Atlas Global Brands Inc. (CNSX:ATL) signed LOI to acquire 51% interest in two pharmacies licensed to dispense medical cannabis in Tel Aviv and the other in Jerusalem on January 11, 2023. In related transaction, Atlas Global Brands signed second LOI to acquire Trading House. The Proposed Transaction will be structured as a share exchange pursuant to which the vendors will be issued an aggregate of 2,699,472 common shares in Atlas and at closing will make an inter-company loan to the purchased entities in the amount of ILS 1 million.

The final structure of the Proposed Transaction will be determined by the parties following receipt of tax, corporate and securities law advice. The parties intend to enter into a definitive agreement in respect of the Proposed Transaction by February 9, 2023, or such other date as may be agreed to by the vendors and Atlas Global Brands. The Proposed Transaction is subject to receipt of all necessary regulatory approvals, including, as applicable, approval of the CSE, completion of due diligence reasonable or customary in a transaction of a similar nature, and entering into a definitive agreement, among other conditions.

The Transaction is expected to close early in Q1 2023. following completion of the due diligence process and satisfying conditions precedent.