- Justera Health (CSE:VTAL) has revealed it will acquire 100 per cent of the issued and outstanding shares of Port North Extracts
- The acquisition will help bolster Justera Health’s position in the cannabis industry
- Port North is known for its highly specialized solventless extraction techniques and product lineup
- Shares of Justera Health are unchanged at C$0.005
Justera Health (CSE:VTAL) has revealed it will acquire 100 per cent of the issued and outstanding shares of Port North Extracts.
The company stated in a news release that the acquisition will help bolster Justera Health’s position in the cannabis industry.
“This strategic acquisition marks an important step in expanding Justera’s footprint in the cannabis industry,” Young Cho Lee, CEO of Justera Health, said in a statement. “Port North’s solventless extraction technology will enhance our product offerings and support our mission to provide innovative health and wellness solutions. We are eager to collaborate with Port North to achieve new milestones together.”
Port North has gained notoriety for its specialized solventless extraction techniques and product lineup. Solventless extraction is the art of extracting the plant’s cannabinoids and terpenes without the use of chemical solvents such as butane or ethanol. Port North uses natural methods of ice, water, heat and pressure to separate the trichomes from the plant.
Terms of the transaction is contingent upon several conditions, including:
- Justera Health acquiring Port North aggregate for the purchase price of $2.2 million, which will be satisfied through the issuance of an aggregate of 110 million common shares at $0.02 per share;
- Justera and Port North, and the Port North shareholders in the event of a share exchange, having executed the definitive agreement;
- No prohibition at law preventing the completion of the transaction;
- Receipt of all required regulatory, shareholder and third-party approvals including the
- Port North having a minimum cash of $600,000 at closing; and
- Other mutual conditions precedent customary for a transaction of a similar nature.
Port North is a solventless cannabis extract brand that uses specialized extraction techniques to provide pure, premium, 100 per cent solventless extracts for the recreational and therapeutic cannabis markets.
Justera Health was established in 2020 and is focused on health and wellness. Under its four subsidiaries, the company offers personalized healthcare services and solutions, such as IV Vitamin Therapy.
Shares of Justera Health Ltd. (CSE:VTAL) are unchanged at C$0.005.
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