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 is a corporation organized under the laws of California and is licensed for distribution and manufacturing of regulated cannabis. Their distribution license and facility will permit Vibe to conclude logistics and fulfillment from its cultivation facilities. This will allow the retail store network to transport, package, label, test, store, and transfer its marijuana products. Vibe will be able to expand its Hype Cannabis Co.TM product line and manufacture an array of all-natural Hype Cannabis Co.TM products due to the manufacturing license. Vibe will gain all of the issued and outstanding shares of Cathedral for $333,3000 Canadian dollars in an all-share transaction and will accept the lease obligation for the Santa Rosa facility and the inventory of vape products that are currently in place.
Sean Hocking, Cannabis Law Report, 08/30/2020 19:53:30