Investment designed to drive exposure and long-term growth
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TORONTO, April 26, 2018 /CNW/ - Cannabis Growth Opportunity Corporation ("CGOC") (CSE: CGOC) today announced the execution of a share purchase agreement (the "Share Purchase Agreement") with a private shareholder ("Vendor") of Green Relief Inc. ("Green Relief"), a licensed producer of medical cannabis.
Founded in 2013, Green Relief is one of the only organizations in the world that uses aquaponics, resulting in fresh, pure medicinal cannabis products grown without harmful pesticides and fertilizers while not compromising quality or yields. This investment in Green Relief reflects CGOC's commitment to actively managing a diverse portfolio of private and public cannabis companies to drive sustainable, long-term growth for its investors.
"We're extremely pleased to invest in Green Relief. With its commitment to innovative growing methods and to blending sustainability with science to produce pure, effective medical cannabis products, we believe it to be one of the premier medical cannabis companies in Canada and the world," says Jamie Blundell, President and COO of CGOC. "This acquisition of shares, using a combination of cash and CGOC shares, reflects our ability to deliver unique private deals for our investors. We will continue to seek out opportunities to provide long-term returns on their behalf."
Pursuant to the Share Purchase Agreement, CGOC will acquire common shares of Green Relief for $1,000,000 (the "Acquisition"). The purchase price will be paid to the Vendor primarily in cash (as to $750,000) and partially through the issuance of 138,889 common shares of CGOC. The Acquisition is expected to close on April 30, 2018 or such later date as agreed to by the parties.
"Green Relief is very pleased to partner with like-minded organizations committed to the long-term health of our industry. We were happy to accommodate our shareholder's request and are excited to have CGOC join as a shareholder," says Steve LeBlanc, President of Green Relief. "For a firm our size, we see a benefit in leveraging their access to a broader retail shareholder base to help socialize our business strategy moving forward."
This press release is not an offer of securities for sale in the United States, and the securities described in this press release may not be offered or sold in the United States absent registration or an exemption from registration. The securities have not been and will not be registered under the United States Securities Act of 1933.
About Cannabis Growth Opportunity Corporation
CGOC is a unique investment corporation incorporated under the laws of Canada. CGOC's investment objectives are to provide holders of common shares long-term total return through capital appreciation by investing in an actively managed portfolio of securities of public and private companies operating in, or that derive a portion of their revenue or earnings from, products or services related to the cannabis industry. http://cgocorp.com/. To access the company's April webinar, please visit http://cgocorp.com/investors/ and take the time to register for the news feed.
About Green Relief
Green Relief Inc. is a Canadian licensed producer of medical cannabis under Health Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR).
This news release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of CGOC regarding future events, including statements concerning acquisition of the common shares of Green Relief, payment of the purchase price and the expected closing date of the Acquisition. In some cases, forward-looking statements can be identified by terms such as "will" and "expect", or the negative thereof or other similar expressions concerning matters that are not historical facts.
Although management believes the expectations reflected in such forward-looking statements are reasonable and represent CGOC's internal projections, expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties that may be general or specific and which give rise to the possibility that expectations or conclusions will not prove to be accurate. A variety of factors, many of which are beyond CGOC's control, could cause actual results in future periods to differ materially from current expectations of estimated or anticipated events expressed or implied by such forward-looking statements. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, CGOC undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
SOURCE Cannabis Growth Opportunity Corporation
For further information: Jamie Blundell, President and Chief Operating Officer, Cannabis Growth Opportunity Corporation, 647-946-2205, [email protected]