SACRAMENTO, Calif. – Vibe Bioscience Ltd. (CSE:VIBE, OTC:VBSCF, GERMANY:A061) (the “Company” or “Vibe”), a California based cannabis retailer and cultivator, is pleased to announce it has entered into a definitive agreement to acquire Cathedral Asset Holding Corporation (“CAHC” or “Cathedral”) and its distribution and manufacturing assets in Santa Rosa, California. CAHC is a wholly owned subsidiary of Ventura Cannabis and Wellness Corp. (CSE: VCAN) (“Ventura”)
“The acquisition of Cathedral makes Vibe a true, vertically integrated cannabis cultivator, distributor, manufacturer and retailer in California, focused on the most dynamic cannabis market in the United States. Vibe is singularly focused on developing cannabis assets that are cash flow positive, and we anticipate the acquisition will be highly accretive to Vibe shareholders within 6 months. We could not be more pleased with the strategic and geographic fit of adding Cathedral’s distribution and manufacturing assets to Vibe’s growing, profitable cannabis portfolio,” said Mark Waldron, CEO of Vibe.
Cathedral, a corporation organized under the laws of California, leases a facility in Santa Rosa, California and is licensed for distribution and manufacturing of regulated cannabis. Cathedral’s distribution license and facility will allow Vibe to complete logistics and fulfillment from its cultivation facilities to its retail store network and allow for the transportation, packaging, labelling, testing, storage, and transfer of its marijuana products. The manufacturing license will allow Vibe to expand its Hype Cannabis Co. product line and produce a wide variety of all-natural Hype Cannabis Co. products.
Vibe will acquire all the issued and outstanding shares of Cathedral for $333,360 Canadian dollars in an all share transaction and will assume the lease obligation for the Santa Rosa facility, as well as the existing inventory of vape products. Ventura will also receive twelve month at