RavenQuest BioMed (CSE:RQB) announced a binding letter of intent with Western Agripharma Western Agripharmaand 0929476 B.C. Ltd. known as NumberCo, for the acquisition of the outstanding share capital of Western Agripharma and a 15-acre parcel of land from NumberCo.
As quoted in the press release:
Western Agripharma is a late stage applicant with Health Canada in the development of a 125,000 square foot facility, purpose-built for the production of cannabis in Port Mellon, on British Columbia’s Sunshine Coast. Western Agripharma also owns 23.75 [percent] of Atlantic Cannabis Corp. which intends to build a 50,000 square foot facility and holds an additional 120 acres in early stage application on Nova Scotia’s Cape Breton Island.
Under the terms of the letter of intent, RavenQuest proposes to acquire all of the share capital in Western Agripharma and the Property in consideration for 4,335,294 common shares of RavenQuest at a deemed price of $0.85 per share.
“This acquisition adds the important British Columbia market to our growing presence in key markets across Canada. RavenQuest will have state of the art licensed cannabis facilities in Ontario, Alberta and British Columbia, the three most dynamic cannabis markets in Canada,” stated George Robinson, CEO of RavenQuest. “The Western Agripharma facility will produce 25,000 kilograms annually, meaning RavenQuest’s planned projects will combine to produce 51,000 kilograms annually at build out,” Robinson continued. “As we often emphasize, our proprietary grow methodologies allow 125,000 square of grow space to feel like two or three times that footprint, when you factor in what our Orbital Gardening can produce in grams-per-square-foot.”