Fire Cannabis Inc. completed the acquisition of 100% stake NWT Holdings LLC for $21.19 million.
January 21, 2019
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Fire Cannabis Inc. signed a letter of intent to acquire 100% stake NWT Holdings LLC for $16 million on June 14, 2018. The company will pay as consideration $8 million in cash and will issue 6,958,933 common shares for $8 million. On August 23, 2018, the letter of intent was amended. Fire Cannabis Inc. entered into a unit and membership interest purchase agreement to acquire NWT Holdings LLC for $19.18 million on November 29, 2018. The consideration will be satisfied 50% in cash and 50% through the issuance of approximately 7,450,870 Common Shares issued at a deemed price of $1.50 per share, prior to certain purchase price adjustments. As on December 31, 2017 NWT Holdings LLC reported total revenue of $6.186544 million, total assets of $1.745584 and Net loss of $0.093593 million. The letter of intent is subject to due diligence and satisfactory financing.
Fire Cannabis Inc. completed the acquisition of 100% stake NWT Holdings LLC for $21.19 million on January 22, 2019. The acquisition was closed with the payment of $8 million in cash and 7,087,464 Common Shares.
SLANG Worldwide Inc. is a Canada-based cannabis consumer packaged goods company with a portfolio of various brands. The Company owns, licenses and/or markets five brands, which serve three categories: flower, inhalable concentrates and ingestible. Its portfolio consists of three distinct consumer packaged goods (CPG) brands, one retail brand and a product portfolio of 30 stock keeping units (SKUs). The Company brings its products to market through three channels: Core Markets-Colorado and Vermont, Emerging Markets-Strategic Partnerships in nine States and THC Free-Distribution & Ecommerce. Its Core Markets include Colorado and Vermont. Its Emerging Markets include Florida, Maine, New Mexico, Michigan, Pennsylvania, Washington, West Virginia, Maryland and Puerto Rico. Its THC Free includes dry herb vaporizer, the Firefly 2+, line of Alchemy Naturals CBD gummies, as well as batteries and various other product components including packaging and hardware.