BevCanna Enterprises Inc. (CNSX:BEV) signed a letter of intent to acquire Naturo Group Investments Inc. for $18.2 million on November 24, 2020. As of December 11, 2020, BevCanna Enterprises Inc. (CNSX:BEV) entered into a definitive agreement to acquire Naturo Group Investments Inc. Under the terms of the transaction, BevCanna will acquire all of the issued and outstanding securities of Naturo in exchange for issuance of approximately 50 million common shares of BevCanna. Some or all of the consideration shares issued may be subject to an escrow agreement, to be effective as of the closing date, pursuant to the policies of Canadian Securities Exchange. Naturo, which is controlled by Marcello Leone, the Chief Executive Officer of BevCanna, has agreed to exclusively negotiate with BevCanna until the termination of letter of intent and execute a definitive agreement in respect of the transaction on or before January 22, 2021. As part of the transaction, BevCanna will take ownership of the 40,000 sq. ft. beverage facility, and 315-acres of cultivatable land valued at $10.4 million, and beverage manufacturing equipment which is valued $3.4 million as of year-end, and exclusive onsite alkaline spring water source independently valued at $18 million. BevCanna will also own the Naturo flagship brand, TRACE. The former security holders of Naturo will own approximately 32% of the issued and outstanding common shares of BevCanna. The agreement will eliminate future payment liabilities under BevCanna’s current lease agreement, royalty agreement and manufacturing agreements with Naturo. Post-completion, Naturo will become a wholly-owned subsidiary of BevCanna and BevCanna will carry on the combined business of Naturo and BevCanna. The Board of Directors of BevCanna is expected to remain the same following the completion of the transaction. The transaction is subject to satisfactory due diligence by the parties, entry into the definitive agreement, approval of the Canadian Securities Exchange, if applicable, receipt by BevCanna of a third party valuation of Naturo, approval of the shareholders of each of BevCanna and Naturo, as applicable, BevCanna having sufficient cash assets at the closing to operate the combined businesses of the companies; and other conditions which are customary for transactions of this nature. The transaction is expected to complete on or before March 31, 2021. As of December 17, 2020, the transaction is expected to complete on or before January 20, 2021. As of January 20, transaction is expected to be completed by mid-February, 2021. As of February 8, 2021, the transaction is expected to close in the next 10 days. BevCanna Enterprises Inc. (CNSX:BEV) completed the acquisition of Naturo Group Investments Inc. on February 19, 2021. As per closing, no finder’s fee was paid in connection with the acquisition. Naturo will now be a wholly-owned subsidiary of BevCanna and the Company will carry on the combined business of BevCanna and Naturo. There has been no change in management of BevCanna on closing.