Luff Completes Acquisition: Licensed Producer & New Director This news should 'heat up the pot'
Vancouver, B.C. – TheNewswire – August 15, 2022 - Luff Enterprises Ltd., (CSE:LUFF) (“LUFF” or the “Company”) is pleased to announce the completion of its previously announced acquisition of the National Green Biomed group of companies (“NG Biomed”). Based in British Columbia, NG Biomed is a licensed producer of cannabis products for both the recreational and medical consumer markets. This acquisition represents the next step in Luff’s online marketplace strategy and will allow the Company to accelerate its launch of online sales in Canada and establish a new online wellness marketplace.
The acquisition of NG Biomed was effected by way of a three-cornered amalgamation in accordance with the provisions of the Business Corporations Act (British Columbia) whereby the securityholders and certain creditors of NG Biomed’s parent company, National Green Biomed Ltd. (“NGB”), were issued 161,025,195 common shares of Luff. The Company will also pay cash consideration of up to $224,370 to certain shareholders of NGB that had a right of rescission related to their investment in NGB. In conjunction with the acquisition, Luff also assumed $500,000 in debt and up to $200,000 in other net liabilities.
The Company is also pleased to announce that it has appointed the Honourable Herb Dhaliwal, NGB’s Chairman, to Luff’s Board of Directors. Mr. Dhaliwal is a former member of Parliament and Minister of National Revenue, Minister of Fisheries & Oceans and Minister of Natural Resources. He is the former Vice-Chair of BC Hydro Power and Authority.
ABOUT LUFF ENTERPRISES LTD.
LUFF is a hemp and wellness company, focused on providing premium quality, innovative products across the United States through its online store. Committed to plant-based science, LUFF produces and sources a suite of thoughtfully designed products to benefit a wide range of user needs.
Currently, the Company focuses on identifying unique products and formulations leveraging cannabinoids to empower people to realize the full potential of everyday life. LUFF’s scientifically formulated products are non-GMO, THC-free, 3rd party tested, and only crafted with hemp grown in the United States.
FOR FURTHER INFORMATION:
Philip Campbell, CEO and Director
Email: IR@luffbrands.com
Telephone: 250-419-7665