SACRAMENTO, Calif., Aug. 31, 2020 (GLOBE NEWSWIRE) — 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 Portland Asset Holding Corporation (“PAHC” or “Portland”) and its cannabis retail dispensary in Portland, Oregon. PAHC is a wholly owned subsidiary of Ventura Cannabis and Wellness Corp. (CSE: VCAN) (“Ventura”).
“The acquisition of Portland extends Vibe’s West Coast retail footprint, strengthens our growth and expansion capital, and as a market leader in our operating markets we believe there is tremendous potential to expand this location’s revenues and delivery potential. With the strength of our highly skilled executive team and strong industry relationships, Vibe is eager to establish itself as a profitable operator in the Portland market. Vibe’s strong Q2 financial results have displayed our ability to profitably operate and increase market share in competitive markets,” said Mark Waldron, CEO of Vibe.
Vibe is acquiring 100% of the issued and outstanding shares of PAHC for $1,889,000 Canadian dollars in an all share transaction. Ventura will also receive twelve month at the money warrants to acquire up to 1,200,000 shares of Vibe. The PAHC acquisition includes a retail dispensary license, a leased store location in the City of Portland, and working capital of approximately $1.2 million CAD. The completion of the Portland acquisition is subject to, among other things, Ventura shareholder approval, approval of the Canadian Securities Exchange, the receipt of regulatory approvals, receipt of certain consents from third parties, and the satisfaction of closing conditions. The acquisition is anticipated to close on October 24, 2020.
About Vibe Bioscience Ltd.
Vibe is an integrated