Vibe Bioscience Ltd. (CSE:VIBE, OTC:VBSCF, GERMANY:A061) (the “Firm” or “Vibe”), a California primarily based cannabis retailer and cultivator, is pleased to announce it has entered into a definitive agreement to obtain Portland Asset Holding Corporation (“PAHC” or “Portland”) and its cannabis retail dispensary in Portland, Oregon. PAHC is a wholly owned subsidiary of Ventura Cannabis and Wellness Corp. (CSE: VCAN) (“Ventura”).
- Vibe acquires operating retail dispensary in Portland, Oregon
- Vibe receives $1.two million money and functioning capital
“The acquisition of Portland extends Vibe’s West Coast retail footprint, strengthens our development and expansion capital, and as a market place leader in our operating markets we think there is tremendous prospective to expand this location’s revenues and delivery prospective. With the strength of our hugely skilled executive group and robust market relationships, Vibe is eager to establish itself as a lucrative operator in the Portland market place. Vibe’s robust Q2 monetary benefits have displayed our capability to profitably operate and enhance market place share in competitive markets,” mentioned Mark Waldron, CEO of Vibe.
Vibe is acquiring one hundred% of the issued and outstanding shares of PAHC for $1,889,000 Canadian dollars in an all share transaction. Ventura will also acquire twelve month at the cash warrants to obtain up to 1,200,000 shares of Vibe. The PAHC acquisition involves a retail dispensary license, a leased retailer place in the City of Portland, and functioning capital of about $1.two million CAD. The completion of the Portland acquisition is topic to, amongst other points, Ventura shareholder approval, approval of the Canadian Securities Exchange, the receipt of regulatory approvals, receipt of specific consents from third parties, and the satisfaction of closing circumstances. The acquisition is anticipated to close on October 24, 2020.
About Vibe Bioscience Ltd.
Vibe is an integrated cannabis enterprise delivering exceptional retail experiences with its Vibe By California™ brand and ethos, premier cultivation solution and higher-efficiency delivery, and on-line sales. The Company’s management group brings knowledge in retail, cannabis cultivation and mergers and acquisitions to assistance its U.S. expansion by way of accretive acquisitions and organic development. Vibe is listed on the Canadian Securities Exchange beneath the symbol VIBE, on the OTC beneath symbol VBSCF, and in Germany as A061. To find out extra about Vibe, please stop by www.vibebycalifornia.com.
Particular statements contained in this press release constitute forward-searching details. These statements relate to future events or future overall performance. The use of any of the words “anticipate”, “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and related expressions and statements relating to matters that are not historical information are intended to determine forward-searching details and are primarily based on the parties’ present belief or assumptions as to the outcome and timing of such future events, and could be impacted as a outcome of basic financial circumstances or the ongoing COVID-19 pandemic. Actual future benefits could differ materially.
The forward-searching details contained in this release is created as of the date hereof and the parties are not obligated to update or revise any forward-searching details, no matter if as a outcome of new details, future events or otherwise, except as needed by applicable securities laws. Mainly because of the dangers, uncertainties and assumptions contained herein, investors need to not location undue reliance on forward searching details. The foregoing statements expressly qualify any forward-searching details contained herein. Danger variables associated to the Firm are described in the Company’s Management Discussion and Evaluation, a copy of which is readily available beneath the Company’s profile on SEDAR.
This press release does not constitute an give to sell or a solicitation of an give to get any of the securities in the United States. The securities have not been and will not be registered beneath the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any State securities laws and could not be presented or sold inside the United States or to U.S. Persons unless registered beneath the U.S. Securities Act and applicable State securities laws or an exemption from such registration is readily available. Not for distribution to U.S. Newswire Solutions or for dissemination in the United States. Any failure to comply with this restriction could constitute a violation of U.S. securities laws.
In contrast to in Canada which has Federal legislation uniformly governing the cultivation, distribution, sale and possession of health-related cannabis beneath the Cannabis Act (Federal), readers are cautioned that in the U.S., cannabis is largely regulated at the State level. To the understanding of Vibe Bioscience Ltd., there are to date a total of 33 states, plus the District of Columbia, that have legalized cannabis in some kind. Notwithstanding the permissive regulatory atmosphere of health-related cannabis at the State level, cannabis continues to be categorized as a controlled substance beneath the Controlled Substances Act in the U.S. and as such, cannabis-associated practices or activities, which includes with out limitation, the manufacture, importation, possession, use or distribution of cannabis are illegal beneath U.S. Federal law. Strict compliance with State laws with respect to cannabis will neither absolve Vibe Bioscience Ltd. of liability beneath the U.S. Federal law, nor will it present a defense to any Federal proceeding, which could be brought against Vibe Bioscience Ltd. Any such proceedings brought against Vibe Bioscience Ltd. could adversely influence its operations and monetary overall performance.
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