CannaSys, Inc. (OTCPK:MJTK) entered into an asset purchase agreement to acquire 70% stake in LuvBuds, LLC from Brett Harris for $0.99 million on December 17, 2015. As part of the transaction, Brett Harris will retain a 30% interest in LuvBuds, LLC. CannaSys will issue 0.3 million shares and pay $0.03 million in cash during the first quarter of 2016. The deal is subject to execution of the sale, approval from Board and shareholders of LuvBuds. Terrell W. Smith of Kruse Landa Maycock & Ricks, LLC acted as legal advisor to CannaSys.

As on December 21, 2015, CannaSys, Inc. completed the acquisition.

CannaSys, Inc. (OTCPK:MJTK) cancelled the acquisition of 70% stake in LuvBuds, LLC from Brett Harris on March 31, 2016.