- Pac Roots Cannabis Corp. (PACR) has executed a share purchase agreement with the shareholders of Lords of Grasstown Holdings Ltd.
- The company will acquire all the issued and outstanding shares of Grasstown
- Grasstown is a well-established cannabis motorcycle lifestyle brand
- The closing date for the transaction is expected to occur on Feb. 19, 2021
- Pac Roots Cannabis Corp. is at C$0.24 per share at 12 pm EST
Pac Roots Cannabis Corp. (PACR) has executed a share purchase agreement with the shareholders of Lords of Grasstown Holdings Ltd.
The agreement is pursuant to which the company will acquire all the issued and outstanding shares of Grasstown.
Grasstown is a well-established cannabis motorcycle lifestyle brand that spawned from the vision of Tyler Hazelwood, the founder and director of Lords of Gastown.
The closing date for the transaction is expected to occur on Feb. 19, 2021, pending completion of the company’s due diligence reviews.
In consideration for the share purchase agreement with Grasstown, the total purchase price will be comprised of a cash payment of $50,000, payable within 30 days of the closing date for the transaction and the issuance of an aggregate of 6 million common shares of the company within five business days of the closing date for the transaction.
The aggregate cash and share consideration will be distributed pro rata to the shareholders of Grasstown.
PacRoots’ President and CEO Patrick Elliott said the company is thrilled to partner with such an incredible brand and story driven by artists with a passionate vision that resonates throughout a massive community.
“The creators, designers and marketers behind Lords of Grasstown have a truly unique and talented offering that will be invaluable to the PacRoots organization. The Grasstown culture compliments PacRoots’ foundation of variety and quality built on the west coast. This platform brings a tremendous following that embraces these attributes which are well positioned to excel in BC and California’s west coast marketplaces.”
Through the Lords of Grasstown’s strategic partnerships and alliances in the motorcycle and legal cannabis communities, the initial launch of Grasstown USA into California has been well accepted and recognized.
Hazelwood said Grasstown has created a unique story driven by its love for motorcycles and cannabis with a community that extends throughout the Americas.
“We are ecstatic to be working with our new partner, PacRoots, and look forward to expanding and developing our reach with the Lords of Grasstown and Grasstown USA Brands. Our partners and followers in the USA and Canada have been incredibly supportive of our products, story and the organization, as we look to further proliferate the brands and the culture throughout North America.”
Hazelwood’s passion for cannabis stems from his 20 year battle with Crohn’s disease. He credits cannabis for avoiding major surgical procedures like colon removal.
Founded in 2011, Lords of Gastown is a lifestyle brand created in the Pacific Northwest and with a love for Harley-Davidson.
Pac Roots Cannabis Corp. is trading at C$0.24 per share at 12 pm EST.