Corix Bioscience (OTCQB:CXBS) announced it’s acquiring three cannabis licenses in California for $2,000,000, consisting of $250,000 cash and the balance in restricted common stock.
As quoted in the press release:
A deposit was given on August 29, 2017 with the closing date scheduled for September 8, 2017.
The licenses consist of: (1) Type 3A (large indoor cultivation), (1) Type 6/7 (manufacturing products using volatile and non-volatile solvents), and (1) Type 11 (distribution). All licenses are addressed to an existing 20,000 square foot cultivation facility and 1,500 square foot office in Adelanto, California. Corix will assume the 8-year lease and is in discussions to acquire the building and land. Further build-out on the building is anticipated to start immediately and Corix anticipates growing to begin by the end of September of 2017.