Sibannac, Inc. Signs Heads of Terms Agreement with Allstar Scottsdale, Arizona--(Newsfile Corp. - September 27, 2023) - Sibannac, Inc. (OTC Pink: SNNC), a Nevada corporation (the "Company"), announced the following:
Sibannac, Inc. and AllStar Health Brands Inc. (OTC Pink: ALST) ("AllStar") have signed a heads-of-terms agreement to pursue the acquisition of retail cannabis franchise units throughout Ontario, Canada.
AllStar and Tyme Cannabis Co. have already entered into a Joint Venture Strategic Partnership to expand its retail presence in the Cannabis sector by adding 70+ new locations throughout the region. This expansion is subject to regulatory approval and will be carried out under Tyme's AGCO (Alcohol and Gaming Commission of Ontario) license.
Tyme Cannabis Co. has an existing operation based in Hamilton, Ontario, which is licensed by AGCO, and it serves as a foundation for the planned expansion. The agreement between Sibannac and the AllStar-Tyme group is for the initial acquisition of up to five locations in the first year.
In addition to Sibannac's expertise in the cannabis space, through its newly acquired Immersive Brands subsidiary, the Company intends to expand its retail offerings in kratom products to Canada, which does not require any licensing. Sibannac's Scottsdale, Arizona retail location is currently in the build-out phase, slated to open shortly, by December 2023.
It is contemplated that the AllStar-Tyme group will be responsible for operations and will oversee store build-outs for new franchisees as they come to the market with a "turn-key" retail location. This will also provide a built-in retail marketplace for Sibannac's products in Canada at no additional cost.
Further disclosures will be made as the deal advances toward a definitive agreement after the diligence period.
https://www.newsfilecorp.com/release/182010