- Wildflower Brands has signed an agreement with City Cannabis Corp. to acquire its issued and outstanding shares
- City Cannabis has been called the “fastest-growing multiple location cannabis retailer” in British Columbia
- Acquisition of shares is anticipated by leadership at both companies
Wildflower Brands Inc. (CSE: SUN) (OTCQB: WLDFF), a Vancouver-based company developing and designing brands focusing on plant-based health and wellness products, has signed a share agreement with City Cannabis Corp. in order to acquire all of the issued and outstanding shares of City Cannabis (http://cnw.fm/1amKO).
City Cannabis is continuing to grow, expanding its reach into the Vancouver cannabis market. The company is in the process of opening its fourth licensed dispensary in Vancouver, and its management team continues to examine other possible locations across the country. Currently, the company holds nine leases at varying stages of the regulatory licensing process.
Consideration for the acquisition consists of 60 million common shares of the company at a deemed price of $0.75 per common share. Wildflower’s acquisition of City Cannabis’ shares strengthens Wildflower’s status as an industry leader and brand-focused cannabis company.
“City Cannabis is no doubt the fastest-growing, multiple location cannabis retailer in British Columbia,” Wildflower CEO William MacLean stated in a news release. He referenced the acuity of the City Cannabis team in identifying key dispensary locations, as well as its industry knowledge and ability to work with all levels of regulators. “We look forward to completing the acquisition and bringing together two phenomenal companies,” he added.
“This is an exciting moment for everyone, and we are thrilled to be joining the Wildflower team,” said City Cannabis CEO Krystian Wetulani. “We believe Wildflower’s branding and marketing expertise will drive growth once City Cannabis is integrated, resulting in significant long-term value to Wildflower shareholders.”
Wildflower Brands utilizes a comprehensive business model that encompasses research and development, manufacturing, distribution, marketing and retail. The company’s holdings include Wildflower Wellness, which offers a complete line of full-spectrum, CBD extract-infused products; King Extracts, a California-based company focused on cannabis technology and delivery systems; and licenses in Los Angeles and California to operate cultivation, manufacturing, distribution, retail and delivery.
City Cannabis is a cannabis retailer holding two of the six City of Vancouver licenses in the province of British Columbia. The company has been turning a profit in dispensary operation since Vancouver started licensing cannabis retailers. Upon closing of the share acquisition, Wildflower intends to appoint Wetulani as a director and chief development officer.
For more information, visit the company’s website at www.WildflowerBrands.co
NOTE TO INVESTORS: The latest news and updates relating to WLDFF are available in the company’s newsroom at http://cnw.fm/WLDFF
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