Business
Westleaf Announces Closing of Option to Purchase Cannabis Store located on Broadway in Saskatoon
Westleaf Announces Closing of Option to Purchase Cannabis Store located on Broadway in Sas...
About this update from Decibel Cannabis Company Inc
[{"type":"text","content":"\n\n\n\nWestleaf Announces Closing of Option to Purchase Cannabis Store located on Broadway in Saskatoon\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, April 17, 2019\n\n\n\nCALGARY, April 17, 2019 /CNW/ - Westleaf Inc. (TSX-V: WL)(OTCQB: WSLFF) (\"Westleaf\"), is pleased to announce it has exercised its previously announced option (the \"Option\") to purchase all of the issued and outstanding shares of 102053012 Saskatchewan Ltd. (\"102\"), which operates a cannabis retail store located at 720 Broadway Avenue, Saskatoon. \n\n \n \n\n \nHighlights\nPremium Location: The 720 Broadway Avenue store is in a high density, shopping-friendly neighborhood, situated in the middle of the city's densest commercial and entertainment district and is also close to the University of Saskatchewan, the largest post-secondary institution in the province;  Well Defined and Regulated Market: Saskatoon is the 17th largest city in Canada with around 300,000 people in the metropolitan area. The Saskatchewan Liquor and Gaming Authority (the \"SLGA\") has approved seven licenses for the Saskatoon market, with Westleaf owning one of such locations upon the anticipated closing of the Option, while having a previously announced option to purchase a second location. Truly Vertically Integrated Company – Westleaf is a vertically integrated company in the Canadian cannabis industry, with assets owned and under development across each vertical of the business, including cultivation, extraction, processing & manufacturing, distribution and wholly owned retail.Pursuant to the Option purchase agreement, upon delivery of all closing deliverables, which is expected to occur today, Westleaf will acquire the shares of 102 for an aggregate price of $690,000, upon which 102 will become a wholly owned subsidiary of Westleaf. The purchase price for the 102 shares will be paid by: (i) the issuance of an aggregate of 315,789 common shares in the capital of Westleaf (\"Common Shares\") at a deemed value of $1.71 per Common Share; and (ii) a cash payment $150,000...