- CannaOne (CNNA) has signed a definitive agreement to acquire 51 per cent of Payright, a payment technology solutions provider
- Payright is based in Singapore, a major financial hub and one of the most advanced fintech markets in the world
- CannaOne will issue 1,530,000 common shares in exchange for 6,480 Payright common shares or 51 per cent of the company
- The acquisition is part of CannaOne’s strategy to create a pan-regional payment and financial network
- CannaOne focuses on the development and deployment of its proprietary online marketplace platform
- CannaOne (CNNA) is up 2.13 per cent and is currently trading at C$0.96 per share
CannaOne (CNNA) has signed a definitive agreement to acquire 51 per cent of Payright, a payment technology solutions provider.
Payright is partnered with Right Choice Payments, a Major Payments Institution license holder in Singapore, which is one of the most advanced fintech markets in Asia and around the world.
CannaOne views Singapore as a key country in its strategy to create a pan-regional payment and financial network.
The company will issue 1,530,000 common shares in exchange for 6,480 Payright common shares representing a 51 per cent equity interest.
The transaction is scheduled to close on April 9, 2021.
Chris Aldaba is a director of the company and a minority shareholder in Payright. CannaOne’s Board of Directors approved the acquisition with Mr. Aldaba having disclosed his interest and abstained from voting.
CannaOne focuses on the development and deployment of its proprietary online marketplace platform. The company seeks to become a global leader in financial technology, solutions and services as it works hand in hand with select niche banking partners.
CannaOne (CNNA) is up 2.13 per cent and is currently trading at C$0.96 per share as of 9:31 am ET.