CannaOne Technologies (CSE: CNNA) (OTC: CNONF) (Frankfurt: 3CT) has entered into a letter of intent to acquire a 100% stake in Real Life Sciences.
CannaOne is a software development and technology firm that has developed its own online e-commerce marketplace solution linking the CBD industry to consumers.
In April, CannaOne formed a partnership with Real Life to launch and operate the BWell CBD online marketplace in the U.S.
Under the partnership agreement, Real Life acted as local managing partners for the BWell online marketplace to provide strategic management, financial and business development expertise. As the managing partner of the BWell Marketplace, Real Life maintained a 75.1% ownership interest.
Under the terms of the LOI, CannaOne has agreed to purchase Real Life Sciences for C$2 million. The payment will be made through the issuance company shares priced at a 20% discount to the market as at the date of closing.
The transaction is set to close on October 25.
CannaOne CEO Riby-Williams stated that the “infrastructure and knowledge contributed by Real Life Sciences” to make the BWell marketplace a competitive player in the U.S. CBD market “provides substantial baseline support towards our company now acquiring a sole ownership stake in the BWell marketplace.”
BWell is “now capable of immediate sale and delivery of 140 high quality CBD products at extremely competitive prices to thousands of potential households in U.S.,” Williams noted.
