Fiore Cannabis Ltd, a licensed multi-state cannabis cultivator, producer, and retailer, today announced it has signed a Letter of Intent to purchase California Patients Club (“CPC”), a cannabis delivery company operating in the state of California, for US$1.2 million payable in a stock and cash transaction. The delivery business will further integrate Fiore’s service offering in California where the Company operates the Green Leaf Wellness cannabis retail store in Desert Hot Springs in the Coachella Valley. The acquisition is primarily being funded with Fiore shares at a valuation that will be determined at closing. The shares will be locked up for an initial six months and then released in equal parts quarterly over three years using an agreed-upon release mechanism. The acquisition is expected to close in 90 days.

Sean Hocking, Cannabis Law Report, 06/11/2021 01:33:20

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