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Westleaf to Become One of Canada's Largest Premium Cannabis Retailers with Exercise of its Option to Acquire Canndara
Westleaf to Become One of Canada's Largest Premium Cannabis Retailers with Exercise of its...
About this update from Decibel Cannabis Company Inc
[{"type":"text","content":"\n\n\n\nWestleaf to Become One of Canada's Largest Premium Cannabis Retailers with Exercise of its Option to Acquire Canndara\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Jan. 24, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./\nThe strategic acquisition of Canndara will more than double Westleaf's premium portfolio of retail locations across Canada, all under the banner \"Prairie Records\"\n CALGARY, Jan. 24, 2019 /CNW/ - Westleaf Inc. (TSX-V: WL) (\"Westleaf\"), is pleased to announce that it has exercised its option to acquire 100% of Canndara Canada Inc. (\"Canndara\"), a cannabis retail company with over fifty (50) prospective premium retail locations across Canada. On Dec. 20, 2018, Westleaf purchased 21.4% of the Class \"A\" common voting shares of Canndara (\"Canndara Shares\") and secured an option (the \"Option\") to acquire the remaining 78.6% of the Canndara Shares for an aggregate purchase price of $48.4 million (the \"Purchase Price\"). The Purchase Price is payable in common shares in the capital of Westleaf (\"Common Shares\") at a deemed value of $2.24 per Common Share. Closing is expected to occur on or about January 31, 2019 (\"Closing\"). \n\n \n \n\n \nCanndara's locations are at varying stages of development with seventeen (17) development permits already awarded in Western Canada. As a result of the transaction, Westleaf has increased its guidance from 20 to 30 cannabis retail locations to approximately 50 locations, that are expected to be operating by the end of 2020, subject to provincial and municipal licensing and regulations. \n\"Since the announcement of our original investment we continue to be impressed with the progress of the development of the Canndara retail portfolio and how well it complements the Westleaf Prairie Records retail locations. This acquisition will position Westleaf to become one of the largest pre...