Global Cannabis Applications Corp. (CNSX:APP) entered into a definitive agreement to acquire WasteTrakr Technologies Inc. from Tress Direct I, LLC, Tress Direct BE, LLC, Tress Founders, LLC, Green Halo Systems, DMN Advisors and others on May 17, 2022. As part of the consideration, Global Cannabis will issue an aggregate of 2,566,800 common shares in the capital of the company to the WTT shareholders pro rata in proportion to their holdings of the WTT shares and grant an aggregate of 500,000 common shares purchase warrants to WTT shareholders pro rata in proportion to their holdings of the WTT shares.

Each consideration warrant will be exercisable into one common share in the capital of the company at a price of $0.09 per warrant share for a period of 24 month from the closing of the transaction. 10% of the consideration shares will be held back as security for the warranties, representations and covenants of WTT and WTT shareholders provided in the agreement. The transaction is subject to certain closing conditions including, without limitation, the receipt of all required regulatory, including CSE approval and third-party approvals.

Desmond Balakrishnan of McMillan LLP acted as legal advisor to Global Cannabis Applications.