by John Hartsell | Weedia, Inc. | Facebook
The Canadian Bioceutical Corporation today announced that it has signed a letter of intent to acquire the assets of PerkAZ Property LLC, an Arizona registered company active in the cannabis space. Completion of the transaction, subject to customary closing conditions, is anticipated within one week.
The transaction is to include a Management Agreement with Healing Center Wellness Center LLC (THC), a licensee under the Arizona Medical Marijuana Act (AMMA), as well as 44.3 acres of land in Chino Valley, AZ, zoned and permitted for the cultivation of cannabis.
More details on the transaction, including operations going forward will be disclosed upon closing.
“Pursuing acquisitions to increase our footprint in Arizona and other U.S. states is the direct consequence of our aggressive growth strategy,” said Scott Boyes, CEO of BCC. “Our proven access to capital creates opportunities to pursue attractive targets in the very fragmented and undercapitalized U.S. cannabis space. We intend to complete this transaction shortly, following which we will announce further details on our intentions to develop the assets to be acquired.”
About The Canadian Bioceutical Corporation
BCC, an Ontario corporation, through its wholly owned subsidiaries in the U.S., provides management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to two medicinal cannabis enterprises in Arizona. While the Company does not directly own, possess or sell cannabis or cannabis-infused products, it does provide substantial support and exerts considerable influence over these two businesses, which are legally authorized to sell medical cannabis and derivative products.
Under the Health for Life (“H4L”) brand, the two licensed dispensaries operate in the Mesa area, which is part of the rapidly growing Phoenix Metropolitan Statistical Area (MSA) with a population of 4.6 million people. Additionally, the Company supports the Melting Point Extracts (“MPX”) brand. The award winning MPX products have facilitated rapid growth of the brand’s wholesale business, now supplying a growing number of Arizona dispensaries.
The Company also leases a property in Owen Sound, Ontario, for which an application to Health Canada has been made for a cannabis production and sales license. In addition, the Company will continue its efforts related to its legacy nutraceuticals business.