CannaOne Technologies Inc., a cannabis e-commerce technology company, has entered into a Letter of Intent (“LOI”) to acquire 100% interest in Real Life Sciences Inc.
On April 23rd, 2019, CannaOne Technologies announced a formal partnership with Real Life Sciences to launch and operate the BWell CBD online marketplace in the US. Under the terms of this agreement Real Life Sciences acted as local managing partners for the BWell online marketplace providing strategic management, financial and business development expertise. As the managing partner of the BWell Marketplace, Real Life Sciences maintained a 75.1% ownership interest.
CannaOne Technologies CEO, Mr. Riby-Williams, commented, “Real Life Sciences’ expertise, vast network and strong relationships within the US has brought substantial value to the BWell marketplace during the past months and has been a key factor in the early launch for the business. BWell (www.thebwellmarket.com) is now capable of immediate sale and delivery of 140 high quality CBD products at extremely competitive prices to thousands of potential households in US. We believe that this infrastructure and knowledge contributed by Real Life Sciences to date provides substantial baseline support towards our Company now acquiring a sole ownership stake in the BWell marketplace that will assist to potentially provide long term substantial value to our shareholders.”
Under the terms of the LOI, following an extended period of Due Diligence, CannaOne Technologies has agreed to purchase Real Life Sciences for $2,000,000 CAD, such payment to be made in full through the issuance Company shares priced at a 20% discount to the market as at the date of Closing. The Closing Date for this transaction is set for October 25, 2019.
CannaOne Technologies is a software development and technology company that has developed its own proprietary online E-Commerce Marketplace solution linking the rapidly expanding CBD industry to consumers. The company’s first consumer product, BloomKit, is a software suite that delivers a complete online toolkit for a variety of applications for companies in the sector.