Canadian Cannabis Co. C21 To Buy Nevada’s Deep Roots In $3.5M Deal
C21 Investments Inc. (CSE:CXXI) (OTCQX:CXXIF) announced on Friday that its wholly-owned Nevada subsidiary, Silver State Relief, LLC, is buying Deep Roots Harvest, Inc. in a $3.5 million deal.
Simultaneously, the company announced a non-brokered private placement of a principal amount of CA$1,000 ($740.939) secured convertible debenture units of the company for aggregate gross proceeds of up to CA$4 million. The proceeds will fund the deal to acquire the Nevada-based dispensary.
Dispensary Acquisition
The British Columbia-based company said in a press release that Silver State Relief is purchasing all or substantially all of Deep Roots’ assets related to the operation of its 6,500-square-foot purpose-built operational retail cannabis dispensary located in Southern Reno, Nevada.
Under the deal, the closing of the acquisition will involve the transfer of, among other things, certain machinery, tools, supplies, lease interests, contracts and other assets to the company, as well as the transfer to C21 of certain Deep Roots’ retail store licenses.
The closing of the deal depends on certain conditions including:
receipt by the parties of the grant and approval by the Nevada Cannabis …