Business
Organto Acquires 100% of the Shares of Colombian Cannabis Company and Appoints Todd Dalotto as Global Cannabis Division President
Organto Acquires 100% of the Shares of Colombian Cannabis Company and Appoints Todd Dalott...
About this update from Organto Foods, Inc.
[{"type":"text","content":"\n\n\n\nOrganto Acquires 100% of the Shares of Colombian Cannabis Company and Appoints Todd Dalotto as Global Cannabis Division President\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\nVANCOUVER, Nov. 20, 2018\n\n\n\nVANCOUVER, Nov. 20, 2018 /CNW/ - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) ('Organto\").  Further to the press release of November 1st, 2018, Organto is pleased to report that it has completed the acquisition of 100% of the outstanding shares of Medicannabis S.A.S. (\"Medicannabis\"), a privately held Colombian medicinal cannabis company that is a late stage applicant for licenses to enable it to cultivate and process cannabis in Colombia.  Organto is also pleased to announce that Mr. Todd Dalotto, a seasoned horticulturalist with deep experience in cannabis has agreed to join Organto as the President of its newly formed Global Cannabis Division.\n\"We are excited to have entered the medicinal cannabis market via the acquisition of 100% of the outstanding shares of Medicannabis\" commented Steve Bromley, Chair and Interim Chief Executive Officer of Organto Foods Inc. \"Legalization of cannabis is a global trend presenting significant opportunities, and we believe that Latin America presents a unique opportunity to establish low-cost natural growing operations. We believe that the addition of medicinal cannabis to our portfolio of products is a logical and complimentary extension to our existing business, leveraging our diverse sourcing, processing, import, export, retail and organic certification expertise.\"\nTERMS OF ACQUISITION OF MEDICANNABIS\nIn connection with the acquisition Organto will, subject to the final acceptance of the TSX Venture Exchange, issue up to 8,000,000 shares (the \"Shares\") to the original shareholders of Medicannabis upon receipt of a cultivation license, which is one of a number of licenses that Medicannabis has applied for.  Organto will seek shareholder approval via shareholder consent resolutions, and is confident this can be obtained in a timely manner. The Shares will be subject to a...