Not for distribution to United States newswire services or for dissemination in the United States. All figures in canadian dollars unless otherwise specified.
LOS ANGELES, Sept. 17, 2020 (GLOBE NEWSWIRE) — Ventura Cannabis and Wellness Corp. (CSE:VCAN) (“Ventura Cannabis”, “VCAN”, or the “Company”) is pleased to announce that it has completed the Company’s sale of Cathedral Asset Holding Corporation (“CAHC” or “Cathedral”) to Vibe Bioscience (CSE:VIBE) (“Vibe”) described in its press release of August 30, 2020.
In payment of the purchase price, VCAN has been issued 669,398 common shares of Vibe (the “Payment Shares”) which it will distribute to VCAN shareholders shortly. As additional consideration for the sale of Cathedral, Ventura will also receive 800,000 share purchase warrants, each exercisable for one common shares of Vibe at an exercise price of $0.60 per share for a term of twelve months following closing of the sale of Cathedral. Ventura plans to distribute these warrants to its shareholders concurrently with the distribution of the Payment Shares.
VCAN will issue a further news release next week providing additional information respecting the distribution of the Payment Shares and warrants, and confirming the posting on SEDAR of the management information circular for its October 23, 2020 special meeting of shareholders.
Ventura Cannabis and Wellness Corp.
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 September 17, 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.