Canadian Company Lifeist Says Farewell To Cannabis Business Unit, Turns To Nutraceuticals
Lifeist Wellness Inc. (OTC:LFSWF) announced on Friday it has entered into a definitive share purchase agreement with 1463663 B.C. Ltd., a newly-incorporated affiliate of Tierra Corp., and the company’s Canadian cannabis subsidiaries, collectively referred to as the CannMart Group, to divest and sell all of the shares of the CannMart Group to the buyer for CA$5 million ($3.72 million).
What Happened
Under the deal, the Lifeist agreed to sell all of the issued and outstanding shares of each of the corporations in the CannMart Group for an aggregate consideration of $5 million plus the adjusted value of inventory at the time of closing.
The purchase price payable to the company on closing includes:
$500,000 payable in cash upon closing of the transaction;
A $4.5 million senior secured vendor takeback …