CannaOne Technologies Inc. (CNSX:CNNA) entered into a memorandum of understanding to acquire a 51% stake in Payright Pte Ltd from Hampton Enterprises, Inc, Global Natural Resource Investments, Right Choice Capital Ptd. Ltd., Domicile 6330 GmbH, Christopher Aldaba, Daniel Eigenmann and Heramben Vencatapillay for CAD 1.1 million on March 4, 2021. CannaOne Technologies Inc. signed a definitive share purchase agreement to acquire a 51% stake in Payright Pte Ltd on March 31, 2021.

Under the terms, CannaOne Technologies Inc. will pay CAD 1.1 million worth shares on closing. The shares issued are subject to the following release and pooling restrictions: 50% issued on closing; 15% after 90 days; 15% after 180 days; 10% after 270 days; and 10% after 1 year. The transaction is subject to approval by regulatory board/committee, approval of offer by acquirer shareholders, approval of offer by target shareholders, definitive agreement and certain customary closing conditions.

The deal is expected to be completed by April 9, 2021. As of April 7, 2021, the transaction is expected to be completed by April 15, 2021. The acquisition will not constitute a fundamental change for the Company and will not result in a change of control of the CannaOne Technologies.

Cassels Brock & Blackwell LLP acted as a legal adviser to CannaOne Technologies.