VANCOUVER, Sept. 4, 2019 /CNW/ - CannaOne Technologies Inc. (CSE: CNNA; OTC: CNONF; and Frankfurt: 3CT) ("CannaOne" or the "Company"), a leading cannabis e-commerce technology company, is pleased to announce that it has entered into a Letter of Intent ("LOI") to acquire 100% interest in Real Life Sciences Inc. ("Real Life Sciences").
On April 23rd, 2019, CannaOne Technologies announced a formal partnership with Real Life Sciences to launch and operate the BWell CBD online marketplace in the US. Under the terms of this agreement Real Life Sciences acted as local managing partners for the BWell online marketplace providing strategic management, financial and business development expertise. As the managing partner of the BWell Marketplace, Real Life Sciences maintained a 75.1% ownership interest.
CannaOne Technologies CEO, Mr. Riby-Williams, commented "Real Life Sciences' expertise, vast network and strong relationships within the US has brought substantial value to the BWell marketplace during the past months and has been a key factor in the early launch for the business. BWell (www.thebwellmarket.com) is now capable of immediate sale and delivery of 140 high quality CBD products at extremely competitive prices to thousands of potential households in US. We believe that this infrastructure and knowledge contributed by Real Life Sciences to date provides substantial baseline support towards our Company now acquiring a sole ownership stake in the BWell marketplace that will assist to potentially provide long term substantial value to our shareholders."
Under the terms of the LOI, following an extended period of Due Diligence, CannaOne Technologies has agreed to purchase Real Life Sciences for $2,000,000 CAD, such payment to be made in full through the issuance Company shares priced at a 20% discount to the market as at the date of Closing. The Closing Date for this transaction is set for October 25, 2019.
CannaOne Technologies is a software development and technology company that has developed its own proprietary online E-Commerce Marketplace solution linking the rapidly expanding CBD industry to consumers. The company's first consumer product, BloomKit, is a software suite that delivers a complete online toolkit for a variety of applications for companies in the sector.
In June 2019 CannaOne launched BWell (thebewellmarket.com), in the United States, facilitating the sale of a large selection of premium CBD products from numerous suppliers to consumers. The platform includes an infrastructure to build consumer engagement including an AI capacity to recommend products and fulfill orders.
Additionally, to date, CannaOne has secured contracts with underlying expectations to launch further marketplaces in Mexico and the UK marketplace in the next 6-12 months. The company's overall vision is to provide comprehensive online solutions for the industry globally and is now well-positioned to offer industry suppliers with a premium, turnkey technology platform for their CBD products that not only sells and markets products, but also educates and engages their community from the ground up.
CannaOne has uniquely positioned itself to its potential partners or clients, as not only a developer and operator of an innovative marketplaces and turnkey software platforms, but also as a consolidator, manager and overseer of extremely informative and valuable cannabis related analytics and consumer data.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The securities referred to herein will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
FORWARD-LOOKING STATEMENTS: Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be", or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of CannaOne to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures, other costs or implied future forecasts. The Company further again cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. In addition, marijuana remains a Schedule I drug under the United States Controlled Substances Act of 1970. Although Congress has prohibited the US Justice Department from spending federal funds to interfere with the implementation of state medical marijuana laws, this prohibition must be renewed each year to remain in effect. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. CannaOne will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE CannaOne Technologies Inc.
For further information: Investor Relations Contacts: Plutus Bridge Capital Inc., +1 416-918-6785; Solomon Riby-Williams, Chief Executive Officer, [email protected], 604-559-8893