NetworkNewsBreaks – ABcann Global Corp. (TSX.V: ABCN) (OTCQB: ABCCF) Inks LOI to Acquire Outstanding Shares of Harvest Medicine Inc.
Abcann Global (TSX.V: ABCN) (OTCQB: ABCCF) this morning said that the company recently entered into a binding Letter of Intent (“LOI”) dated December 11, 2017 to acquire all outstanding securities of Canada’s fastest growing medical cannabis clinic, Harvest Medicine Inc. Per the terms of the agreement, Abcann will make a $1,500,000 cash payment and issue 1,056,338 common shares in the capital of ABcann valued at $1,500,000, based on a deemed price of $1.42 per share. Upon the closing of the transaction, Harvest Medicine founder and CEO, Shekhar Parmar, is anticipated to join ABcann’s executive team as Chief Strategy Officer and remain CEO of HMED. “Their professional, patient-focused approach is aligned with ABcann’s philosophy of quality and innovation. This represents one initial step of many as we begin the execution of our aggressive growth strategy,” ABcann CEO Barry Fishman stated in the news release.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer