Business
CanadaBis Capital Acquires Goldstream Cannabis Inc.
CanadaBis Capital Acquires Goldstream Cannabis Inc. Canada NewsWire CALGARY, Aug...
About this update from Canadabis Capital, Inc.
[{"type":"text","content":"\n\n\n\nCanadaBis Capital Acquires Goldstream Cannabis Inc.\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\n\nCanada NewsWire\nCALGARY, Aug. 13, 2019\n\n\n\nTSX-V: CANBwww.canadabis.com\n CALGARY, Aug. 13, 2019 /CNW/ - CanadaBis Capital Inc. (\"CanadaBis\" or \"the Company\") is pleased to announce it has entered into an agreement to acquire 95% of the outstanding shares of Goldstream Cannabis Inc. (\"Goldstream\") located in British Columbia. Goldstream holds the right to use 13 acres of land, through an existing lease agreement, with the potential to access up to an additional 300 acres and is zoned for the outdoor cultivation of cannabis. Malahat First Nations currently holds a 5% interest in Goldstream and has indicated their intention to maintain this interest after the transaction.\n\n \n \n\n \nUnder the terms of the agreement CanadaBis will acquire ownership of 95% of Goldstream by issuing 11,666,666 common shares of CanadaBis priced at $0.30 per share, subject to regulatory approval. The shares issued are subject to certain share sale restrictions over 24 months.  The acquisition of the 95% interest is valued at $3,500,000, which includes the existing lease, $2 million in cash and no outstanding liabilities.\nGoldstream's property is strategically located in a hospitable environment and contains a high level of organic matter in the soil, making it ideal for outdoor hemp production. The flowers and leaves of the hemp plant are rich in cannabinoids, notably the non-psychoactive compound Cannabidiol (CBD). CBD, which has gained increasing popularity as of late, has been found to be effective in treating a wide variety of ailments, producing an increase in demand from consumers for products containing CBD.\n\"The acquisition of Goldstream Cannabis allows CanadaBis to continue to expand our business as a vertically-integrated leader in the emerging cannabis marketplace,\" said President & CEO, Travis McIntyre. \"As a company that is focused on long-term success, this agreement positions us to acquire the hemp product volume we will need to support...