Phyto Extractions Inc. announced that, further to its news releases of March 10, 2021 and March 23, 2021, the Company continues to proceed towards the acquisition of 1204581 B.C. Ltd, doing business as Phyto Extractions. Originally structured as an acquisition to acquire an initial 51% equity interest with a right of first refusal to acquire the remaining 49% interest, the parties are proceeding on the basis of acquiring a 100% interest on the closing date. The parties continue to negotiate definitive terms and conduct further due diligence but anticipate signing a definitive share purchase agreement on or before September 15, 2021.
The Company intends to issue additional news releases with respect to the proposed acquisition in the near future in accordance with applicable securities laws and the policies of the Canadian Securities Exchange.
About Phyto Extractions™ and Adastra Labs Inc.
Founded in 2014, Phyto Extractions™ built a successful reputation as a household name in cannabis concentrates among consumers and retailers alike. Adastra Labs Inc. was founded in 2018 and is an agricultural-scale cannabis extraction, distillation, and product manufacturer, located in Langley, BC. Operating out of its 13,000 sq. ft. Health Canada Licensed Standard Processing facility, now named Phyto Extractions Inc., the Company produces and distributes cannabis-derived products, designed for medical cannabis and forward-looking therapeutic use. To learn more about the Phyto Extractions™ team, please watch the following video: https://youtu.be/mtC9QicyeuI