AgriCann Solutions Drops Acquisition of Sticky Leaf & Provides Updates
Vancouver, British Columbia--(Newsfile Corp. - September 27, 2021) - AgriCann Solutions Corp. (the "Company" or "AgriCann"), a full-service premium Cannabis nursery and craft industry supplier and retailer, has given notice to Sticky Leaf Cannabis that AgriCann retracts its Notice of Exercise of Option dated June 23, 2021 whereby it would acquire 100% of Sticky Leaf and its licenced Cannabis Retail Stores in accordance with the Option to Buy Agreement dated October 12, 2020 between the parties.
Further to the board changes as announced on September 15, Chris MacPherson remains as a director and Leslie van Santen has resigned her directorship. The Company thanks Leslie for her support during our formative stage.
Update on 100%-owned Craft Nurseries Canada Inc.
Seeking competitive advantage on its competitors, Craft Nurseries has secured and registered with Health Canada a genetic seed bank with 171 unique recreational & medical strain genetics. Stored are thousands of cannabis seeds, dutifully catalogued, maintained in a refrigerated vault at its licenced greenhouse nursery facility in Lake Country. Focusing on the supply and sale of superior starter plant materials complements our full-service cultivation support initiatives to help the industry rationalize their operations.
Update on Royal Asset Management, LLC ("RAM"), and Venture Product Consulting, LLC ("VPC")
RAM and VPC have completed their application requirements and AgriCann is responding with final suitability submissions to the Colorado Department of Revenue Marijuana Enforcement Division ("MED") whereby AgriCann can acquire 100% of RAM and VPC for closing consideration of $13.0 million via the issue of 26,000,000 common shares at $0.50 from treasury to the stakeholders of RAM and VPC. It is anticipated that closing will take place in Q4 2021.
The Company has accepted $50,000 in receipts towards its August 18th announced $0.60 per Unit non-brokered private placement, and a further $260,000 in on-demand advances from non-arm's-length parties to the Company by virtue of holding more than 10 per cent of the Company's issued and outstanding common shares on a fully diluted basis, and/or holding officer and director positions in the Company. The Company intends to close the private placement and reject uncompleted subscriptions without further notice.
About AgriCann Solutions Corp.
AgriCann Solutions Corp. is a "Reporting Issuer" created as result of a statutory plan of arrangement completed by The Valens Company in 2015. AgriCann operates wholly owned subsidiary Craft Nurseries Canada Inc. ("CNC"), licensed under the Cannabis Act and Cannabis Regulations to produce and sell unique premium cannabis and hemp genetics, including clones, pre-veg and veg plants. AgriCann is executing an aggressive roll-up strategy with three share-exchange acquisitions pending completion (see our June 25, 2021 news release). AgriCann currently has 13,480,758 common shares outstanding.
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/97848