Vancouver, British Columbia--(Newsfile Corp. - May 25, 2017) - Wildflower Marijuana, SUN RSP WLDFF, a cannabis company focused on developing and designing branded cannabis products, has signed a Letter of Intent to acquire the King Extract brand, its trademarks and all proprietary formulations. Currently, King is in over 50 retail outlets but is poised for growth having recently signed on with one of the largest distributors in California giving Wildflower access to over 600 retail cannabis stores.
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King has also secured a steady supply of quality, pesticide free oil that can meet the demand of both the King and Wildflower products. King's managing partner, Eric Bava, will step in and run the California operations for Wildflower.
As part of the purchase price, King will initially receive 500,000 common shares of Wildflower, plus an additional 500,000 common shares within the first year when sales reach US$180,000 in any given month and a further 500,000 common shares if sales increases at a minimum of 15% per month in the aggregate over the following 6 months. For more details please refer to the company's news release.
William MacLean, CEO stated: "We have built the model in Washington and it's now time to start replicating it in other markets. With recreational legalization of cannabis approved in California our timing couldn't be better. To be a major influencer in this industry, having a presence in the largest cannabis market is a must. Our acquisition of King not only gives us this access but it also gives us a strong brand that caters to a different demographic than Wildflower. With King's focus on THC and Wildflower's focus on CBD we will be positioned for great growth in cannabis, holistic wellness and retail consumer goods markets."
With a population of more than 39 million, California has the 6th largest economy in the world and is the largest cannabis market, having legalized recreational cannabis use 6 months ago.
Wildflower sells its CBD products online and to retailers throughout the US and also produces and markets its THC products in regulated cannabis jurisdictions. With 15,000 vaporizers currently available in inventory under the Wildflower brand, Wildflower offers 3 proprietary blends of THC, and 6 proprietary blends of CBD. for retail purchase in Washington State.
The shares are trading at $0.66, and with 45.6 million shares outstanding, the company is capitalized at $30.1 million.
For more information, please visit the company's website www.wildflower.ca or contact Doug Kerr, investor relations, at 604-559-0420 or email info@wildflower.ca.
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