Osoyoos Cannabis Inc. announced today that it has agreed to acquire 100% of the shares of 1196691 B.C. Ltd. d/b/a “PCAI Pharma” the parent company that holds 100% of the shares of AI Pharmaceuticals Jamaica Limited (“AI Pharma”). AI Pharma is engaged in the research and development of cannabis (cannabinoids) and mushrooms (psilocin) based pharmaceutical, nutraceutical, and cosmeceutical formulations and related intellectual property. In connection with the Acquisition, the Company has entered into a share purchase agreement (the “Share Purchase Agreement”) dated June 26, 2020, between the Company, as purchaser, and the shareholders of the Parent, as vendors. Under the terms of the Share Purchase Agreement, the Company agreed to purchase from the vendors and the vendors agreed to sell to the Company all of the issued and outstanding shares of the Parent. In consideration of the Parent Shares, the Company agreed to pay to the vendors a purchase price of $2,520,000, to be satisfied by issuing to the Vendors an aggregate of 36,000,000 common shares of the Company at a deemed price of $0.07 per share.
Hemp Land, Cannabis Hemp Blog, 04/23/2022 23:15:00