Press Release

Grand News Network | October 24, 2023

AgriCann's Latest Acquisition Enables Processing Of Other Producers' Flower And More

AgriCann Solutions Corp. has completed the acquisition of 100% of Newline Ventures Inc., the subject of the letter of intent dated February 17, 2023, the unanimous approval by votes cast at AgriCann's April 17, 2023, held AGM and the definitive share exchange agreement announced in July.

What Happened

In return, AgriCann paid $165,000 in certified funds and issued a total of 38,619,511 common shares at $0.10 per share, including 37,825,182 shares that were issued pursuant to the SEA with Newline and 794,329 shares issued pursuant to a finder's fee agreement to an independent consultant of the company.

Newline shareholders committed 11,347,555 consideration shares to the establishment of AgriCann's new LTIP Awards program, in which key members of AgriCann's executive team will participate, subject to the terms of 36-month escrow and overlying pooling agreements that include specific performance criteria.

Why It Matters

The acquisition of Newline expands AgriCann's ...

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