Vibe Announces Agreement to Acquire Portland, Oregon Cannabis Dispensary
August 31 2020 - 7:00AM
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
Portland Asset Holding Corporation (“PAHC” or “Portland”) and its
cannabis retail dispensary in Portland, Oregon. PAHC is a wholly
owned subsidiary of Ventura Cannabis and Wellness Corp.
(
CSE: VCAN) (“Ventura”).
OVERVIEW
- Vibe acquires operating retail dispensary in Portland,
Oregon
- Vibe receives $1.2 million cash and working capital
“The acquisition of Portland extends Vibe’s West
Coast retail footprint, strengthens our growth and expansion
capital, and as a market leader in our operating markets we believe
there is tremendous potential to expand this location’s revenues
and delivery potential. With the strength of our highly skilled
executive team and strong industry relationships, Vibe is eager to
establish itself as a profitable operator in the Portland
market. Vibe’s strong Q2 financial results have displayed our
ability to profitably operate and increase market share in
competitive markets,” said Mark Waldron, CEO of Vibe.
Vibe is acquiring 100% of the issued and
outstanding shares of PAHC for $1,889,000 Canadian dollars in an
all share transaction. Ventura will also receive twelve month at
the money warrants to acquire up to 1,200,000 shares of Vibe. The
PAHC acquisition includes a retail dispensary license, a leased
store location in the City of Portland, and working capital of
approximately $1.2 million CAD. The completion of the Portland
acquisition is subject to, among other things, Ventura shareholder
approval, approval of the Canadian Securities Exchange, the receipt
of regulatory approvals, receipt of certain consents from third
parties, and the satisfaction of closing conditions. The
acquisition is anticipated to close on October 24, 2020.
About Vibe Bioscience Ltd.
Vibe is an integrated cannabis company
delivering exceptional retail experiences with its Vibe By
California™ 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 |
|
|
Mark Waldron, CEO |
|
Phone: +1 833-420-VIBE |
|
Email:
info@vibebycalifornia.com |
|
Website:
www.vibebycalifornia.com |
|
Investor Relations Contact:
Glen NelsonPhone: +1 833-420-VIBE x 107Email:
ir@vibebycalifornia.com
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