Craft Nurseries is crafting an exclusive genetic library of unique premium quality strains available for sale as clones and pre-veg plants. It operates under a Nursery License and Cannabis Tracking and Licensing System (CTLS) in accordance with Health Canada and the Cannabis Act and Regulations on Agricultural Land Reserve (ALR) property zoned for cannabis cultivation in Lake Country, British Columbia.
AgriCann Solutions has entered into a definitive agreement to acquire the following business for shares:
On July 28, 2023 AgriCann announced it has entered into a definitive Share Exchange Agreement (“SEA”) with Newline Ventures Inc. (“Newline”). This follows the non-binding letter of intent dated February 17, 2023, and unanimous approval by votes cast at AgriCann’s April 17, 2023 AGM for the acquisition of Newline, creation of a new control person, and establishment of a Long-Term Incentive Plan (“LTIP Awards”) (refer to the Company’s Information Circular dated March 13, 2023 filed under the Company’s profile on SEDAR+ available at www.sedarplus.ca). The closing of the SEA, expected on or before October 12, 2023, is expected to complete AgriCann’s corporate expansion into an operational facility with superior licensing, logistics and expansion capabilities.
In consideration for the acquisition of 100% of the shares of Newline, AgriCann will pay to the Newline shareholders approximately $3,947,000 (the “Purchase Price”), which shall be satisfied through the payment of $165,000 in certified funds and the issuance of 37,825,182 AgriCann common shares from treasury at a deemed price of $0.10 per AgriCann Common Share (the “Consideration Shares”). The Consideration Shares, as well as a finder’s fee of 794,329 shares to an arms-length consultant, shall be deposited with an escrow agent on the closing date pursuant to the terms of escrow and pooling agreements. Current Newline shareholders have committed 18,240,012 Consideration Shares to the establishment of AgriCann’s LTIP Awards program, in which key members of AgriCann’s current executive team will participate, subject to the terms of escrow and pooling agreements, that include certain performance criteria.
Closing of the SEA is subject to customary conditions. A copy of the SEA will be made available under the Company’s profile on SEDAR+ at www.sedarplus.ca.
The Board of Directors of AgriCann Solutions Corp. have established high standards for the Company’s service providers, employees, consultants, officers and directors. There is a clear philosophy on the importance of a solid and transparent corporate governance policies. It’s the duty of the Board of Directors to be prudent in its fiduciary obligations to the shareholders and oversee the management of the Company’s business. To fulfill its responsibilities and to discharge its duty, the Board of Directors follows the procedures and standards that are set forth in the guidelines by the B.C. Securities Commission and Canadian Securities Exchange. These guidelines are subject to modification from time to time as the Board of Directors deems appropriate in the best interests of the Company or as required by applicable laws and regulations.
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Gordon J Fretwell Law Corp.
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