Business
Novo Integrated Sciences, Inc. Signs Binding LOI for Ownership in Cannabis Cultivator & Seller CannaPiece Group Inc.
Novo Integrated Sciences, Inc. Signs Binding LOI for Ownership in Cannabis Cultivator & Seller CannaPiece Group Inc..
About this update from Novo Integrated Sciences, Inc.
[{"type":"text","content":"\nBELLEVUE, Wash., Oct. 23, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Novo Integrated Sciences, Inc. (OTCQB:NVOS) (“Novo Integrated Sciences”, or the “Company”) and Novo Healthnet Limited (“NHL”), a wholly owned subsidiary of the Company, announced today that on October 10, 2018 the Company and NHL executed a binding letter of intent (“LOI”) with CannaPiece Group Inc. (CannaPiece” or “CG”), a Canadian company involved in the cultivation and sale of cannabis.\n The LOI provides that the pending definitive agreement is contemplated as a share only transaction whereby NHL will enter into a share exchange agreement with CannaPiece pursuant to which NHL will own or control 25% of CannaPiece’s total share capital, non-dilutive, and CannaPiece will own or control CAD $25,000,000 worth of the Company’s common stock for which the CAD-to-USD currency exchange rate will be as quoted on the business date prior to closing the definitive agreement. The CAD $25,000,000 value is based on a pre-revenue, post-licensing valuation of CannaPiece in the amount of CAD $100,000,000. The Company common shares that will be the subject of the share exchange will be held in escrow until CannaPiece receives licensed producer status. In addition, the LOI provides that upon execution of the pending definitive agreement, CannaPiece will purchase, from the Company, CAD $5,000,000 worth of the Company’s common stock. The share price is determined by the 30-day closing average based on the 30-day period ending on October 10, 2018 with the application of a market acceptable discount to the determined average. If a definitive agreement is not executed by all parties, on or before November 15, 2018 or such other date as agreed to by the parties, the LOI will terminate. Mr. Robert Mattacchione, Novo Integrated Sciences’ CEO and Board Chairman, states “We are excited to partner with a company whose philosophy aligns itself with our core fundamentals. It is our belief that progressive medicine is the foundation to progressive healthcare, as such, exposing our network of over 400,000 patients to new and innovative healthcare solutions is our foremost objective. The Novo-CannaPiece partnership provides Novo with unique insight into an area of medicine considered the new...