SOL International to Concentrate Sources and Investments on Expanding Florida Market place And Its Acquire of California Premium Cultivator Northern Emeralds
MCP Wellness To Repay All $12.five Million Sophisticated By SOL International and CannCure
TORONTO, Nov. 27, 2019 /CNW/ – SOL International Investments Corp.’s (“SOL International” or “Business“) (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) portfolio firm CannCure Investments Inc. (“CannCure“), owner/operator of the licensed Florida healthcare marijuana remedy center One particular Plant (previously named as three Boys Farms) and proposed purchaser of the famed California craft cannabis cultivator ECD Holdings, Inc., d/b/a Northern Emeralds (“Northern Emeralds“), these days announced it has entered into a mutual termination agreement and promissory note with MCP Wellness to terminate the binding letter of intent (the “Binding LOI”) dated April 23, 2019 whereby the Business was to obtain 100% of the stock of MCP Wellness (“MCP“) for $35 million in money and US$115 million in equity consideration in CannCure.
MCP is the Merida Capital Partners affiliate that owns the rights to personal 3 Michigan cultivation licenses, a processing license, 9 licensed and operating provisioning centers (“dispensaries”), and six extra dispensary licenses, providing it the biggest retail footprint in the state of Michigan.
Each MCP and the Business have recognized that present market place circumstances do not assistance a transaction of this size, and each parties and their respective shareholders are greater served focusing capital and sources on creating out their respective companies. SOL International will stay focused on the scale up of its swiftly expanding Florida operations by means of One particular Plant Florida, and MCP will concentrate on opening extra dispensaries and launching a cultivation facility in Michigan.
With each other, SOL International and MCP have determined that even though they are terminating their LOI to merge due to ongoing market place circumstances, they will continue to function collectively towards finalizing a strategic licensing agreement whereby MCP Wellness would engage Northern Emeralds to offer cultivation and processing typical operating procedures to MCP for a to be agreed upon royalty (topic to the receipt of all regulatory approvals). As MCP Wellness builds its cultivation footprint to go with its nine operating Dispensaries, a strategic agreement with Northern Emeralds to introduce the highest good quality flower feasible will be instrumental in establishing it as 1 of the biggest vertically integrated operations in Michigan.
As portion of the amicable termination, the $12.five million sophisticated by SOL International and its wholly owned subsidiary CannCure to MCP Wellness will be repaid in complete more than the subsequent twelve (12) months in month-to-month installments and two balloon payments at the six and 12 month time frames. Whilst the promissory note is outstanding, CannCure will have the selection to obtain particular assets from MCP Wellness, convert any amounts due into stock in the Michigan operator, or comprehensive the initially contemplated transaction on substantially related terms. Any transactions contemplated herein are topic to regulatory approval.
The Business wishes to announce that the board of directors have resolved to adjust the Company’s fiscal year-finish from March 31st to November 30th, powerful straight away. By moving the Company’s reporting cycle to a non-calendar quarter basis, the Business aims to lessen the time constraints and administrative expenditures linked with possessing the very same calendar quarterly reporting cycle as most other reporting issuers and to align its economic year-finish with other associated corporations. The notice for the year-finish adjust necessary below National Instrument 51-102 has been filed below the Company’s profile on www.sedar.com.
As a outcome, the Business will report audited economic outcomes for an eight-month transitional fiscal year from April 1, 2019 to November 30, 2019 with a comparative of twelve-month audited economic statements from April 1, 2018 to March 31, 2019. Afterwards, the Business will revert to a customary quarterly reporting calendar primarily based on a November 30th year-finish, with fiscal quarters ending on the final day in February, Might, August and November every year. The adjust in the Company’s economic year finish is topic to approval by the Canada Income Agency.
About SOL International Investments Corp.
SOL International is an international investment firm with a concentrate on, but not restricted to, cannabis and cannabis associated firms in legal U.S. states, the hemp and CBD marketplaces and the emerging European cannabis and hemp marketplaces. Its strategic investments and partnerships across cultivation, distribution and retail complement the company’s R&D system with the University of Miami. It is this complete method that is positioning SOL International as a future frontrunner in the United States’ healthcare cannabis business.
Advisory on Forward-Searching Information and facts
This press release consists of “forward-searching information” inside the which means of applicable securities laws. All statements contained herein that are not clearly historical in nature may possibly constitute forward-searching facts. In some situations, forward-searching facts can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the unfavorable of these terms, or other related words, expressions and grammatical variations thereof, or statements that particular events or circumstances “may” or “will” occur, or by discussions of technique. The forward-searching facts contained herein involve, but are not restricted to, facts relating to the Business‘s strategic plans and small business.
By nature, forward-searching facts is topic to inherent dangers and uncertainties that may possibly be common or certain and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be precise, that assumptions may possibly not be right and that objectives, strategic objectives and priorities will not be accomplished. A selection of things, which includes recognized and unknown dangers, a lot of of which are beyond our manage, could trigger actual outcomes to differ materially from the forward-searching facts in this press release. Such things involve, but are not restricted to: the Company’s capacity to comply with all applicable governmental regulations in a very regulated small business investing in target firms or projects which have restricted or no operating history and are engaged in activities presently regarded as illegal below US federal laws alterations in laws restricted operating history reliance on management specifications for extra financing competitors inconsistent public opinion and perception concerning the healthcare-use and adult-use marijuana business and regulatory or political adjust. Added danger things can also be identified in the Company’s present MD&A, which has been filed on SEDAR and can be accessed at www.sedar.com.
Readers are cautioned to think about these and other things, uncertainties and prospective events very carefully and not to place undue reliance on forward-searching facts. The forward-searching facts contained herein is produced as of the date of this press release and is primarily based on the beliefs, estimates, expectations and opinions of management on the date such forward-searching facts is produced. The Business undertakes no obligation to update or revise any forward-searching facts, whether or not as a outcome of new facts, estimates or opinions, future events or outcomes or otherwise or to clarify any material distinction involving subsequent actual events and such forward-searching facts, except as necessary by applicable law.
Supply SOL International Investments Corp.
For additional facts: SOL International Investments Corp.: Brady Cobb, CEO, Telephone: (212) 729-9208, E mail: [email protected] For media inquiries, please speak to: Davis Richardson, AMWPR, P: 212.542.3146, E: [email protected]
This post was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s major agency and digital economic media network devoted to the burgeoning CBD and legal cannabis industries. Get in touch with +1 (833) 420-CNFN for much more facts.