Mr. Rob Cheney reports
C21 INVESTMENTS AND SILVER STATE RELIEF EXTEND TERMS OF PURCHASE AGREEMENT
C21 Investments Inc. and Silver State Relief have extended the closing date of the definitive purchase agreement under which C21 Investments will acquire Silver State Relief LLC and Silver State Cultivation LLC to Dec. 31, 2018.
C21 Investments originally announced the signing of a definitive purchase agreement with Silver State Relief of Nevada on July 16, 2018, with an expected closing date of Oct. 31, 2018, subject to regulatory approval. The closing of this acquisition requires a filing with local authorities for approval of the deemed transfer of the applicable cannabis licences of the business to a Nevada holding company controlled by C21 Investments.
The filing for the transfer of these licences took place on Sept. 14, 2018. However, as regulatory approval for the transfer of cannabis licences is expected to take up to two months or more, C21 Investments and Silver State Relief have agreed to extend the deadline for the closing to Dec. 31, 2018.
In consideration for the delayed closing, C21 Investments has increased its deposit against the purchase price by $2-million (U.S.) for a total deposit of $6-million (U.S.).
Rob Cheney, chief executive officer of C21 Investments, said: "We look forward to closing this acquisition by year-end. In the interim, the people at C21 Investments and Silver State Relief will continue to collaborate on the operational side of the transition, including the opening of Silver State Relief's new dispensary in Fernley, Nev. We look forward to unlocking the value of the combined businesses."
About C21 Investments Inc.
C21 Investments is a U.S.-focused vertically integrated cannabis corporation that cultivates, processes and distributes quality cannabis and hemp-derived consumer products in the United States. C21's current and announced operations currently comprise Silver State Relief in Nevada, as well as Phantom Farms, Swell Companies, Eco Firma Farms, and Gron Chocolate and Gron Confections in Oregon, and five dispensaries in two states.
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