Cannabis Concentrates Maker Simply Solventless Completes Reverse Takeover On TSX, Remains Debt-Free And Profitable

Simply Solventless Concentrates Ltd. HASH announced on Monday that it has completed its previously announced qualifying transaction under the TSX Venture Exchange Policy 2.4 – Capital Pool Companies by way of a reverse takeover.

The parties to the RTO received conditional approval from the TSXV on Oct. 25. Trading in the common shares of the company is expected to resume on the TSXV on Dec. 20.

Under the RTO:

• The company implemented a consolidation of its then-issued and outstanding 11 million common shares based on one new common share for every two existing common shares;
• The private company Simply Solventless Concentrates Ltd. amalgamated with a wholly-owned subsidiary of the company, 2366191 Alberta Ltd., to form Massive Hash Factory Ltd., a new wholly-owned subsidiary of the company.
• All issued and outstanding common shares of SSC Private Co were canceled and each former holder thereof, other than former holders who validly dissented in respect of the amalgamation, is entitled to receive such number of common shares of the company for each one common share of SSC PrivateCo previously held; and
• The company changed its name to Simply Solventless Concentrates Ltd.

See also: Dash Capital And Simply Solventless Concentrates Sign Fourth Amending Agreement

Following completion of the RTO, the directors and officers of SSC are:

• Jeff Swainson, president, CEO and director
• Jeff Hall, chief financial officer
• William Macdonald, director
• Colin Davison, director
• Steve Bjornson, director
• Gord Cameron, corporate secretary

Swainson called the move "a significant milestone for SSC."

"We sincerely thank our shareholders and team for their support and commitment, which has ultimately allowed us to achieve this milestone during a time when the cannabis industry has faced significant headwinds," Swainson continued. "Despite these headwinds, over the past year and a half, SSC has built an incredible team, developed a portfolio of fantastic cannabis products, launched two successful brands, Astrolab and Frootyhooty, increased revenue by 900%, achieved net income profitability, and reduced our debt from $9.1 million to zero."

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