Business
Wildflower Brands and City Cannabis Sign Definitive Agreement Forming Multi-Country Multi-State-Operator
Wildflower Brands and City Cannabis Sign Definitive Agreement Forming Multi-Country Multi-State-Operator.
About this update from Wildflower Brands Inc
[{"type":"text","content":"\nTHIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES\n VANCOUVER, British Columbia, May 28, 2019 (GLOBE NEWSWIRE) -- Wildflower Brands Inc. (CSE: SUN, OTC: WLDFF) (the “Company” or “Wildflower”) announces that it has executed a share purchase agreement (the “Definitive Agreement”) with City Cannabis Corp. (“City Cannabis”) to acquire all of the issued and outstanding shares of City Cannabis (the “Acquisition”). When the Acquisition was first announced, City Cannabis owned and operated two of only three licenced dispensaries in Vancouver. Its third location, on Vancouver’s Cambie Street, is currently under construction. A fourth location in Comox, which has received approval in principle from the Government of British Columbia, is expected to open this summer. City Cannabis holds nine leases that are at various stages in the regulatory licencing process. Management also continues to look at locations across the country for potential locations.  William MacLean, Chief Executive Officer of Wildflower, says, “City Cannabis is no doubt the fastest growing multiple location cannabis retailer in British Columbia. The team has demonstrated their ability to find the best locations, but more importantly, the knowledge and ability to work with regulators at all levels has meant success in licencing that is unmatched. We look forward to completing the acquisition and bringing together two phenomenal companies.” Krystian Wetulani, Chief Executive Officer of City Cannabis, says, “This is an exciting moment for everyone and we are thrilled to be joining the Wildflower team. We believe Wildflower’s branding and marketing expertise will drive growth once City Cannabis is integrated, resulting in significant long-term value to Wildflower shareholders.” The Acquisition strengthens Wildflower’s status as a leading brand-focused cannabis company and will be valuable in establishing a more dominant brand position in the retail market. The Company believes that City Cannabis’ assets are a natural fit for Wildflower to expand its presence into the Canadian cannabis market and brings together top-tier management te...