LOS ANGELES, Aug. 30, 2020 (GLOBE NEWSWIRE) — Ventura Cannabis and Wellness Corp. (CSE:VCAN) (“Ventura Cannabis”, “VCAN”, or the “Company”) is pleased to announce it has entered into a definitive agreement to sell Cathedral Asset Holding Corporation (“CAHC” or “Cathedral”) and its distribution and manufacturing assets in Santa Rosa, California to Vibe Bioscience Ltd. (CSE:VIBE) (“Vibe”).
Cathedral, a corporation organized under the laws of California, leases a facility in Santa Rosa, California and is licensed for distribution and manufacturing of regulated cannabis. Cathedral’s distribution license and facility will allow Vibe to complete logistics and fulfillment from its cultivation facilities to its retail store network and allow for the transportation, packaging, labelling, testing, storage, and transfer of its marijuana products. The manufacturing license will allow Vibe to expand its Hype Cannabis Co.TM product line and produce a wide variety of all-natural Hype Cannabis Co.TM products.
Vibe will acquire all of the issued and outstanding shares of Cathedral for $333,300 Canadian dollars in an all share transaction and will assume the lease obligation for the Santa Rosa facility, as well as the existing inventory of vape products. Ventura will also receive twelve month at the money warrants to acquire up to 800,000 shares of Vibe. The completion of the Cathedral acquisition is subject to, among other things, the receipt of regulatory approvals and the satisfaction of closing conditions. The net proceeds will be distributed to VCAN shareholders and the acquisition is scheduled to close on September 15, 2020.
About Vibe Bioscience Ltd.
Vibe is an integrated cannabis company delivering exceptional retail experiences with its Vibe By CaliforniaTM brand and ethos, premier cultivation product and high-efficiency delivery, and on-line sales. The Company’s management team brings expertise in retail, cannabis cultivation and mergers and acquisitions to support its U.S. expansion through accretive acquisitions and organic growth. Vibe is listed on the Canadian Securities Exchange under the symbol VIBE, on the OTC under symbol VBSCF, and in Germany as A061. To learn more about Vibe, please visit www.vibebycalifornia.com.
For more information contact:
Ventura Cannabis and Wellness Corp.
Chris Heath, CEO
Certain statements contained in this presentation constitute “forward-looking information” as such term is defined in applicable Canadian securities legislation. The words “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, “confident” and similar expressions as they relate to the Company. Such statements reflect the Company’s current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties, and assumptions. The forward-looking information included are made as of August 30, 2020, and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law. VCAN holds or is acquiring marijuana assets in the United States. Previously disclosed acquisitions are still subject to closing. Marijuana is legal in each state VCAN is looking to operate, however marijuana remains illegal under US federal law, and the approach to enforcement of US federal law against marijuana is subject to change. Shareholders and investors need to be aware that adverse enforcement actions could affect their investments and that VCAN’s ability to access private and public capital could be affected and or could not be available to support continuing operations.