TORONTO, ON / ACCESSWIRE / April 9, 2020 / CordovaCann Corp. (CSE:CDVA) (OTCQB:LVRLF) (“Cordova” or the “Company”), a cannabis-focused consumer products company, is pleased to announce that its wholly-owned subsidiary, Cordova Investments Canada, Inc., has completed the purchase of certain assets including intellectual property (the “Assets”) from Starbuds International Inc. (“Starbuds International” or the “Vendor”), an arm’s length Canadian corporation (the “Transaction”). Pursuant to the Letter of Intent announced on March 25, 2020, the Assets being acquired will enable Cordova to establish a cannabis retail platform and open up to five recreational cannabis stores and four medical cannabis clinics in Western Canada under the Starbuds brand name in the short term. Further, Cordova has secured exclusive rights to open additional stores in provinces throughout Canada utilizing the Starbuds name, a leading brand of retail cannabis stores and clinics in the United States and Western Canada. Also, in conjunction with the Transaction, seasoned industry veterans, Mr. Jakob Ripshtein and Mr. Ben Higham will join Cordova’s board of directors.
CordovaCann Corp. is a Canadian-domiciled company focused on building a leading, diversified cannabis products business across multiple jurisdictions including Canada and the United States. Cordova primarily provides services and investment capital to the processing and production vertical markets of the cannabis industry.
As consideration to the Vendor, Cordova has:
(v) agreed to issue two additional three year promissory notes in amounts of two hundred twenty-two thousand and five hundred dollars ($222,500) and one hundred ninety-six thousand and eight hundred ($196,800) upon obtaining assignment of two specific leases to Cordova. Such additional notes to have same terms as the Closing Promissory Note.
This news release contains “forward-looking information“ under the provisions of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of the Company. All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to the Company within the meaning of applicable Canadian securities laws, including statements with respect to the Company‘s planned business activities, the anticipated benefits of the acquisition of the Assets and the prospect of opening additional stores within the agreed upon time and the issuance of additional common shares in relation thereto. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” , “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” , “believes”, or variations or comparable language of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. Forward-looking information is necessarily based upon a number of factors and assumptions that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including anticipated costs and ability to achieve business objectives and goals.
(iii) agreed to issue three million (3,000,000) common shares of the Company for the opening of each retail store, up to a maximum of fifteen million (15,000,000) common shares of the Company. Each store must be opened by April 8, 2021 for the Vendor to receive this additional consideration;
“We welcome Jakob and Ben to our board of directors and look forward to building Cordova’s position in the global cannabis market together.” stated Taz Turner. “On behalf of the board, we appreciate the guidance and leadership Ashish has provided as a director of the board and look forward to continue working together to execute on our business strategy.”
(ii) agreed to issue three million (3,000,000) common shares of the Company for each additional lease assignment in Alberta to Cordova, up to a maximum of six million (6,000,000) common shares of the Company;
(iv) issued a three year promissory note for five hundred twenty-seven thousand and three hundred dollars ($527,300) accruing interest at six percent per annum payable upon maturity (the “Closing Promissory Note”); and
TORONTO, ON / ACCESSWIRE / April 9, 2020 / CordovaCann Corp. (CSE:CDVA) (OTCQB:LVRLF) ("Cordova" or the "Company"), a cannabis…
Engaging with our readers is essential to Westword’s mission. Make a financial contribution or sign up for a newsletter, and help us keep telling Denver’s stories with no paywalls.
The independent voice of Denver since 1977
That’s eight dispensaries in two days and ten different companies in three months, all purchased by Medicine Man Technologies.
Already registered? Login ›
But the news doesn’t end there. Today, September 4, Medicine Man Technologies announced it has agreed to buy Colorado Harvest Company, a chain of three dispensaries in Denver and Aurora, for $12.5 million in cash and stock.
Starbuds, one of Colorado’s largest dispensary chains, has agreed to sell a handful of stores to a name that’s becoming increasingly common in cannabis-industry acquisition news: Medicine Man Technologies.
Starbuds still owns six dispensaries in Colorado, with another in Denver on the way, as well as several more stores in Oklahoma, Maryland and Jamaica. But Ruden, who helped push the chain from a few storefronts in Colorado to over a dozen nationwide, will join the Medicine Man Technologies executive team.
The deal between the two parties, announced September 3, has Starbuds selling five stores in Louisville, Longmont, Pueblo, Niwot and Commerce City to the cannabis business conglomerate for just over $31 million in cash and Medicine Man Technology stock shares.
Enter your email or sign up with a social account to get started
The Colorado Harvest Company and Starbuds deals make eight dispensaries in two days, and ten different marijuana businesses in three months — all purchased by Medicine Man Technologies.