Majic Wheels Corp. (OTCPK:MJWL) signed a letter of Intent to acquire majority interest in Bamboo Wellness Holdings Limited on October 1, 2021. Majic Wheels Corp. (OTCPK:MJWL) completed the acquisition of 26% stake in Bamboo Wellness Holdings Limited on December 27, 2021. Bamboo will continue to be led by Chief Executive Officer Vincent Kwo and its existing senior leadership team. The business will continue to operate as a separate company. The transaction valued at $26 million is being funded partly by cash and new shares of Majic, providing a post money valuation of Bamboo at $126 million. Majic also holds an option to exercise a First Right of Refusal to increase the interest of Majic in Bamboo to 51% based upon the same terms.