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GABY Inc. (OTCQB:GABLF) (CSE:GABY) the parent company of San Diego's Mankind Dispensary, has entered into a share purchase agreement with HempFusion Wellness Inc. (OTCEM:CBDHF) to acquire all of the issued and outstanding shares in the capital of HF's wholly-owned subsidiary Hempfusion, Inc., the parent company of Sagely Enterprises Inc. and APCNA Holdings, LLC.
Through the transaction, GABY will acquire three CBD brands: HempFusion, Sagely Naturals and apothecanna.
"We are always looking for ways to build shareholder value and strengthen the foundation of our business," stated Margot Micallef, founder and CEO of GABY. "This acquisition allows us to expand our CBD division and realize additional revenue from an alternative channel outside the regulated cannabis industry. GABY is extremely fortunate to be able to acquire these high-quality established brands for such great value" she continued. "GABY's management team has extensive experience in building consumer facing brands putting GABY in a strong position to create further shareholder value from this acquisition".
At the annual and special meeting held on March 25, 2021, holders of GABY shares passed a special resolution approving the consolidation of GABY shares on the basis of 20 pre-consolidation GABY shares for 1 post-consolidation GABY share.
As consideration for the transaction, GABY has agreed to issue to HF an aggregate of 13 million GABY shares (on a post-GABY share consolidation basis) on the closing of the transaction at the then prevailing market price of the GABY shares on the Canadian Securities Exchange at the time of issuance. The GABY Shares issued on closing will be subject to a lock-up agreement and will be released in three equal tranches of 1/3 each on that date that is six, twelve and eighteen months following closing.
Photo: Benzinga edit with photos by jarmoluk and lindsayfox on Pixabay
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