AgriCann Solutions Acquires Craft Nurseries Canada
Vancouver, British Columbia--(Newsfile Corp. - June 10, 2021) - AgriCann Solutions Corp. (the "Company", "AgriCann" or "ASC") is pleased to announce it has completed the acquisition of 100% of Craft Nurseries Canada Inc. ("CNC").
AgriCann completed the acquisition through the following steps:
Converted $600,000 principal and $28,099 accrued interest due from CNC into 6,280,986 Class "A" Voting Common Shares of CNC;
Acquired 5,000,000 Class "A" Voting Common Shares of CNC from an existing CNC shareholder for $500,000;
Mr. Mel Harold Farrell, CEO of CNC, exchanged his 5,000,000 Class A Voting Common Shares of CNC, at the ratio of 2.8 shares of CNC for one share of AgriCann, to hold 1,785,714 Common Shares of AgriCann, and;
All minority shareholders, collectively representing 5,853,528 Class A Voting Common Shares of CNC, executed a share exchange with AgriCann at the ratio of 2.8 shares of CNC for one share of ASC, to collectively hold 2,090,546 Common Shares of AgriCann.
CNC thereby becomes a wholly-owned subsidiary of AgriCann and is commencing commercial operations, and in due course intends to undergo a significant operational expansion.
AgriCann has issued from treasury 3,876,260 Common Shares to former CNC shareholders, and now has 13,480,758 Common Shares outstanding.
About Craft Nurseries Canada Inc.
CNC operates under a Nursery License and the Cannabis Tracking and Licensing System (CTLS) in accordance with Health Canada and the Cannabis Act and Cannabis Regulations on Agricultural Land Reserve (ALR) property zoned for cannabis cultivation in Lake Country, British Columbia.
CNC's focus is on the supply end of the cannabis industry, developing genetics (both cannabis and hemp) to produce seedlings and clones, specializing in medicinal high-CBD as well as THC strains. CNC is specifically targeting the supply and sale of superior starter plant materials directly to a relatively starved niche market of licensed growers whose primary focus is growing to flower stage, as well as licensed retail store outlets, cultivators, other nurseries, processors, analytical testers, researchers and cannabis drug licence holders.
About AgriCann Solutions Corp.
The Company is a "Reporting Issuer" that originated as one of three spinouts upon completion of a statutory plan of arrangement completed by The Valens Company (formerly Valens GroWorks Corp.) on March 12, 2015. The Company is strategically acquiring suitable synergistic business opportunities with potential for scalable cash flow and sustainable growth to create shareholder value.
ON BEHALF OF AGRICANN SOLUTIONS CORP.
(signed) "Rob van Santen"
CEO & Director
For further information, please contact:
Robert van Santen, CA, CPA, CMT
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law. The Company will provide further updates respecting these initiatives as developments occur. There can be no assurance that interests in any or all of these or additional projects being pursued will be acquired, funded and/or commercialized.
AgriCann Solutions Corp.
400-1771 Robson Street, Vancouver, BC, Canada V6G 1C9
Tel. +1.604.608.1999 ~ Fax. +1.778.379.9990
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/87264