Yield Growth Corp (OTCMKTS:BOSQF) has announced that its subsidiary Yield Botanical Inc. signed a non-binding letter of intent on December 2 for the acquisition of Canniva Capital Inc. Canniva is a company that is developing CBD assets in Europe.
Yield Botanicals to acquire Canniva Capital
The wholly-owned Yield Growth subsidiary has plans of creating a hemp extracting facility in Oregon. The planned business will extract CBD from organic hemp. According to the terms of the acquisition proposal, Yield Botanicals will acquire Canniva’s entire outstanding and issued shares. In return, they will also issue one warrant and one share in Yield Botanicals for the acquisition of each Canniva share. However, the proposal depends on whether Canniva can raise $1 million at $0.10 a share.
After completing the acquisition, Yield Botanicals will then have an obligation of going public and obtaining a stock exchange listing. Yield Botanicals will either through an Initial Public Offering, or a reverse merger with a listed company in six months. Once the company has been listed, Yield Growth will own around 50 million shares as well as 70% of the listed company.
Securing CBD source through the deal
Penny White, the CEO of Yield Growth, indicated that the plan to acquire Canniva capital and then list the combined entity of Canniva Botanicals is part of building shareholder value. Penny indicated that Yield Growth intends to enhance ling term value of shareholders by building its subsidiaries, financing them as well as listing them as independent entities with their management teams. The CEO added that with this deal, they would give them access to high-quality organic CBD for their CBD products.
The acquisition secures a source of CD for Yield Growth that it will use in the manufacture of its infused wellness products. Recently the company signed a distribution agreement of its Wright and Well CBD product line in Cyprus and Greece. The company plans to continue growing its distribution network across Europe, which it considers an important budding CBD market. The CBD market in Europe could be worth $1.7 billion in the next four years.
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