Here’s a bit of News GOLDEN LEAF HOLDIN (OTCMKTS:GLDFF) Closes Previously Reported Deal With MMC
GOLDEN LEAF HOLDIN (OTCMKTS:GLDFF) has closed its earlier announced acquisition of all of the issued and due stock of Medical Marijuana Group Consulting Ltd. Following the deal, the firm paid consideration of C$5 million, which was met via the issuance of around 17 million common shares of the firm at a price of C$0.28 a share.
The details
As per the definitive deal between MMC and Golden Leaf, the consideration was to be paid in the event that specific gross sales targets were fulfilled within the “Earn-in Period.” The firm waived the Earn-in Period mandates, as MMC was close to attaining the sales targets and showcased strong growth. It considered it was commercially advantageous to integrate MMC and Golden Leaf prior to calendar year close.
MMC marks as a medical marijuana consulting firm that secures high-value medicinal marijuana patients and refers and educates them to LPs for their product. It gets an education fee from the LPs in lieu for this service. MMC marks as a pioneer in securing and finding insurance coverage for medicinal cannabis and is a pioneer in cannabis cure for veterans, a division of the market that results in strong demand.
Philip Millar, the President of MMC, expressed that they have a proven track record buying new patients who privately buy cannabis for their medical problems and MMC continues to be a pioneer in securing individual capital through distinct insurance benefit packages. Since the preliminary acquisition talks started in last year between MMC and Golden Leaf Holdings, the two parties are successfully collaborating on the company’s branding initiative to lead patients to MMC, which has produced around 2,500 “white label” patients so far, and they project this growth to advance moving forward.
In the last trading session, the stock price of Golden Leaf declined more than 8% to close the day at $0.315.