Agricann Solutions announces commencement of commercial operations with wholly-owned subsidiary Craft Nurseries Canada Inc., focused on supplying high-testing, unique, and in-demand cultivars to licensed cannabis producers across Canada and into emerging global markets.
ASC re-structures management team at wholly-owned subsidiary Craft Nurseries Canada Inc., strengthening it’s experience in operations and cannabis cultivation.
Entered into a binding Letter of Intent with Sticky Leaf Cannabis (“SLC”) whereby SLC has granted the Company a one-year irrevocable option to acquire 100% of SLC. The acquisition will be based on the agreed valuation of SLC at the time the option is exercised and will be completed through the issuance of the Company’s shares valued at $0.50 per share for each $0.50 of retail sales, such that SLC is acquired at 1x sales. Under the LOI, the Company will fund SLC’s existing and planned licensed Cannabis Retail Stores through a series of promissory notes.
Enters into binding LOI to acquire Advantage Microbial Solutions, and exercises its option to acquire Sticky Leaf Cannabis retail stores (retracted exercise of option on September 27, 2021).
ASC acquires 100% of CNC through the issue of 3,876,260 Common Shares from treasury to former CNC shareholders, and as a result has 13,480,758 Common Shares outstanding.
Craft Nurseries Canada is issued Health Canada’s Nursery License under the Cannabis Act and Cannabis Regulations, and commenced operations with a Cannabis Tracking and Licencing System (CTLS).
Entered into a binding Letter of Intent and Convertible Loan Agreement with Craft Nurseries Canada Inc. (“CNC”) whereby the Company funds CNC’s nursery operations’ build-out and licensing costs for up to $600,000, with a conversion feature providing an option to obtain control of CNC following receipt of a cultivation (nursery) license from Health Canada.
Control of AgriCann is acquired by two co-founders of Valens seeking to position into the premium craft cannabis sector through the acquisitions of proven, scalable, synergistic opportunities with immediate cash flow, to create shareholder value.
AgriCann Solutions Corp. (“ASC”) was incorporated under the laws of British Columbia as a wholly owned subsidiary of The Valens Company (VLNS-TSX) (“Valens”), now a $600M market cap Canadian public company. ASC was spun out as a “Reporting Issuer” during a corporate reorganization on March 12, 2015. The registered head office of ASC is located at Suite 2110, 650 West Georgia Street, Vancouver, British Columbia, Canada V6B 4N8.