Release Read! VANCOUVER, British Columbia, April 19, 2018 (GLOBE NEWSWIRE) -- Isodiol International Inc. (CSE: ISOL) (OTC: ISOLF) (FSE: LB6A.F) (the “Company” or “Isodiol”), a global Bioactive CBD innovator specializing in the development of pharmaceutical and wellness products, is pleased to announce that the Company has signed a definitive agreement to acquire 19.9% of Compass Cannabis Clinic (“Compass”), a leading Canadian clinic and retailer headquartered in Kelowna, British-Columbia.
Under the terms of this acquisition, Isodiol will have exclusive CBD distribution rights for its family of brands through the Compass distribution network.
Compass has quickly established itself as one of Canada’s largest medicinal marijuana networks, with existing operations in the medical business and a proposed retail expansion, pending regulation. With 39 locations already secured or in development across Western Canada and with additional expansion expected in the near future.
Post legalization, many current Compass locations will evolve into a retail business model, where provincial and municipal licensing allows, thus running both business models simultaneously. The Compass medical operation will also begin exploring opportunities in international markets, including expanding into Australia in the third quarter of 2018, through existing operational partnerships.
“Compass has put together an excellent business plan to capitalize on the upcoming medical and retail opportunities in select provinces and to establish itself as one of Canada's largest and most trusted cannabis clinic operations,” said CEO of Isodiol, Marcos Agramont. “Compass differentiates itself in the marketplace by offering prime locations, free appointments and most importantly exceptional patient education, care and support, which align well with our values.”
Furthermore, through Compass clinics and stores, Isodiol will set up a distribution channel for its family of THC-free Cannabidiol brands and products, pending regulation in Canada. Isodiol will also provide Compass with a private label line of additional Cannabidiol products for its fast growing patient base.
“We are pleased to be forming a strategic relationship with Isodiol, the leading CBD provider in the marketplace, and to secure our patients with excellent access to a full line of the highest quality Cannabidiol products,” said Dave Martyn, President of Compass Cannabis Clinic. “In addition to our supply agreement, Isodiol’s equity participation will help strengthen our profile and support the continued expansion of our footprint and operation. We have already established Compass as a leading private cannabis retailer in Western Canada and we are actively going to pursue additional retail licensing opportunities across the country."
Per the agreement, Isodiol will issue a total of $4,000,000 CDN, with $2,000,000 paid in cash and $2,000,000 paid in stock for the 19.9% of equity acquisition, subject to 36-month escrow.
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