BC Craft Supply Co. Ltd. has acquired a 100% interest in Olympic View Botanicals Ltd. (OVB), a Vancouver Island, British Columbia based company. OVB is currently in the process of building an indoor micro cannabis cultivation facility, while it concurrently submits an application to Health Canada for a Micro Cultivation License (“MC License”). As part of the application process for a MC License, Health Canada allows applicants to utilize a one-time declaration for cannabis genetics that will allow OVB to bring in highly sought after west coast genetics that the Canadian cannabis market has yet to experience.
OVB has signed a purchase and processing agreement with Sitka Weed Works Inc. a cannabis processing facility also located on Vancouver Island. These agreements in place will allow for increased cultivation and processing capacity for BC Craft’s supply chain.
Matthew Watters, CEO of BC Craft stated, “I look forward to working with the team at OVB and am excited to integrate their catalogue of exotic strains into the current market that is begging for quality over quantity.”
The consideration paid to the vendors of OVB consists of an aggregate of 15 million common shares in the capital of the Company (the “Consideration Shares”) issued at a deemed value of $0.08 per Consideration Share. The Vendors are arm’s-length to one another, and none of them, individually, holds 10% or more of the issued and outstanding shares of the Company on a non-diluted basis. The Company relied on the take-over bid exemption under Section 2.16 of National Instrument 45-106 – Prospectus Exemptions to issue the Consideration Shares. In this regard, the Consideration Shares are not subject to a four month and one day hold period.
For further information please contact Matthew Watters, Director, at (604) 687-2038.
Based in Vancouver, British Columbia, BC Craft Supply Co. has aggregated the best legacy-era talent from Canada’s craft cannabis industry, which boasts an international reputation. The team at BC Craft supports the most trusted cannabis cultivators in Canada to transition into their supply chain, bringing with them their unique cultivars and years of experience with the plant. In exchange for support with licensing, compliance and distribution, cultivators will sign on as a BC Craft supplier. This makes BC Craft uniquely positioned to be the premium cannabis brand in Canada.
BC Craft’s subsidiary, Medcann Health Products Ltd., is a Health Canada licensed cultivator and processor with a license to sell medical cannabis products in Canada.