Heritage Completes Acquisition of 30% of Endocanna Health Inc.
Vancouver, B.C. - TheNewswire - July 29, 2019 - HERITAGE CANNABIS HOLDINGS CORP. (CNSX:CANN.CN) ("Heritage" or the "Company") is pleased to announce that further to its press release dated May 15, 2019, the Company has completed its transaction to acquire 30% of Endocanna Health Inc. ("Endocanna"), pursuant to the terms of the Stock Purchase Agreement and the Share Exchange Agreement (together, the "Agreements") dated July 26, 2019. Heritage issued an aggregate of 2,710,515 common shares of the Company (the "Payment Shares") directly to certain principles of Endocanna as consideration for 10% of the common shares outstanding at a deemed price of $0.485 per Payment Share. In addition, Heritage purchased 3,265,497 shares of common stock, representing 20% of the common stock of Endocanna, on a fully diluted basis, for a total purchase price of USD $2,000,000. In connection with the Agreements the Company has appointed Erin Prohaska, Heritage's Chief Financial Officer as its representative to Endocanna's board of directors, and Dr. Chris Spooner, Heritage's Chief Science Officer as an addition to the advisory board.
"We look forward to introducing the Endocanna DNA kit to Canada, and working with the entire team at Endocanna to bring some of our medical formulations to the marketplace." says Clint Sharples, CEO of Heritage "The information that the DNA kit provides, gives people the opportunity to more effectively use cannabis for their medicinal requirements."
About Endocanna Health Inc.
Endocanna is a company based in Los Angeles, CA that has developed Endocannabinoid DNA testing to assist individuals in taking control of their own health by utilizing cannabis products specifically suited for themselves. The recently expanded database of genetic markers now allows for a thorough review of potential products which are helpful to address the needs of patients. EndoDNA testing packages are currently available in the United States, and will shortly be introduced to Canada and other select cannabis-forward countries. For more information visit www.endocannahealth.co
About Heritage Cannabis Holdings Corp.
The Company is focused on becoming a vertically integrated cannabis provider that currently has two Health Canada approved licenced producers, through its subsidiaries Voyage Cannabis Corp. and CannaCure Corp. both regulated under the Cannabis Act Regulations. Working under these two licences, Heritage has two additional subsidiaries, Purefarma Solutions, which provides extraction services, and BriteLife Sciences which is focused on cannabis based medical solutions. Heritage as the parent company, is focused on providing the resources for its subsidiaries to advance their products or services to compete both domestically and internationally.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.
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This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.