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Active Health Foods Inc., Cannabis Global and Massachusetts Based The Hub Craft, LLC enter non-binding Letter of Intent to Develop California Cannabis MSO
Active Health Foods Inc., Cannabis Global and Massachusetts Based The Hub Craft, LLC enter non-binding Letter of Intent to Develop California Cannabis MSO.
About this update from Active Health Foods, Inc.
[{"type":"text","content":"\n\n\n\nActive Health Foods Inc., Cannabis Global and Massachusetts Based The Hub Craft, LLC enter non-binding Letter of Intent to Develop California Cannabis MSO\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nActive Health Foods Inc., Cannabis Global and Massachusetts Based The Hub Craft, LLC enter non-binding Letter of Intent to Develop California Cannabis MSO\nPR Newswire\nLOS ANGELES, Jan. 4, 2022\n\n\n\nLOS ANGELES, Jan. 4, 2022 /PRNewswire/ -- Active Health Foods, Inc. (OTC: AHFD) (the \"Company\"), today announced the signing of a non-binding letter of intent to create a joint venture, that also includes an option to acquire a controlling interest in The Hub Craft, a licensed and permitted Massachusetts cannabis business operator is in the process of building extensive cannabis cultivation, manufacturing, and retail capabilities.\nUnder the terms of the proposed joint venture, the Company, Hub Craft, and licensed California cannabis operator, Cannabis Global, Inc. (OTC:CBGL) will form a California corporation to enter the California cannabis marketplace.  In addition to being granted exclusive licenses on all Hub Craft products, branding, and associated technologies for the State of California, the join venture will be provided an option to purchase a 51% controlling position in Hub Craft anytime within nine months of the effective date of the joint venture for a price of $15 million.\nActive Health and Cannabis Global are interested in The Hub Craft for additional reasons beyond its products and brands.  While many states, such as California and Oregon, are seeing massive overproduction of cannabis, the Massachusetts market is only in its early stages.  Generally speaking, while cannabis prices on the West Coast have dropped dramatically, prices in the Massachusetts markets have remained remarkably robust.  Cultivation licenses in the State of Massachusetts are limited to a maximum of 100,000 square feet, which the Company believes will prevent the much larger cannabis industry players from dominating the Massachusetts marketplace.  Addi...