Vancouver, British Columbia--(Newsfile Corp. - November 22, 2022) - AgriCann Solutions Corp. (the "Company" or "AgriCann") is pleased to provide the following updates to shareholders.
Advantage Microbial Solutions ("AMS")
AgriCann has acquired the business of Advantage Microbial Solutions ("AMS") at no cost to or share issue by the Company, assuming AMS' goodwill and IP with an intent to fully integrate AMS' organic crop production inputs to complement AgriCann's full-service nursery operations. As originally announced on June 25, 2021, AgriCann entered a letter of intent (the "LOI") to acquire AMS in consideration of the issuance to AMS stakeholders of 7,000,000 common shares of the Company at $0.50 per share from treasury. In accordance with the LOI, AgriCann added Tim Tombe, the owner of AMS, as Chief Operating Officer and a director.
AMS was founded in 2008, producing green, sustainable soil amendments within Canada's premier agricultural area, the Okanagan Valley of British Columbia. AMS has supplied organic crop production inputs to some of Canada's finest craft cannabis growers and leading organic produce producers and manufactured the complete line of Micro Maxx Organics. AMS is located adjacent to AgriCann's nursery operations in Lake Country. Both AMS and AgriCann lease their properties from a company controlled by Tim Tombe.
Royal Asset Management, LLC ("RAM"), and Venture Product Consulting, LLC ("VPC")
AgriCann has withdrawn from further discussions pursuant to its Letter of Intent dated June 23, 2021 and subsequent amendment thereto (the "Governing Agreement") with Royal Asset Management, LLC ("RAM") and Venture Products Consulting, LLC ("VPC"). AgriCann intended to acquire 100% of RAM and VPC (collectively, the "RAM Parties") for closing consideration of $13.0 million via the issue of 26,000,000 common shares at $0.50 from treasury to the stakeholders of the RAM Parties. The Governing Agreement terminated October 31, 2021 as, among other reasons, the Conditions for Transfer were not satisfied. AgriCann continued efforts towards an alternative agreement with the RAM Parties acceptable to AgriCann; however, contingent approval of the Colorado Marijuana Enforcement Division for change of ownership expired on October 27, 2022 without extension or response from the RAM Parties. AgriCann added Dome Duong as its CFO and a director in 2021 in accordance with the terms of the Governing Agreement, who continues in that role.
AgriCann Solutions Corp. is a "Reporting Issuer" created as a result of a statutory plan of arrangement completed by The Valens Company in 2015. AgriCann owns and operates wholly owned subsidiary Craft Nurseries Canada ("CNC"), a full-service Health Canada licenced cannabis nursery located in Lake Country, British Columbia, focused on complimenting top quality cannabis plants and genetics with strain specific coaching and grow advisory services designed to help optimize client performance (see CNC website: www.craftnurseries.com).
ON BEHALF OF AGRICANN SOLUTIONS CORP.
(signed) "Rob van Santen"
CEO and Director
For further information, please contact:
Cautionary Note Regarding Forward-Looking Statements
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements may include, without limitation, statements relating to the Company's use of organic crop production inputs to complement AgriCann's full-service nursey operations. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by applicable law.
AgriCann Solutions Corp.
400-1771 Robson Street, Vancouver, BC, Canada V6G1C9
Tel. +1.604.608.1999 ~ Fax. +1.778.379.9990
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145318