(via TheNewswire)
Vancouver -
The Company has entered into a non-binding LOI with Arsenal Extracts to purchase 100% of the membership interests and assets of Arsenal for aggregate consideration, including performance incentives, of USD
Arsenal has multiple brands of vaporizer cartridges, including Anointed and Lo-Hi, with current sales exceeding
The existing management team at Arsenal consists of highly experienced operators that are expected to continue to manage the extraction facilities and sales and distribution across
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Rainbow Coleman , Co-Founder and CEO, specializes in the operations and setup of multiple platforms of extraction and techniques.Mr. Coleman manages the production of oils, refinement, and the production of products manufactured and distributed from the Arsenal facility.-
Adam Carson , Co-Founder and COO, specializes in the marketing, sales, and distribution of products acrossColorado .
Subject to Board approval, stock exchange approval and completion of satisfactory due diligence, the Company intends to enter into a definitive purchase agreement on or before
- 100% asset purchase of the Seller for
$2,000,000 in a structured purchase combination of 70% in shares and 30% in cash.- Existing management will remain in place.
- All licenses, leases, infrastructure, assets, brands, and distribution are included.
Founded in 2016 in
Anglin continued: “The Company is now laser focused on building the brands in existing and future markets through the direct operational management of businesses like Arsenal’s to expand the number brands under its control. The timing is right for a shift of focus from a low-overhead supply chain and marketing strategy to an operational strategy of managing the business directly for increased opportunities.”
For a more complete business and financial profile of the Company, please view the Company's website atwww.cannamericabrands.comanddocuments posted under the Company’s profile onwww.sedar.com.
For further information please contact the Company at info@cannamericabrands.com.
On Behalf of the Board,
CEO and Director
www.cannamericaco.com
www.cannamericabrands.com
1(607) 769-7870
About
CannAmerica is a
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
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