AgraFlora Organics International (CSE:AGRA) announced the acquisition of a 100 percent interest stake in Ontario-based licensed cannabis producer AAA Heidelberg.
As quoted in the press release:
In conjunction with the acquisition the Company has issued 12,216,509 common shares (the “Shares“) at a deemed price of [C]$0.1667 per share to the shareholders of AAA Heidelberg Inc. (“AAA Heidelberg“) pursuant to the share exchange agreement entered into between the Company, AAA Heidelberg and the shareholders of AAA Heidelberg dated January 26, 2015. The completed share transfer has resulted in the acquisition of the remaining interest of the AAA Heidelberg licensed facility and the entity is now a wholly owned subsidiary of AgraFlora Organics International Inc.
“This acquisition marks a very important milestone in AgraFlora’s growth initiative and designation as an official licensed cannabis production company,” said Derek Ivany, President and CEO of AgraFlora Organics International Inc. “This, combined with the Company’s 2,200,000 square foot Delta Greenhouse facility places AgraFlora among the largest potential per square footage cannabis producers in Canada and we are focused on brining both facilities into revenue generating production in 2019.”