VANCOUVER, British Columbia, March 23, 2021 (GLOBE NEWSWIRE) -- BC Craft Supply Co. Ltd. (the “Company” or “BC Craft”) (CSE: CRFT) (OTC:CRFTF) (FSE:ZZD1) is pleased to announce that it has entered into a letter of intent dated March 22, 2021 to acquire Somo Industries Inc. dba Feelwell Brands (“Somo Industries”). Based in California, Somo Industries operates Clix, a licensed cannabis brand operating in the state of California. Clix is focused on bringing wellness inspired, micro-dosed, dispensed cannabis to the California market. It has two products currently for sale in California: Herbal Blended Pre-rolls and Herbal Blended Tablets. It plans to bring two more products to market later this year: Herbal Blended Flower Sticks and Hot Drink Elixirs (THC infused Golden Turmeric Milk, Chai Latte and Hot Chocolate).
Terms of the Proposed Acquisition
Under the terms of the letter of intent, BC Craft will acquire Somo Industries in return for the issuance of 30,812,320 units (“Units”) of the Company to the vendors, to be issued at a deemed value of $0.08925 per Unit. Each Unit is comprised of one common share (each a “Share”) and one-half of one (1/2) common share purchase warrant (with two half warrants being a “Warrant”), each whole Warrant is exercisable to acquire one additional Share at a price of $0.12075 for a period of two years. The closing of the acquisition of Somo Industries remains subject to the completion of due diligence reviews by both parties and the mutual agreement on the structure of the transaction in the most efficient manner.
Matthew Watters, CEO of BC Craft stated, “We are excited to pursue the acquisition of Somo Industries and look forward to integrating the Somo team into our current team. The acquisition of Somo Industries will provide BC Craft with immediate U.S based sales and distribution in the State of California in addition to opening up opportunities to expand into other legal states as they scale their operations. We will also explore producing selective products for the Canadian recreational market as there is a unique opportunity to introduce Somo’s innovate product offering to the Canadian consumer.”
For further information, please contact Matthew Watters, Director, at (604) 687-2038.
About BC Craft Supply Co. Ltd.
Based in Vancouver, British Columbia, BC Craft Supply Co. has aggregated the best legacy-era talent from Canada's craft cannabis industry, which boasts an international reputation. The team at BC Craft supports the most trusted cannabis cultivators in Canada to transition into their supply chain, bringing with them their unique cultivars and years of experience with the plant. In exchange for support with licensing, compliance and distribution, cultivators will sign on as a BC Craft supplier. This makes BC Craft uniquely positioned to be the premium cannabis brand in Canada.
BC Craft’s subsidiary, Medcann Health Products Ltd., is a Health Canada licensed cultivator and processor with a license to sell medical cannabis products in Canada.
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CONTACT
Matthew Watters, Direct Phone: 604-687-2038
Email: mwatters@bccraftsupplyco.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking information in this press release includes statements relating to Ava Pathways ability to provide access to tested and standardized naturally-derived and synthetic materials for the production of superior psychoactive and non-psychoactive formulations and the emerging psychedelic space becoming legal and social acceptable from the broader population. Although the Company believes that the material factors, expectations and assumptions expressed in such forward- looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Accordingly, readers should not place undue reliance on forward-looking statements. BC Craft disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.