Simply Solventless To Acquire CannMart As It Seeks To Expand Into Hydrocarbon Cannabis Concentrates
Portfolio Pulse from Jelena Martinovic
Simply Solventless Concentrates Ltd. (TSXV:HASH) is acquiring Lifeist Wellness Inc.'s (TSXV:LFST) subsidiary CannMart Inc. The acquisition includes a services agreement where SSC will manage CannMart's operations and receive its revenue minus a service fee. The purchase price includes cash, units, and a vendor takeback note. SSC also announced a private placement of units to raise $3.5 million.
June 26, 2024 | 12:58 pm
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Lifeist Wellness Inc. is selling its subsidiary CannMart Inc. to Simply Solventless Concentrates Ltd. The deal includes a services agreement and a purchase price of $2.5 million in cash, units, and a vendor takeback note.
The sale of CannMart Inc. is a significant move for Lifeist Wellness Inc., allowing it to focus on its nutraceuticals business. The acquisition price and terms are favorable, likely leading to a positive short-term impact on the stock.
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