CordovaCann Corp. (OTCPK:LVRL.F) entered into a non-binding letter of intent to acquire Assets of HM Scientific, LLC and AuBio Labs, LLC for $0.94 million.

CordovaCann Corp. (OTCPK:LVRL.F) entered into a non-binding letter of intent to acquire Assets of HM Scientific, LLC and AuBio Labs, LLC for $0.94 million on October 26, 2021. The proposed consideration is $0.7 million and 1,000,000 common shares of Cordova on the closing date.

Cordova also plans on financing the upfront cash consideration through accessing he capital markets for debt and/or equity capital. HMS's operational team will continue to operate the business post-closing of the Transaction. The transaction is subject to certain closing conditions, including but not limited to, satisfactory due diligence and obtaining Cordova's board of approval of the transaction.

The transaction is expected to close on or before December 15, 2021.