Maricann to Acquire Hemp Grower Haxxon for 8 Million Swiss Francs

 

Full detail above here are a few takeaways

  •  Haxxon operates within a 6,000 sq. m. (~64,500 sq. ft.) indoor facility in Regensdorf, Switzerland; an industrial suburb of Zurich, located less than 10 minutes from the airport
  • Maricann will enhance Haxxon’s existing operations by investing 4,800,000 CHF to improve existing cultivation facilities, improving yield, then add extraction and post-processing capabilities to create finished products for inhalation as a tobacco substitute.
  • These products will comply with both Swiss and European law with THC below 1% for the local market, and THC below 0.2% for the broader European market.
  • The transaction is scheduled to close on or about May 15th, 2018, or as soon as possible, subject to regulatory approval and the approval of the holders of the Company’s 9% secured convertible debentures holding 66 2/3% in principal amount of the outstanding debentures being obtained by no later than May 31, 2018.
  • Haxxon is being acquired for CHF 2,000,000 in cash and CHF 6,000,000 in common shares of the Company at the 20-day VWAP ending two trading days before closing