Eden Empire Inc. announce that EDENTM has received its Retail Operator License from the Alcohol and Gaming Commission of Ontario (AGCO) to conduct retail cannabis business in Ontario through a wholly-owned subsidiary.
- allows EDENTM to take on strategic business opportunities in the Ontario market through the License Holder.
- allows the legacy EDENTM brand to be utilized in Ontario for existing retail cannabis stores looking to set themselves apart from the competition by way of franchising.
Gerry Trapasso, CEO & Director commented, “The Ontario ROL allows EDENTM to take on partners for existing locations or look at a franchise style model in Ontario. With the market finally settling down in Ontario after the open market was announced in early 2020, the Company will be sourcing strategic partners and franchising opportunities as the fore-front of discussions.”
The Company is also pleased to announce that it has entered into a debt settlement agreement (the “Debt Settlement”) with an arm’s length services provider of the Company to settle certain outstanding invoices and to complete the closing for the acquisition of certain companies for an aggregate amount of CAD$325,000 (the “Outstanding Amount”). The certain companies being acquired all hold municipal approvals and lie in key BC retail locations in Salmon Arm, Vernon, Kamloops and Nanaimo.
In full settlement and satisfaction of the Outstanding Amount, the Company has agreed to issue 6,500,000 common shares of the Company at a deemed price of $0.05 per common share (the “Debt Shares”). The issuance of the Debt Shares is subject to approval by the Canadian Securities Exchange. All Debt Shares issued in connection with the Debt Settlement are subject to a statutory hold period of four months plus a day from the date of issuance of the Debt Shares in accordance with applicable securities legislation.
The Company also advises that it will not proceed with its joint venture arrangement on its Davie Street location (see our news release dated September 30, 2021 for additional information). The Company sees this location has a valuable asset and looks forward to opening its flagship location.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
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About Eden Empire
EDENTM is in the business of investments and operations in the cannabis sector and engaging in retail cannabis sales. Eden intends to expand its retail operations in Canada and to expand its business to cannabis cultivation, extraction and processing and become a fully integrated cannabis product company in the United States.