CBDS - Cannabis Sativa to merge with MJ Harvest in an all-stock deal
- Cannabis Sativa ( OTCQB:CBDS ) is merging with MJ Harvest in an all-stock deal to shift its focus from a marijuana telehealth provider to a vertically integrated cannabis business being developed by MJ.
- Under the agreement, MJ shareholders will receive 2.7 common shares of CBDS for each common stock of MJ.
- Upon closing of the deal, MJ shareholders are expected to own ~72% of the surviving company which will be CBDS and MJ will cease to exist as a separate corporate entity.
- CBDS said in an Aug. 11 press release that the combined company aims to create a leading North American vertically integrated cannabis products operator and telehealth provider.
- The combined businesses will have operations in 11 states, and a product line which includes the Country Cannabis Brand plus licensing arrangements.
- CBDS added that MJ holds 10% investments in WDSY and Blip Holdings, the companies that own Weedsy and BLVK brands. MJ also owns a 25% stake in Oklahoma and South Dakota-based cannabis operator PPK.
- CBDS holds 51% stake in medical marijuana telehealth provider PrestoDoctor.
- The merger is expected to close in Q4 calendar year 2022, subject to conditions including, approval of shareholders of both companies.
For further details see:
Cannabis Sativa to merge with MJ Harvest in an all-stock deal