Vancouver, British Columbia–(Newsfile Corp. – May 31, 2021) – AgriCann Solutions Corp. (the “Company”, “AgriCann” or “ASC”) is pleased to announce it has given notice in accordance with the terms of its Letter of Intent and Convertible Loan Agreement with Craft Nurseries Canada Inc. (“CNC“), whereby it is:
- Exercising its rights to convert $600,000 principal and $28,099 accrued interest due from CNC into 6,280,986 Class “A” Voting Common Shares of CNC effective June 4, 2021, representing a 28.39% interest in CNC;
- Exercising its option to acquire 5,000,000 Class “A” Voting Common Shares of CNC from an existing CNC shareholder for $500,000, representing 22.60% of CNC;
- Initiating its call option under which Mr. Mel Harold Farrell, CEO of CNC committed to:
- Exchange his 5,000,000 Class A Voting Common Shares representing 22.60% of CNC, at the ratio of 2.8 shares of CNC for one share of ASC, for 1,785,714 Common Shares of ASC, and;
- To use his best commercial efforts to cause existing minority shareholders, representing 26.40% of CNC, to commit to and execute a share exchange with ASC at the same ratio of 2.8 shares of CNC for one share of ASC.
It is expected that upon conclusion of the above steps, CNC will become a wholly owned subsidiary of ASC, be enabled to commence commercial operations, and commence a significant operational expansion.
About Craft Nurseries Canada Inc.
CNC was issued Health Canada’s Nursery License under the Cannabis Act and Cannabis Regulations on May 21, 2021, and operates with a Cannabis Tracking and Licensing System (CTLS) registration number with Health Canada. CNC’s Master Grower and Alternate Master Grower honed their skills under a Health Canada “Cannabis Regulations Licence”, formally known as an “Access to Cannabis for Medical Purposes” (ACMPR) Licence. CNC’s nursery is located in Lake Country, British Columbia, on Agricultural Land Reserve (ALR) property zoned for cannabis cultivation. The business opportunity for a nursery license is to sell plants and seeds to other licensed holders as starting material. There is no restriction to the amount of canopy space (indoor or outdoor) utilized for cultivation.
CNC’s focus is on the supply end of the cannabis industry, developing genetics (both cannabis and hemp) to produce seedlings and clones, specializing in medicinal high-CBD as well as THC strains. CNC is specifically targeting the supply and sale of superior starter plant materials directly to a relatively starved niche market of licensed growers whose primary focus is growing to flower stage, as well as licensed retail store outlets, cultivators, other nurseries, processors, analytical testers, researchers and cannabis drug licence holders.
About AgriCann Solutions Corp.
The Company is a “Reporting Issuer” that originated as one of three spinouts upon completion of a statutory plan of arrangement completed by The Valens Company (VLNS-TSXV) (formerly Valens GroWorks Corp.) on March 12, 2015. The Company seeks to strategically acquire suitable business opportunities with potential for scalable near-term cash flow and sustainable growth to create shareholder value.
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/85888