Delta 9 to Acquire Two Cannabis Retail Stores in Alberta

cannabis

Delta 9 Cannabis (TSX: DN) (OTCQX: VRNDF) has entered into a binding letter of intent (LOI) with Modern Leaf Group to sign an agreement to acquire all assets of the two proposed retail cannabis stores in Alberta.

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Following the completion of the acquisition, the company will have a total of six operating retail stores in Western Canada.

“The proposed acquisition of these additional cannabis stores continues our strategy of establishing a chain of Delta 9 branded retail stores across Canada,” stated John, Arbuthnot, the founder and CEO of Delta 9.

Acquisition Terms

The purchase price for the proposed transaction is $1.30 million, where $1.0 million will be satisfied through the issuance of 1,250,000 common shares in the capital stock of the company at $0.80 per share and $150,000 will be paid as a deposit.

If the proposed transaction proceeds, the deposit will be applied against the purchase price, and the $150,000 balance will be satisfied in cash on the closing date of the proposed transaction.

The company expects the deal to close on or around November 30 this year.

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