Sol-3 Boy-Verano?Does this mean Sol only had roughly $36mm US net in Verano? $88mm iinvested and $52mmUS owed Verano owed to Cannacure for 3 Boys? 3 Boys never converyed to Verano. Sol owns 3 Boys....I have written IR twice but have received no responses. Long and guinely confused. Thanks in advance for any help.
- SOL's total gain to date on the share of the Aphria sales is $46.5 million.
U.S. Investments
CannCure: On October 23, 2018, the Company announced the entering into of a binding share purchase agreement to acquire the issued and outstanding common shares of CannCure Investments Inc ("CannCure"). At the time of signing, CannCure owned a 60% interest in 3 Boys Farms LLC ("3Boys") and held an indirect contractual right and obligation to purchase the remaining 40% of 3Boys. The CannCure purchase price will be satisfied by a combination of $29,270,000 in the Company's common shares at a deemed price of $4.00 per share to be issued to the CannCure selling parties; $67,613,200 (USD$52,100,000) in Verano Holdings LLC ("Verano") Class B units (the "CannCure Verano Shares") held by the Company which will be transferred the CannCure selling parties; and $24,916,900 (USD$19,200,000) in cash, which would be applied against the acquisition costs for the remaining 40% of 3Boys. In December 2018, CannCure acquired the remaining 40% interest in 3Boys. The completion of the acquisition of CannCure by the Company is subject to certain closing conditions, including receipt of all required governmental approvals, including from the Florida Department of Health, Office of Medical Marijuana Use.
Verano: On October 23, 2018, the Company announced an investment of $115,259,000(USD$88,000,000) indirectly in Verano Class B units and announced the entering into of a membership interest contribution agreement in which it would transfer and sell 3Boys to Verano in share exchange for $130,976,000 (USD$100,000,000) in additional Verano Class B units. As a result of these transactions, after distributing the CannCure Verano Shares, the Company will own $177,996,000 (USD$135,900,000) Class B units in Verano. The completion of the sale of 3Boys to Verano is subject to certain closing conditions, including the completion of the acquisition of CannCure and receipt of all required governmental approvals, including from the Florida Department of Health, Office of Medical Marijuana Use. Verano is well positioned to achieve outsized market share across every market it enters by leveraging proven methods and strategies which have made the Company a dominant player in Illinois, Maryland and Nevada. Verano's brands cover the complete spectrum of superior cannabis product options for medical and adult-use consumers.