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LOS ANGELES, Aug. 30, 2020 (GLOBE NEWSWIRE) – Ventura Cannabis and Wellness Corp. (CSE: VCAN) (“Ventura Cannabis”, “VCAN” or the “Company”) announces that it has entered into a definitive agreement to sell Cathedral Asset Holding Corporation (“CAHC” or “Cathedral”) and its distributors and manufacturing facilities in Santa Rosa, California, to Vibe Bioscience Ltd. (CSE: VIBE) ("Vibe").
Cathedral, a company organized under California law, rents a facility in Santa Rosa, California and is licensed to distribute and manufacture regulated cannabis. The Cathedral's distribution license and facility allows Vibe to complete the logistics and fulfillment from grow facilities to retail network, enabling the transportation, packaging, labeling, testing, storage and transfer of its marijuana products. The manufacturing license will allow Vibe to expand its Hype Cannabis Co.TM line of products and manufacture a variety of natural Hype Cannabis Co.TM products.
Vibe will acquire all of the issued and outstanding shares of Cathedral for $ 333,300 in an all-share transaction, leasing the Santa Rosa facility and existing inventory of vape products. Ventura also receives twelve month cash guarantees to purchase up to 800,000 shares of Vibe. Completion of the acquisition of the cathedral requires, among other things, the receipt of regulatory approvals and the fulfillment of the closing conditions. The net proceeds will be distributed to VCAN shareholders and the acquisition is expected to be completed on September 15, 2020.
About Vibe Bioscience Ltd.
Vibe is an integrated cannabis company that delivers exceptional retail experiences with its brand and ethos, Vibe By CaliforniaTM, the premier grow product and highly efficient delivery and online sales. The company's management team brings expertise in retail, cannabis growing, and mergers and acquisitions to support its expansion in the US through successful acquisitions and organic growth. Vibe is listed on the Canadian Stock Exchange under the symbol VIBE, on the OTC under the symbol VBSCF and in Germany as A061. To learn more about Vibe, please visit www.vibebycalifornia.com.
For more information contact:
Ventura Cannabis and Wellness Corp.
Chris Heath, CEO
Certain statements contained in this presentation constitute "forward-looking information" as that term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potentially", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", “Expect,” “confident,” and similar expressions relating to the company. These statements reflect the company's current beliefs and intentions with respect to future events and current information available to the company and are subject to certain risks, uncertainties and assumptions. The forward-looking information contained was prepared as of August 30, 2020 and the company assumes no obligation to publicly update or revise any forward-looking information except as required by law. VCAN owns or acquires marijuana assets in the United States. Previously disclosed acquisitions have yet to be completed. Marijuana is legal in every state that VCAN wants to operate. However, marijuana remains illegal under US federal law, and the approach to enforcing US federal marijuana law may change. Shareholders and investors must be aware that adverse enforcement actions can affect their investments and that VCAN's ability to access private and public capital may be adversely affected or not be available to support continuing operations.