Cannara Biotech Inc. announced it has closed on its previously announced offer to acquire all of the issued and outstanding shares of Global shopCBD.com Inc. not already owned by Cannara. Global, through its wholly-owned subsidiary, operates an online e-commerce platform focused on tapping into the U.S. hemp CBD market, offering curated selections of top tier products in a fast, secure and reliable transaction.
Pursuant to the terms of a share exchange agreement dated May 26, 2020 among Cannara, Global and the shareholders of Global, Cannara has acquired 99.8% of the issued and outstanding shares of Global that it did not already own in consideration for the issuance of 23,145,110 common shares of Cannara pro rata to the shareholders of Global at a deemed price of $0.10 per share.
The Payment Shares are not subject to any hold periods under applicable securities laws.
Cannara Biotech Inc. has built one of the largest indoor cannabis cultivation facilities (625,000 square feet) in Canada and the largest in Quebec. Leveraging Quebec’s low electricity costs, Cannara Biotech Inc.’s facility will produce premium-grade indoor cannabis and cannabis-derivative products for the Quebec and Canadian markets.