Lifestyle Global Brands Limited (TSXV:GBE) entered into a binding memorandum of understanding to acquire Elegance Spirits, Inc. on September 13, 2019. The transaction is subject to the negotiation and execution of a definitive agreement, closing of the reverse takeover transaction with CannHealth Group Limited, listing of the ordinary shares of Lifestyle Global on the Canadian Securities Exchange, completion or waiver of closing conditions customary to transactions of the nature of the transaction, and receipt of all necessary approvals from regulatory bodies and exchanges having jurisdiction in connection with the transaction. Lifestyle Global Brands Limited (TSXV:GBE) cancelled the acquisition of Elegance Spirits, Inc. on May 14, 2020. Lifestyle Global Brands accepted $0.19 million (CAD 0.26 million) in cash, the assumption of liabilities related to legal fees of Lifestyle Global Brands incurred in relation to the memorandum of understanding, listing and related matters, and $1 million of common shares in Elegance at a deemed price of $0.5 per share, as consideration for entering into a termination and mutual release agreement with Elegance.