- Canbud Distribution (CSE:CBDX) has announced it has closed its acquisition of Molecular Science Corp. (MSC)
- The acquisition was finished through a three-cornered amalgamation where a new wholly-owned subsidiary of Canbud amalgamated with Molecular to form MSC Corp.
- As part of the acquisition, the company issued an aggregate of over 68 million common shares to former shareholders of Molecular Science on the basis of 3.313 Canbud shares for each MSC common share
- Upon closing of the acquisition, all directors and officers of MSC will resign from their positions aside from Mauro Aiello and Sherry Farsami
- Shares of Canbud Distribution are down 15.79 per cent to close at $C0.08
Canbud Distribution (CBDX) has announced it has completed its acquisition of Molecular Science Corp. (MSC).
As per the terms of the agreement, the acquisition was completed by way of a three-corner amalgamation, which means a new wholly-owned subsidiary of Canbud amalgamated with MSC in order to form MSC Corp, which is now a wholly-owned subsidiary of Canbud.
Additionally, Canbud issued over 68 million shares to former MSC shareholders on the basis of 3.313 Canbud shares for each MSC common share, outstanding. This represents 43.7 per cent of Canbud’s issued and outstanding shares.
“We are excited to conclude this transaction, as we continue to build and expand our company through strategic acquisitions. Analytical testing is a key “picks and shovels” type component within the cannabis and emerging psychedelic sector,” Steve Singh, CEO of Canbud, said in a release. More importantly, we have witnessed increased calls for regulations mandating third-party independent testing which protects all key stakeholders especially consumers.
Singh added that MSC’s services are an integral part of the regulatory supply chain which will help fuel the company’s growth.
Based out of Toronto, Ontario, Canbud Distribution is a science and technology health and wellness company focused on plant-based, psychedelic pharmaceutical and nonpsychedelic nutraceutical and hemp cannabinoid vertical markets.
Shares of Canbud Distribution are down 15.79 per cent to close at $C0.08.