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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.
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.
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.