(TheNewswire)
V A N C O U V ER, B C – TheNewswire - December 22 ,2021 – CannAmerica Brands Corp. (CSE:CANA) (CNSX:CANA.CN) (OTC:CNNXF)(" CannAmerica " or the " Company ”) further to the Company’s newsrelease dated December 16, 2021, wherein the Company announced theexecution of the Purchase Agreement (the“ Agreement ”) of CannAmerica’s Colorado licensee, Arsenal Oils andExtracts, LLC (“ Arsenal ”) and the execution of a ManagementAgreement by the Company’s wholly owned US subsidiary DAFFInternational, LLC (“ DAFF ”), and Arsenal (the “ Management Agreement ”), the Company wishes to clarify the regulatory approvalsnecessary to complete this transaction.
The Company must obtain approval of the transfer of theRetail Marijuana Conditional License and the Retail Marijuana ProductsManufacturer License by the State of Colorado Department ofRevenue Marijuana Division and the associated City of Aurora MarijuanaEnforcement Division, respectively (collectively, the “ Approvals ” ) . Thereview process is lengthy and the timing of the receipt of theseApprovals is beyond the control of the Company, the Company’sshareholders (the “ Shareholders ”) and the Canadian SecuritiesExchange (the “ CSE ”).
The transaction will result in aFundamental Change of the Company under CSE Policies and is thereforesubject to CSE review and Shareholder approval. The transaction willnot be submitted to the CSE and the Shareholders for review andapproval until the Company has received the Approvals .
The Management Agreement provides for DAFF to managethe daily business operations of Arsenal beginning on January 1, 2022,throughout the required regulatory review and approval process andcontinuing until the closing of the acquisition. The ManagementAgreement will renew automatically for an additional one year term ifthe acquisition has not closed by December 31, 2022, unless terminatedby Arsenal for cause.
A bou t CannAmerica Brands Corp.
CannAmerica is a U.S. marine veteran founded andoperated portfolio of cannabis brands with licensing agreements in thestates of Colorado, Nevada, Oklahoma, Massachusetts and the Country ofCanada. The Company aims to maximize the value of its brands byemploying strong brand management teams, marketing and licensing thebrands through various distribution channels, including dispensaries,wholesalers, and distributors, in the United States andinternationally. The Company's core strategy is to enhance andmonetize the global reach of its existing brands, and to pursueadditional strategic acquisitions to grow the scope and diversity ofits brand portfolio.
For more information, please visit: www.cannamericabrands.com .
Contact: Dan Anglin, Chief Executive Officer andDirector of CannAmerica Brands Corp.
E m a il : info@cannamericabrands.com
Phone: 720.648.4044
Forward-Looking Statements
Cautionary Note RegardingForward-Looking Statements: This release includes certain statementsand information that may constitute forward-looking information withinthe meaning of applicable Canadian securities laws. Forward-lookingstatements relate to future events or future performance and reflectthe expectations or beliefs of management of the Company regardingfuture events. Generally, forward-looking statements and informationcan be identified by the use of forward-looking terminology such as"intends" or "anticipates", or variations of suchwords and phrases or statements that certain actions, events orresults "may", "could", "should","would" or "occur". This information and thesestatements, referred to herein as "forward?lookingstatements", are not historical facts, are made as of the date ofthis news release and include without limitation, statements regardingdiscussions of future plans, estimates and forecasts and statements as to management'sexpectations and intentions with respect to, among other things, theability of the Company to obtain the Approvals.
These forward?looking statementsinvolve numerous risks and uncertainties and actual results mightdiffer materially from results suggested in any forward-lookingstatements. These risks and uncertainties include, among other things:the Company being unable to obtain the Approvals.
In making the forward lookingstatements in this news release, the Company has applied severalmaterial assumptions, including without limitation, that: the Companywill be able to obtain the Approvals.
Although management of the Companyhas attempted to identify important factors that could cause actualresults to differ materially from those contained in forward-lookingstatements or forward-looking information, there may be other factorsthat cause results not to be as anticipated, estimated or intended.There can be no assurance that such statements will prove to beaccurate, as actual results and future events could differ materiallyfrom those anticipated in such statements. Accordingly, readers shouldnot place undue reliance on forward-looking statements andforward-looking information. Readers are cautioned that reliance onsuch information may not be appropriate for other purposes. TheCompany does not undertake to update any forward-looking statement,forward-looking information or financial out-look that areincorporated by reference herein, except in accordance with applicablesecurities laws. We seek safe harbor.
N O T F O R D I SSE M I N A T I O N I N T H E U S O R T H R O U G H U S N E W SW I RE SER V IC E S
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