Vancouver, British Columbia – (Newsfile Corp. – June 10, 2021) – AgriCann Solutions Corp. (the “Company“,”AgriCann” or “ASC“) is pleased to announce that it has completed the acquisition of 100% of Craft Nurseries Canada Inc. (“CNC“).
AgriCann completed the acquisition by following the following steps:
Converted $ 600,000 in principal and $ 28,099 in accrued interest owed by CNC into 6,280,986 Class “A” voting common shares of CNC;
Acquisition of 5,000,000 CNC Class “A” common voting shares from an existing CNC shareholder for $ 500,000;
Mr. Mel Harold Farrell, CEO of CNC, exchanged his 5,000,000 CNC Class A voting common shares, at the ratio of 2.8 CNC shares to one AgriCann share, for hold 1,785,714 common shares of AgriCann, and;
All minority shareholders, collectively representing 5,853,528 Class A voting common shares of CNC, have exchanged shares 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 thus becomes a wholly owned subsidiary of AgriCann and begins its commercial operations and, in due course, intends to undergo a significant operational expansion.
AgriCann issued 3,876,260 common shares from cash to former CNC shareholders and now has 13,480,758 common shares outstanding.
About Artisanal Nurseries Canada Inc.
CNC operates under a Nursery License and Cannabis Tracking and Licensing System (CTLS) in accordance with Health Canada and the Cannabis Act and Cannabis Regulations on an Agricultural Land Reserve (ALR) property zoned for cannabis cultivation in Lake Country, British Columbia.
CNC is focused on supplying the cannabis industry, developing genetics (cannabis and hemp) to produce seedlings and clones, specializing in medicinal strains rich in CBD and THC. CNC specifically targets the supply and sale of premium plant raw materials directly to a relatively hungry niche market of licensed growers whose primary focus is to grow to the flowering stage, as well as licensed retail stores. , growers, other nurseries, processors, analytical testers, researchers and cannabis drug licensees.
About AgriCann Solutions Corp.
The Company is a “reporting issuer” which was created as one of three spin-off companies upon completion of a statutory plan of arrangement entered into by The Valens Company (formerly Valens GroWorks Corp.) on March 12, 2015. The Company strategically acquires appropriate synergistic business opportunities with the potential for scalable cash flow and sustainable growth to create shareholder value.
ON BEHALF OF AGRICANN SOLUTIONS CORP.
(sign) “Rob van Santen”
CEO and director
For more 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 may be identified by the use of words such as “expects”, “intention”, “is expected”, “possible”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “could” or “would” 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 control of the Company. Actual results and developments are likely to differ, and may differ materially, from those expressed or suggested by the forward-looking statements contained in this press release. Therefore, readers should not place undue reliance on forward-looking statements. The Company does not undertake to publicly update or otherwise revise forward-looking statements, except as required by law. The Company will provide further updates regarding these initiatives as developments occur. There can be no assurance that interests in any or all of these projects or additional ongoing projects will be acquired, financed and / or commercialized.
AgriCann Solutions Corp.
400-1771 Robson Street, Vancouver, BC, Canada V6G 1C9
Phone. +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