Bio-sciences company EXMceuticals Inc. (EXM) is poised to merge with Global Cannabinoids (GC), a business-to-business (B2B) distributor of hemp oil, extract, isolates, and finished products.
The combined entity will operate as Global Cannabinoids, since the company will acquire some 168 common shares of EXM.
Once the deal is closed, GC will own roughly 66% of EXM’s issued and outstanding shares.
The transaction is expected to bolster expansion outside the US, and enable the company to import, export, research and refine CBD and cannabis-based products via EXM’s Portugal-based hub into Europe.
“We are incredibly excited for the opportunities ahead,” GC Chief Executive Kelly Ann Lewis-Bortman said.
Lewis-Bortman is slated to lead the company upon closing of the merger.
EXM Chief Executive Jonathan Summers will chair the five-member board of the newly combined company.
“Enormous growth opportunities exist in the US marketplace and beyond, with EXM’s operations in Portugal providing an immediate springboard to access the entire emerging European marketplace, for all legal cannabinoids,” he noted.
Simultaneously, the Vancouver company secured up to CA$6 million ($4.75 million) in financing through a private placement of units at CA$0.15 per unit.
Each unit will consist of one EXM share and one half EXM share purchase warrant.
EXM will utilize the proceeds to fund the transaction.
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