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Wildflower announces LOI to acquire City Cannabis Corp.

Apr. 09, 2019 3:02 PM ETWildflower Brands Inc. (WLDFF) StockBy: Akanksha Bakshi, SA News Editor
  • Wildflower Brands (OTCPK:WLDFF +0.2%) has entered into a non-binding letter of intent dated April 3, 2019, to acquire City Cannabis Corp.,a premier licenced cannabis retailer in British Columbia.
  • City Cannabis had revenues of $7.7M, cost of goods of $4.3M for a gross profit of $3.4M for FY18.
  • Pursuant to the terms of the LOI, Wildflower will acquire 100% of the issued and outstanding common shares in the capital of City Cannabis in exchange for the issuance of 60M common shares at a deemed price per Consideration Share of $0.75 for aggregate consideration of $45M.
  • City Cannabis has granted Wildflower a 60-day exclusivity period to complete its due diligence and execute a definitive agreement.

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