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DrazCanna, Inc. (OTCBB:SIBED) – Announces signing of Letter of Intent for Reverse Merger to enter Cannabis Bio-Pharmaceutical supply chain
DrazCanna, Inc. (OTCBB:SIBED) – Announces signing of Letter of Intent for Reverse Merger to enter Cannabis Bio-Pharmaceutical supply chain.
About this update from Drazcanna Inc
[{"type":"text","content":"DrazCanna meets DrazCanna - Company announces Letter of Intent signed for reverse merger between DrazCanna, Inc. (OTCBB:SIBED) and DrazCanna, Inc. (a Michigan based corporation). Company discloses organization's Nutrient Optimizer Algorithm for Cannabis cultivation and Female to Female strain development processDEARBORN HEIGHTS, MI / ACCESSWIRE / March 31, 2022 / Shareholder Record Date as of April 1st, 2022 for special shareholders meeting on May 6th, 2022"The signing of the Letter of Intent is our next step in the entrepreneurial journey" stated Hussein Anani, President of DrazCanna, Inc. "Our efforts in the evolution of our R&D endeavors resulted in some fine achievements by our team and we are excited as we move toward shareholder vote on the proposed reverse merger."Letter of Intent for Reverse MergerThe Letter of Intent, signed March 31st, 2022, is among DrazCanna, Inc., a Michigan corporation ("DRAZCANNA"), the shareholders of DRAZCANNA, DrazCanna, Inc., a Texas corporation (OTCBB:SIBED), Hussein Anani, the sole officer and director of SIBED and the Managing Member of The High Company, LLC ("THC"), a Michigan limited liability company, and an officer and director of DRAZCANNA, the controlling shareholder of SIBED and THC. The purpose of this LOI is to set forth the terms and conditions pursuant to the execution of a DEFINITIVE SHARE EXCHANGE AGREEMENT for approval of the Shareholders at an annual meeting to occur on May 6, 2022. DRAZCANNA owns two subsidiaries, Lybull, Inc. and Drazmatic, Inc.The parties agreed to the following terms for presentation to shareholders for vote:DrazCanna, Inc. (OTCBB:SIBED) will own 45,000,000 common shares of DRAZCANNA, representing all of the issued and outstanding equity of DRAZCANNA (Michigan);The Shareholders, or their assignee(s), will be issued an aggregate of 90,000,000 shares of SIBED, $0.0001 par value per share the Common Stock, representing 90.39% of SIBED's outstanding shares of Common Stock (the "Share Exchange"), calculated post-issuance;THC shall return and retire 27 of the 30 outstanding shares of Special 2021 Series A Preferred Stock, $0.0001 par value per share (the "Preferred Stock"), to SIBED, representing at least 540,000,000 shares of Common Stock if converted andDRAZCANNA will hold no common shares of SIB...