SOL Global Investments Corp SOL SOLCF and Goldstream Minerals Inc GSX announced Wednesday that Goldstream and CannCure Investments Inc, a portfolio company of SOL Global, have entered into a letter of intent Thursday that would have Goldstream acquire a 100% interest in CannCure, resulting in a reverse takeover of Goldstream by the shareholders of CannCure.
This structure would continue the business of CannCure as a vertically integrated cannabis company present in several states.
The entity would be called Bluma Wellness Inc, operating in Florida via One Plant Forida, and in California with premium flower cultivator Northern Emeralds.
"Bluma will continue to execute on its plan to cultivate and deliver to patients and consumers the highest quality cannabis flower and flower derived products in the coveted Florida marketplace via One Plant Florida, and in California with premium flower producer Northern Emeralds," SOL Global CEO Brady Cobb said in a statement.
"We look forward to setting the benchmark for premium flower in Florida and California, and to delivering strong growth to our shareholders."
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The consolidation of the issued and outstanding common shares is based on a $2-million valuation of Goldstream. For the transaction to be completed Goldstream must be delisted from the NEX board of the TSX Venture Exchange, according to the announcement.
Goldstream and CannCure expect the transaction to close before March 31.
SOL Global Announces Portfolio Valuation Results
SOL Global separately announced that Duff & Phelps Canada Limited has completed a valuation of the company's portfolio of private and public investments, concluding that the value of the the investment portfolio as of Nov. 30 is between CA$165.2 million ($126 million) and CA$182.4 million, with a midpoint of CA$173.8 million.
Photo from Pixabay.
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