RavenQuest BioMed (CSE:RQB) announced a letter of intent with Elephant Extracts in order to complete a majority stake acquisition.
As quoted in the press release:
RavenQuest BioMed (the “Company” or “RavenQuest”) is pleased to announce that it has entered into a letter of intent with 1090252 B.C. Ltd. (“Elephant Extracts” or “Elephant”) in pursuit of a transaction involving the acquisition of 51 [percent] of the outstanding share capital of Elephant Extracts.
Elephant Extracts is a license applicant under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”), as well as a distributor of cannabis products and accessories. The Health Canada application for Elephant Extracts includes a 10,000 square foot production facility, which will be classified as a “micro-cultivator” license upon passing of the Cannabis Act in Canada.
RavenQuest CEO, George Robinson, commented, “We are very excited to welcome Trevor Hinds and his team at Elephant Extracts into the RavenQuest family. Elephant’s vast extraction knowledge is a wonderful complement for RavenQuest’s revolutionary and science-based grow methodology, producing a powerful combination.”