- Cannabis company Bright Green ( NASDAQ: BGXX ) has signed a letter of intent with the U.K.-based pharmaceutical company Alterola Biotech ( OTCPK:ABTI ) to purchase the latter's issued and outstanding common stock.
- BGXX will initially purchase 25% of Alterola shares for $4M, subject to completion of initial satisfactory due diligence and other customary conditions. It will then receive a 6 month option to purchase the remaining shares for an additional $6M, also subject to several factors.
- Alterola is set to gain access to Bright Green's planned cannabis and cannabis extracts, derivatives, products and research services as part of the agreement.
- Source: Press Release
For further details see:
Bright Green signs letter of intent with Alterola Biotech on shares purchase