Mr. Michael Martinz reports
KANEH BOSM TO ESTABLISH DISTRIBUTION FOOTPRINT OF 2,800 SOUTH AFRICAN PHARMACIES, COMPLEMENTING ITS LESOTHO CULTIVATION
Kaneh Bosm Biotechnology Inc. has entered into a definitive agreement with Aricannabis BioTech Corp. to acquire 100 per cent of Aricannabis's issued and outstanding shares.
Aricannabis works on an exclusive basis with NuCare Health to provide Cannabis products to over 2,800 independent and corporate pharmacies across South Africa. NuCare also provides its medical partners with the following:
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Access to innovative consumer products;
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Strategic partnerships with key suppliers;
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Management of channel pressure;
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Educational and training resources.
Eugene Beukman, chief executive officer of Kaneh Bosm, states: "This agreement provides the company with access to robust client partnerships. This is strategic and significant given Kaneh Bosm's existing licence to cultivate, manufacture, supply, hold, import, export, and transport cannabis and derivative products in the Kingdom of Lesotho, Africa. This acquisition reflects the company's strategy to establish itself as the first vertically integrated pure cannabis play with a true international footprint."
The alignment of Kaneh Bosm's existing African cultivation capabilities and distribution channels, complemented by these new established marketing and distribution channels, will augment the company's African seed-to-sale objectives.
Under the terms of the agreement, the company will issue two million common shares to the shareholders of Aricannabis.
We seek Safe Harbor.
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