Vibe Announces Agreement to Acquire California Distribution and Manufacturing Business
2020年8月31日 - 5:17AM
Vibe Bioscience Ltd. (
CSE:VIBE,
OTC:VBSCF, GERMANY:A061) (the
“
Company” or “
Vibe”), a
California based cannabis retailer and cultivator, is pleased to
announce it has entered into a definitive agreement to acquire
Cathedral Asset Holding Corporation (“CAHC” or “Cathedral”) and its
distribution and manufacturing assets in Santa Rosa, California.
CAHC is a wholly owned subsidiary of Ventura Cannabis and Wellness
Corp. (
CSE: VCAN) (“Ventura”)
“The acquisition of Cathedral makes Vibe a true,
vertically integrated cannabis cultivator, distributor,
manufacturer and retailer in California, focused on the most
dynamic cannabis market in the United States. Vibe is singularly
focused on developing cannabis assets that are cash flow positive,
and we anticipate the acquisition will be highly accretive to Vibe
shareholders within 6 months. We could not be more pleased with the
strategic and geographic fit of adding Cathedral’s distribution and
manufacturing assets to Vibe’s growing, profitable cannabis
portfolio,” said Mark Waldron, CEO of 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. product line and produce
a wide variety of all-natural Hype Cannabis Co. products.
Vibe will acquire all the issued and outstanding
shares of Cathedral for $333,360 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 acquisition is scheduled to close on September 15,
2020.
“Vibe By California’s brand has firmly
established itself in California by providing exceptional
experiences to our customers. The Cathedral acquisition accelerates
Vibe’s position as a leading, integrated California cannabis
company. Vibe remains well positioned for continued growth in the
second half of 2020,” stated Mr. Waldron.
TRANSACTION HIGHLIGHTS
Cathedral Distribution
- Significantly expands California logistics & fulfillment
capabilities
- Allows for the transportation, packaging, labelling,
testing, storage and transfer of regulated cannabis products
- Provides fast distribution network and an advanced inventory
management platform to ship product to stores within 24
hours
- Enables secure and environment-controlled storage of cannabis
products
- Gives Vibe quarantine and BCC final compliance testing through
a licensed laboratory
- Promotes supply chain integrity
- Allows for improved delivery speed of fresh clones from our
nursery to our stores
- Simplifies existing complex supply chain network, from
laboratory testing to legal requirements
- Helps coordinate, create and implement in-store promotions,
digital advertising, print materials
Cathedral Manufacturing
- Allows manufacturing to produce additional Hype Cannabis Co.
products
- Creates the ability to produce a wide variety of Hype Cannabis
Co. pesticide-free products to the highest standards for
quality and potency
- Enables pharmaceutical level processes to deliver superior
quality, all-natural cannabis products
- Expands plant preparation and harvesting from our cultivation
facility
- Ensures the cleanest, safest, and most efficient production
processes yielding the highest quality product
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.
Forward-Looking Information
Certain statements contained in this press
release constitute forward-looking information. These statements
relate to future events or future performance. The use of any of
the words “anticipate”, “could”, “intend”, “expect”, “believe”,
“will”, “projected”, “estimated” and similar expressions and
statements relating to matters that are not historical facts are
intended to identify forward-looking information and are based on
the parties’ current belief or assumptions as to the outcome and
timing of such future events, and may be impacted as a result of
general economic conditions or the ongoing COVID-19 pandemic.
Actual future results may differ materially.
The forward-looking information contained in
this release is made as of the date hereof and the parties are not
obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of the
risks, uncertainties and assumptions contained herein, investors
should not place undue reliance on forward looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein. Risk factors related to the Company
are described in the Company’s Management Discussion and Analysis,
a copy of which is available under the Company’s profile on
SEDAR.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”) or any State securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable State securities laws or an exemption from such
registration is available. Not for distribution to U.S. Newswire
Services or for dissemination in the United States. Any failure to
comply with this restriction may constitute a violation of U.S.
securities laws.
Unlike in Canada which has Federal legislation
uniformly governing the cultivation, distribution, sale and
possession of medical cannabis under the Cannabis Act (Federal),
readers are cautioned that in the U.S., cannabis is largely
regulated at the State level. To the knowledge of Vibe Bioscience
Ltd., there are to date a total of 33 states, plus the District of
Columbia, that have legalized cannabis in some form.
Notwithstanding the permissive regulatory environment of medical
cannabis at the State level, cannabis continues to be categorized
as a controlled substance under the Controlled Substances Act in
the U.S. and as such, cannabis-related practices or activities,
including without limitation, the manufacture, importation,
possession, use or distribution of cannabis are illegal under U.S.
Federal law. Strict compliance with State laws with respect to
cannabis will neither absolve Vibe Bioscience Ltd. of liability
under the U.S. Federal law, nor will it provide a defense to any
Federal proceeding, which may be brought against Vibe Bioscience
Ltd. Any such proceedings brought against Vibe Bioscience Ltd. may
adversely affect its operations and financial performance.
Contact Information |
Company Contact: Mark Waldron,
CEO |
|
Phone: +1 833-420-VIBE |
|
Email:
info@vibebycalifornia.com |
|
Website:
www.vibebycalifornia.com |
|
|
|
Investor Relations Contact:Glen
Nelson |
|
Phone: +1 833-420-VIBE x 107 |
|
Email:
ir@vibebycalifornia.com |
|
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