News out.... Alchemist Signs Binding Letter of Intent VANCOUVER, BC / ACCESSWIRE / March 27, 2019 / Alchemist Mining Inc. (AMS.CN) ("Alchemist" or the "Company") is pleased to announce the signing of a binding letter of intent ("LOI") for the acquisition of a 15% interest in Lady Chatterley Health. The purchase price shall be $210,000 USD, paid in common shares of the capital of Alchemist. Further, Alchemist will undertake to invest a minimum of $800,000 USD in exchange for a further 49% of the company, milestones and details of which will be set out in the definitive agreement.
Lady Chatterley is a unique cannabis delivery service in the San Francisco Bay area, which features a wide array of the finest California Craft Cannabis flower, pre-rolls, stylish vape pens and cartridges, delicious edibles and relaxing spa products. Licensed by the State of California and City of San Francisco, Lady Chatterley's average order value is $148 USD with over 1,500 customers and 65% of current sales are repeat customers. Lady Chatterley is one of the top ranked Type 9 license operators in California due to its successful track record under the California medical marijuana regulations since its inception in 2015.
"We are very excited with the opportunity of partnering with the team at Lady Chatterley. Their customer demographic, current delivery footprint, and above all their high-quality products and user experience, solidly positions our ability to grow the delivery service statewide," said Alchemist CEO, Paul Mann.
Lady Chatterley CEO, Stephen Kerford, said: "Since 2015 we have worked diligently to connect our customers to unique products and producers through the individual stories of these artisans. This relationship with AMS will allow us to grow our offering, increase revenue from existing clients, and expand our offering statewide and eventually nationally throughout the USA."
On Behalf of the Board,
Paul Mann, CEO
Alchemist Mining Inc.
For further information on this release, please contact:
Sukh Sandhu Investor Relations
Investors@alchemistinc.ca
604-601-2093