Cannabis Growth Opportunity Corporation, a cannabis focused investment corporation with both public and private cannabis holdings, announced today that the Company has completed a new investment in Osoyoos Cannabis Inc.
On July 20, 2020 and pursuant to a non-brokered private placement offering, the Company invested a total of $425,000 and purchased 8,500,000 units of Osoyoos, at a price of $0.05 per Unit. Each Unit consists of one common share of Osoyoos and one-half of one common share purchase warrant of Osoyoos. Each full Warrant entitles the Company to acquire one additional common share of Osoyoos for a period of twenty-four months from the date of issuance at a price of $0.15 per share. Furthermore, Osoyoos will have the right to accelerate the expiration date of the Warrants to be thirty days following written notice to the Company, if during the term of the Warrants, Osoyoos’ common shares close at or above $0.20 per share on each trading day for a period of ten consecutive trading days on the Canadian Securities Exchange.
Osoyoos Cannabis Inc. has a joint-venture agreement with a private, vertically-integrated licensed producer under the Cannabis Act (Canada) to offer contract tolling extraction services to third-party businesses. Additionally, Osoyoos recently acquired 1196691 B.C. Ltd. d/b/a “PCAI Pharma” and its wholly-owned subsidiary AI Pharmaceuticals Jamaica Limited, a private corporation incorporated and operating under the laws of Jamaica. The business of AI Pharma involves science, research, treatment, data mining and artificial intelligence, focused on the development of combinatorial pharmaceuticals, nutraceuticals and cosmeceuticals utilizing compounds from cannabis (cannabinoids), psychedelic mushrooms (psilocybin), fungi and other psychedelic formulations and their related medicinal global intellectual property protection.