Canna 8 Investment Trust (TSXV:RCR.P) entered into a letter of intent to acquire Real Industrial Investment Trust on April 2, 2020. Pursuant to the transaction (i) the outstanding units of Canna 8 will be consolidated on the basis of a consolidation ratio to be determined by Real Industrial and Canna 8 in the context of the closing of Real Industrial's private placement and (ii) the holders of Real Industrial units (including those investors in the Private Placement) will receive one unit of the Resulting Issuer in exchange for each outstanding Real Industrial unit (on a post-Consolidation basis). Follow close of the transaction, Canna 8 and Real Industrial will ultimately form the resulting issuer (the “Resulting Issuer”) that will continue on the business of Real Industrial. It is intended that all of the outstanding units of Real Industrial will be acquired by the Resulting issuer at an approximate purchase price of CAD 21.6 million, subject to adjustments and excluding closing costs. The purchase price shall be satisfied by (i) adjusting of the outstanding debt of Real Industrial estimated to be at CAD 12.2 million. (ii) Resulting Issuers issuing convertible debentures for CAD 2 million paying 5.5% annual interest until conversion, with the conversion methodology and strike price to be determined prior to closing, (iii) the issuance of trust units equal to the balance of the purchase price, based on the net value as set out in the appraisal report. It is anticipated that Canna 8 will undergo a 22 for 1 consolidation in conjunction with this transaction. This consolidation ratio may be adjusted based on the final appraised valuation of the underlying real estate assets being acquired. Dean Parmar, Trustee and Chief Executive Officer, Scott Bartholomew, Trustee and Chief Financial Officer, Lawrence Guy, Trustee, Jacob Goldschmidt, Trustee and Shant Poladian, Trustee will be the Board of Trustees and executive officers of the Resulting Issuer. It is expected that at least one additional director and/or officer will be added to the board and/or management team of the Resulting Issuer upon completion of the proposed transaction subject to acceptance of the TSXV. Completion of the transaction is subject to a number of conditions including, completion of satisfactory due diligence, completion of Real Industrial's private placement for minimum gross proceeds of CAD 5 million, execution of a definitive agreement, receipt of requisite regulatory approvals, acceptance of the transaction as Canna 8’s Qualifying Transaction by the TSXV, receipt of all requisite approvals from the unitholders of each of Canna 8 and Real Industrial for the proposed transaction and/or ancillary matters relating thereto, acquisition of the Kirkland Property by Real Industrial and the completion of all other actions necessary to consummate transaction. The final structure of the transaction is subject to receipt of tax, corporate and securities law advice for both Canna 8 and Real Industrial. Subject to TSX Venture Exchange approval, it is intended that the transaction will constitute Canna 8’s “Qualifying Transaction”. As per the amendment dated September 18, 2020, the letter of intent to acquire Real Industrial was amended to change the acquisition of real property from Kirkland Property to Fish Creek property located in Calgary, Alberta and delete the requirement of a Concurrent Private Placement for minimum gross proceeds of CAD 5 million and amend the outside closing date from September 30, 2020 to December 30, 2020. Canna 8 Investment Trust (TSXV:RCR.P) cancelled the acquisition of Real Industrial Investment Trust on April 2, 2021.