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Cannabis One Holdings To Acquire Green Lady, Expand To Pacific Northwest

July 12, 2019 9:28 am
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Cannabis One Holdings Inc (OTC:CAAOF)(CSE:CBIS) announced Friday it will aqurie Green Layde IP Inc.

Green Lady IP provides infrastructure services to three dispensaries in Washington state. These dispensaries produce more than $9 million in unaudited annual revenue, as per Green Lady IP management’s estimates.

Cannabis One Holding mainly works on improving and promoting famous cannabis brands in the U.S., mostly known for its retail brand The JointTM.

Benzinga's Cannabis Capital Conference heads to Detroit on Aug. 15 — Click here to learn more!

"Given the restrictive regulatory environment in Washington State, it appears most cannabis industry participants, particularly those operating in the public sphere, are hesitant to entertain expansion into this established Pacific Northwest market," said Cannabis One CEO Jeffrey Mascio. "This is an unfortunate situation for Washington State operators, since there appears to be a host of license holders that we believe could benefit from certain ancillary services.

“By coupling our progressive infrastructure services program with an option to purchase the underlying licensed assets upon a change in WSLCB regulations, Cannabis One has developed a creative and accretive framework through which it may continue to pursue its exciting Pacific Northwest expansion program, as Washington law allows."

Cannabis One’s gross consideration payable to Green Lady IP is of $3.05 million consisted of $300,000 in cash consideration, $1.35 million in Class “B” super voting shares in the capital of Cannabis One, and $1.40 million in deferred consideration.

Cannabis One's OTC stock traded aroudn 50 cetns per share.

Never miss a news story in the cannabis world. Click here to check out Benzinga Cannabis for more.

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