Vibe Bioscience Ltd. (CSE:VIBE, OTC:VBSCF, GERMANY:A061) (the “Business” 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 industry leader in our operating markets we think there is tremendous possible to expand this location’s revenues and delivery possible. With the strength of our very skilled executive group and powerful market relationships, Vibe is eager to establish itself as a lucrative operator in the Portland industry. Vibe’s powerful Q2 economic final results have displayed our capability to profitably operate and enhance industry share in competitive markets,” stated 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 get twelve month at the income warrants to obtain up to 1,200,000 shares of Vibe. The PAHC acquisition contains a retail dispensary license, a leased shop place in the City of Portland, and functioning capital of roughly $1.two million CAD. The completion of the Portland acquisition is topic to, amongst other factors, 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 situations. The acquisition is anticipated to close on October 24, 2020.
About Vibe Bioscience Ltd.
Vibe is an integrated cannabis firm delivering exceptional retail experiences with its Vibe By California™ brand and ethos, premier cultivation item 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 means of accretive acquisitions and organic development. Vibe is listed on the Canadian Securities Exchange below the symbol VIBE, on the OTC below symbol VBSCF, and in Germany as A061. To find out much more about Vibe, please check out www.vibebycalifornia.com.
Specific statements contained in this press release constitute forward-searching facts. These statements relate to future events or future efficiency. 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 details are intended to recognize forward-searching facts 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 situations or the ongoing COVID-19 pandemic. Actual future final results could differ materially.
The forward-searching facts contained in this release is produced as of the date hereof and the parties are not obligated to update or revise any forward-searching facts, regardless of whether as a outcome of new facts, future events or otherwise, except as needed by applicable securities laws. Due to the fact of the dangers, uncertainties and assumptions contained herein, investors ought to not location undue reliance on forward searching facts. The foregoing statements expressly qualify any forward-searching facts contained herein. Threat variables associated to the Business are described in the Company’s Management Discussion and Evaluation, a copy of which is offered below the Company’s profile on SEDAR.
This press release does not constitute an present to sell or a solicitation of an present to get any of the securities in the United States. The securities have not been and will not be registered below 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 below the U.S. Securities Act and applicable State securities laws or an exemption from such registration is offered. 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.
As opposed to in Canada which has Federal legislation uniformly governing the cultivation, distribution, sale and possession of health-related cannabis below the Cannabis Act (Federal), readers are cautioned that in the U.S., cannabis is largely regulated at the State level. To the expertise 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 below the Controlled Substances Act in the U.S. and as such, cannabis-associated practices or activities, such as with no limitation, the manufacture, importation, possession, use or distribution of cannabis are illegal below U.S. Federal law. Strict compliance with State laws with respect to cannabis will neither absolve Vibe Bioscience Ltd. of liability below 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 have an effect on its operations and economic efficiency.
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