Pure Global Cannabis Inc. an integrated, growth-oriented life sciences and consumer products cannabis company, operating through its wholly-owned subsidiary PureSinse Inc., is pleased to announce that it has entered into a binding Letter of Intent with Ottawa -based The Great Canadian Hemp Company, Ltd., pursuant to which the parties shall seek to enter into a share purchase agreement whereby Pure Global will acquire a 100% interest in GCHC.
As consideration, Pure Global will pay GCHC shareholders $560,000 with $60,000 payable in cash and $500,000 payable through the issuance of common shares in the capital of Pure Global at a price equal to $0.20 per share to be held in escrow and released pursuant to a 24-month schedule.
GCHC creates organic vegan hemp-based, all-natural skin and hair products, and promotes sustainability, organic beauty, and mindfulness. After the acquisition, GCHC will continue as a business unit of PureSinse.
“The Great Canadian Hemp Company is a young, innovative, already-established company that offers an exciting opportunity for Pure Global to enter the health and beauty segment,” said Ross Hendry , VP of Consumer Sales and Marketing. “Melissa and Edan are great brand ambassadors, and have established a line of turnkey products that will transfer successfully into CBD and full-medicated spectrum products. We will scale manufacturing of these amazing products and leverage our distribution capabilities. This line is especially geared for the European and Asian markets where there is currently an enormous demand for CBD health and beauty products.”
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GCHC was founded in 2016 by Edan Wolk and Melissa L’Heureux-Hache, who are passionate about sustainability and organic hemp-based wellness products. Together they have created a line of all-natural and entirely unisex skin and hair products formulated with organic Canadian hempseed oil.
Among GCHC’s top products are their Awakening Facial Serum, made with coffee, avocado, and black spruce, as well as coconut, jojoba, and hemp oils; a range of artisanal soaps made with natural soapberry juice, a saponin-containing fruit native to the Himalayas; natural hair nectars rich in hemp oil; and a range of masks, body butters, lip balms, and scalp treatments, all ethically formulated with sustainability, mindfulness, and organic beauty at their core.
“We are excited about the acquisition as Pure Global can help us build a CBD-based line that remains true to our brand, as well as explore other aspects of health and wellness with access to other cannabis derivatives,” said company co-founder Melissa L’Heureux-Hache. “Our philosophy has always been to develop products that are good for the body and good for the environment. It was very important for us to align with a company with integrity, that shares our commitment to sustainability and consumer trust. We look forward to creating new and wonderful products, contribute to a green lifestyle, and help raise awareness of the role of cannabis in natural, plant-based care,” added Edan Wolk .
“This acquisition gives Pure Global a head start with a high-margin line of products that have been formulated for our target audience, and will serve as the base for our international CBD wellness and pet product lines,” said Malay Panchal founder of PureSinse and CEO of Pure Global Cannabis Inc. “We will manufacture these products at scale and sell through online and over the counter retailers in the Canadian, European, U.S., and Asian markets where we will look to introduce these products within the next 12 to 24 months,” added Mr. Panchal.
Date: April 22, 2019
Source: Yahoo Finance