Business
Organto Closes Sale of Colombian Cannabis Subsidiary
VANCOUVER, BC / ACCESSWIRE / December 20, 2019 / Organto Foods Inc. (TSXV:OGO)(OTC:OGOFF) (...
About this update from Organto Foods, Inc.
[{"type":"text","content":"Organto Closes Sale of Colombian Cannabis SubsidiaryVANCOUVER, BC / ACCESSWIRE / December 20, 2019 / Organto Foods Inc. (TSXV:OGO)(OTC:OGOFF) (\"Organto\" or the \"Company\"). Organto today announced that it has closed the sale of the Company's former Colombian cannabis subsidiary, Medicannabis S.A.S. (\"Medicannabis\") to Xebra Brands Ltd. (\"Xebra\"). Organto had announced previously that it had received both shareholder approval and acceptance of the TSX Venture Exchange, subject to certain closing deliverables which have now been completed.Xebra is a private cannabis company, focused on the design and delivery of unique wellness and leisure products. It has acquired cultivation and processing licences in Colombia, and is developing brands, and cannabis-infused beverages, for sale globally where cannabis is legal. Trademarks are being filed worldwide for Xebra's inaugural cannabis infused beverage brands, including: MADCAP soft drinks, HIGHJACK energy drinks, HolaHi iced teas, VICIOUS CITRUS lemonade, and CONQUER sports drinks. Xebra's Mexican subsidiaries Elements Bioscience and Sativa Group, specialize in CBD wellness products, with 13 applications awaiting approval. Xebra is aiming for a public listing in Q2 2020. As per the terms of the agreement with Xebra, Organto received 7,124,630 common shares of Xebra, representing approximately 7.44% of the current proforma outstanding shares of Xebra.\"We are pleased to have closed this transaction and are excited to be a shareholder of Xebra, providing Organto with an important asset for the future. We believe Xebra's continued execution of their business plan should create tremendous shareholder value that can be monetized in the future for the benefit Organto's shareholders,\" commented Steve Bromley, Chair and Interim CEO of Organto Foods Inc. \"With this transaction we will continue to have an investment in this exciting and fast-growing sector while focusing operationally on our fast-growing organic vegetables and fruit platform.\"Steve BromleyChair and Interim Chief Executive OfficerNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.For more information contact:Investor Relations604-634-09701-888-818-1364info@organ...