Primo Nutraceuticals To Acquire Agritek's Full Spectrum Biosciences

Primo Nutraceuticals Inc. PRMO BUGVF disclosed Thursday its intends to acquire Colorado-based Full Spectrum Biosciences Inc.

Under the deal, the Vancouver-based company agreed to fully obtain FSB's revenue-generating assets.

The transaction would include FSB's websites for CBD, CBG, and Hemp oil extract products, including RehabRx and Hemp Pops, as well as its current inventory and sales and distribution channels, as per press release.

The price tag remained undisclosed. The company noted it would be formed as a number of Primo's common shares at a per-share price depending on share's average price on the Canadian Securities Exchange over 15 days.

In addition, an independent valuation of FSB's assets by a third party is underway.

FSB is Agritek Holdings Inc.'s wholly-owned subsidiary. Agritek is a cannabis-focused real estate investor and advisor.

"We are extremely excited to be signing a LOI with Full Spectrum," Primo CEO Richard Cindric said, adding it's a "major milestone for the company."

FSB's CEO Michael Friedman commented on the collaboration with Primo disclosing he is "pleased to deliver on our promise to the Agritek shareholders."

"By having access to both the Canadian and US public markets through Primo, we can work to build our company in both jurisdictions and bring greater value through our combined management teams and contacts for our wellness brands," he added.

In the meantime, earlier this year, Agritek opted to change its name to "iBet Gaming Corporation."

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