grow farm bill compliant hemp biomass.
Because the CBD market in the US is very fragmented, lacked established process control and protocols, and is without formulations standardization, CBDZ would groom KDCE to step into this space to standardize and reorganize this market, establish process control (benchmarks and protocols), and create formulation standards for the industry. KDCE would control the production and distribution of verities of consumer cannabidiol (CBD) formulation under private brands in the United States. CBDZ's goal is to use KDCE to bring standardization to the CBD industry, the same way that John D Rockefeller's Standard Oil brought standardization to crude refining in the United States in the nineteenth century. Anticipated process standardization would entail steps that include (a) ethanol extraction system, (b) winterization to remove fats; (c) multiple rounds of rotary evaporation are used to remove plant material and other unnecessary components; (d) extract decarboxylation to transform into a crystalline structure with a proprietary post-processing technique; and (e) get the extract tested by third-party laboratories, package it, and get it ready for shipment.
To hear Mr. Frank I Igwealor's recent interview with Stock Day Media, follow the link to the podcast here: https://audioboom.com/posts/7415053-cannabinoid-biosciences-inc-acquire-controlling-stake-of-kid-castle-educational-corporation
Cannabinoid Biosciences, Inc. ("CBDZ"), is a California based Biopharmaceutical Company seeks to revolutionize and standardize the pharmaceuticals and non-pharmaceutical CBD products formulations and applications across the CBD market in the United States of America. The company is engaged in the following areas of the legal CBD business: (1) Ownership interest in certain businesses that extract, purchase and distribute Bulk Pure CBD, Isolate, Hemp Oil, THC-free CBD Distillate and Crude CBD Oil; (2) Partnerships with local farmers to grow farm bill compliant hemp biomass; (3) Partnerships with extract facilities across the U.S. who manufacture hemp-based ingredients to meet the specific needs financial products in form of asset-backed loans, business property mortgages and other financial products to qualified individuals/businesses in the legal-CBD businesses; and (4) professional services including top-level financial reporting, Accounting, CSE Reporting, Business Valuation, Mergers & Acquisitions, GAAP/ IFRS Conversion, Pre IPO/RTO Prep, Section 280E Tax, and Biological Assets Valuation to CBD/Hemp businesses and investors in California at first, then to those within the other states that has legalized cannabis.
CBDZ is not a public company quoted on any of the know exchanges. CBDZ is currently working with several owners of dispensaries and cultivation facilities to rollup ten of these dispensary and IPO it on the Nasdaq or New York stock exchange.
Our experienced management team has a combined thirty-two years of successful experience in the legal cannabis industry in California. Cannabinoid Biosciences is launching throughout California and bringing its array of investments and services to each new state that legalizes the use of cannabis.
Since December 12, 2018, when the U.S. Congress approved a Bill to Make CBD Federally Legal, CBDZ has been positioning itself to be the US king of CBD by becoming one of the first and few CBD Reg A+ to be qualified by the SEC. Passage of 2018 Farm Bill clarifies CBD legal status and lets U.S. farmers grow hemp, but some regulatory questions remain. Thus, the conclusion that regulatory trajectory of CBD industry in the U.S. is favorably improving daily. CBDZ acquisition of Kid Castle and dedication to make it a CBD pure play would go a long way in in achieving CBDZ's mission to revolutionize and standardize the pharmaceuticals and non-pharmaceutical CBD products formulations and applications across the CBD market while developing robust capitalization to finance a more professional ecosystem within the CBD, Hemp industry, creating a better work environment for employees of our clients, as well as creating improved patient experiences, and a clear choice for investors in the sector.
Our Regulation A+ T2 Offering Circular was qualified by the US Securities and Exchange Commission (SEC) on April 16, 2019. Pursuant to this SEC qualification, we are therefore raising $50 million to acquire 10 businesses with Farm Bill compliant CBD operations which we'll rollup into our holding company and IPO on the NASDAQ or New York Stock Exchange.
On how much we have raised so far, we are glad to report that even though the company formally launched of its crowdfunding campaign for September 28, 2019, CBDZ has already received investment commitment of about $7.6 million from a diverse group of 347 individual and institutional investors. See www.crowdfunder.com/cbdxfund/. Since CBDZ selected KoreConX as our transfer agent and engaged Primetrust's FundAmerica.com, we have been able to bank some of the investment commitment.
Frank I. Igwealor, JD, CPA, CMA, CFM, MBA, MSRM
Chairman and CEO, Kid Castle Educational Corporation
Sr. Vice President and CFO, Cannabinoid Biosciences, Inc.
370 Amapola Ave., Suite 200A, Torrance, CA 90501
Tel. 310.895.1839; 424.358.1046
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