Business
CanadaBis Capital Acquires Retail Location
CALGARY, AB / ACCESSWIRE / July 2, 2019 / CanadaBis Capital Inc. ("CanadaBis" or "the Compan...
About this update from Canadabis Capital, Inc.
[{"type":"text","content":"CanadaBis Capital Acquires Retail LocationCALGARY, AB / ACCESSWIRE / July 2, 2019 / CanadaBis Capital Inc. (\"CanadaBis\" or \"the Company\") has entered into an agreement to acquire all the outstanding shares of 2103157 Alberta Ltd. operating as Indicative Collection (the \"Acquiree\"), which holds a cannabis retail store development license in Red Deer, Alberta. Located in the heart of Gasoline Alley, this storefront will face one of Alberta's busiest avenues and provide easy access to travelers passing through the Red Deer hub.Regulatory approvals, including municipal, as well as Alberta Gaming, Liquor & Cannabis (\"AGLC\") have been obtained and the store is in the final stages of opening. The Sales License from AGLC is expected to be granted in early Q4.On June 29, 2019, the Company's Board of Directors approved the corporate acquisition of the acquiree. The retail company is owned by CanadaBis's President & CEO, Travis McIntyre. Under the terms of the agreement, CanadaBis will pay $100 for all outstanding shares of the Acquiree, which represents the initial equity investment made by Mr. McIntyre. The current net assets of the Acquiree are internally estimated at approximately $1.2 million. Mr. McIntyre has approved this transaction which will transfer the shares at a significantly discounted rate to the fair market assessment conducted. By completing this transaction, it will provide a strategic diversification to the company's generation of cash flows, direct feedback from the customer relating to the Stigma product, as well as the ability to order Stigma product for direct access to retail customers. This transaction is anticipated to close in July 2019 and is subject to any required regulatory approvals.\"We were extremely pleased with our vertical integration into the retail space and plan to continue with acquisitions of this nature. Time spent on developing a superior store brand and location were the key elements to securing this under the CanadaBis umbrella. Indicative Collection will serve as a precedent to our future store expectations under CanadaBis,\" stated Travis McIntyre, President and CEO of CanadaBis. \"We feel that this is a critical component in the cannabis industry and is another major step for CanadaBis's future success.\"The Acquiree will join CanadaBis in conjunction with its production and...