- Wildflower
Brands has signed an agreement with City Cannabis Corp. to acquire its
issued and outstanding shares
- City
Cannabis has been called the “fastest-growing multiple location cannabis
retailer” in British Columbia
- Acquisition
of shares is anticipated by leadership at both companies
Wildflower Brands Inc. (CSE: SUN) (OTCQB: WLDFF), a
Vancouver-based company developing and designing brands focusing on plant-based
health and wellness products, has signed a share agreement with City Cannabis
Corp. in order to acquire all of the issued and outstanding shares of City
Cannabis (http://ibn.fm/4sHNR).
City Cannabis is continuing to grow, expanding its reach
into the Vancouver cannabis market. The company is in the process of opening
its fourth licensed dispensary in Vancouver, and its management team continues
to examine other possible locations across the country. Currently, the company
holds nine leases at varying stages of the regulatory licensing process.
Consideration for the acquisition consists of 60 million
common shares of the company at a deemed price of $0.75 per common share.
Wildflower’s acquisition of City Cannabis’ shares strengthens Wildflower’s
status as an industry leader and brand-focused cannabis company.
“City Cannabis is no doubt the fastest-growing, multiple
location cannabis retailer in British Columbia,” Wildflower CEO William MacLean
stated in a news release. He referenced the acuity of the City Cannabis team in
identifying key dispensary locations, as well as its industry knowledge and
ability to work with all levels of regulators. “We look forward to completing
the acquisition and bringing together two phenomenal companies,” he added.
“This is an exciting moment for everyone, and we are
thrilled to be joining the Wildflower team,” said City Cannabis CEO Krystian
Wetulani. “We believe Wildflower’s branding and marketing expertise will drive
growth once City Cannabis is integrated, resulting in significant long-term
value to Wildflower shareholders.”
Wildflower Brands utilizes a comprehensive business model
that encompasses research and development, manufacturing, distribution,
marketing and retail. The company’s holdings include Wildflower Wellness, which
offers a complete line of full-spectrum, CBD extract-infused products; King
Extracts, a California-based company focused on cannabis technology and
delivery systems; and licenses in Los Angeles and California to operate
cultivation, manufacturing, distribution, retail and delivery.
City Cannabis is a cannabis retailer holding two of the six
City of Vancouver licenses in the province of British Columbia. The company has
been turning a profit in dispensary operation since Vancouver started licensing
cannabis retailers. Upon closing of the share acquisition, Wildflower intends to
appoint Wetulani as a director and chief development officer.
For more information, visit the company’s website at www.WildflowerBrands.co
NOTE TO INVESTORS: The latest news and updates
relating to WLDFF are available in the company’s newsroom at http://ibn.fm/WLDFF
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Editor@QualityStocks.com
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