Wildflower Brands Inc. (CSE: SUN) (OTCQB: WLDFF) announced its plan to acquire City Cannabis Corp. through a non-binding letter of intent. Wildflower Brands plans to buy the Vancouver Dispensary for $45 million in stock.
Cannabis Corp. is a licensed cannabis retailer in British Columbia with two of the three City of Vancouver licenses to sell cannabis. It also holds the distinction of being the only company with multiple licenses in the Province of Columbia.
British Columbia has long been considered as the heart of cannabis country in Canada. City Cannabis has positioned itself strategically by placing dispensaries at Robson and Grandville. The other City Cannabis license can be found at Fraser Street and East 57th Avenue. The company also has multiple cannabis retail license applications in British Colombia and Alberta.
City Cannabis and Wildflower are the perfect combination of premier products and a premier consumer retail experience. City Cannabis’ retail consumer data and insight will help shape development of Wildflower’s product line-up while the retail expertise of City Cannabis will aid Wildflower in its retail expansion. The combination of Wildflower and City Cannabis will form a truly global cannabis company. William MacLean, Chief Executive Officer of Wildflower.
Pursuant to the terms of the LOI, the Company will acquire 100% of the issued and outstanding common shares in the capital of City Cannabis in exchange for the issuance of 60,000,000 common shares of the Company (“Consideration Shares”) at a deemed price per Consideration Share of $0.75 for aggregate consideration of $45,000,000. The LOI also contemplates that, upon the closing of the Acquisition, Krystian Wetulani, City Cannabis’ founder and chief executive officer, will join Wildflower as a director and as the chief development officer.
Wildflower Brands is a Vancouver-based company developing and designing brands that focus on plant-based health and wellness products. All of our brands work in synergy toward the goal of becoming a global wellness leader.
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