Plant & Co (VEGN) has finalized an arrangement agreement to spin out its cannabis-related assets.
On completion of the arrangement, 1309185 BC Ltd. will become a reporting issuer in the Provinces of British Columbia, Alberta, and Ontario.
Prior to entering into the arrangement agreement, 1309185 BC Ltd. purchased the cannabis-related assets from Plant & Co for a purchase price of $1,000,000 payable by the issuance of 10,000,000 common shares.
The purpose of the arrangement and the purchase agreement is to spin Plant & Co's cannabis assets into a separate private company with the intention of going public in the future.
1309185 BC Ltd. owns a portfolio of revenue-generating cannabis assets, with a focus on technology related to the cannabis sector.
When the arrangement has been completed, Plant & Co will be singularly focused on plant-based foods and technical operations, including its Holy Crap Breakfast Cereal brand and its YamChopsplant-based deli operations.
The arrangement is subject to the approval of the Supreme Court of British Columbia, as well as approval by the Plant & Co shareholders at an annual general and special meeting to be held on September 2, 2021.
The effective date of the arrangement is anticipated to be in September 2021.
Plant & Co. is modern health and wellness company offering delicious and functional plant-based food to people in every facet of life.
Plant & Co. Brands Ltd. (VEGN) opened trading at C$0.21 per share.