Liberty Leaf Holdings (CSE:LIB) has announced that it has entered into a memorandum of understanding to purchase an interest in Cannabis Botanical Group.
As quoted in the press release:
As an industry first mover, CBG is a licensed leader in the production, cultivation and distribution of “high-grade” medicinal and/or recreational cannabis. An interest in CBG shall also include rights to local and state licensed production.
“With a seasoned management team that has over five years of experience in the Regulated Medical Cannabis Industry, six dispensaries, four revenue producing warehouse grows and a valuable distribution license underneath the CBG umbrella, we are confident that an investment will well position Liberty Leaf and their shareholders for growth in California, the largest cannabis market in the United States.” said Will Rascan, CEO of Liberty Leaf. “Liberty Leaf continues to progress our business model and source opportunities in the global legal cannabis industry and we are very excited about this opportunity within the multi-billion dollar legal cannabis industry in the USA.”
A spokesperson for CBG stated: “CBG is already well positioned in the current landscape and will continue to expand its growth in both medical retail and commercial cultivation with or without the passing of recreational. California Proposition 64 vote will only advance the efforts to expand to a larger market by collapsing the current time frames set for expansion.”