Blox Labs Executes Letter of Intent With Best Cannabis Products Inc. - 180,000 Square Foot Greenhouse Facility on 50 Acres of Land in Leamington, Ontario
October 10, 2018 / TheNewswire / Toronto, Ontario - Blox Labs Inc. ("BLOX" or "the Company") (CSE: BLOX) (Frankfurt: BR1B), in furtherance to its recently commenced review of potential strategic acquisition opportunities, is pleased to announce that it has entered into a non-binding Letter of Intent (the "Agreement") with Best Cannabis Products Inc. ("BCP") pursuant to which BLOX can acquire all of the issued and outstanding securities of BCP in exchange for securities of BLOX.
BCP is a Canadian company headquartered in Toronto, Ontario that is backed by a group of successful entrepreneurs who have extensive experience in the areas of manufacturing, logistics and renewable energy. BCP recently completed a private financing round and has secured a state of the art agricultural facility in Leamington, Ontario - a preeminent locale for cannabis cultivation in Canada. The current facility consists of 180,000 square feet of cultivation space and is situated on 50 acres of land. The abundant land package would allow for a potential future expansion of up to approximately 1,000,000 square feet of greenhouse cultivation space. BCP has engaged industry experts David Hyde and Associates along with Eurofins to assist with the implementation and compliance with the ACMPR Licensed Producer application process. BCP is awaiting the upcoming recreational legalization in Canada for submittal of its final ACMPR Licensed Producer application as it is understood that there are potentially favorable licensing changes in process. Further, BCP is in active discussions with other Canadian Licensed Producer cannabis companies as potential partners for an expansion site location. There can be no assurance that the current active discussions will lead to the solidification of a partnership.
"The economic opportunities presented by the upcoming legalization of recreational cannabis in Canada are immense and cannot be ignored," stated Jeff Zanini BLOX CEO. He continued, "BCP has secured an enviable large-scale cultivation facility in a sought after location within Southern Ontario's robust agricultural belt. We are excited about the prospects that this potential project represents for BLOX shareholders."
The Agreement outlines the terms and conditions pursuant to which BLOX and BCP will undertake due diligence with the aim of working towards finalization of deal structure and, if warranted, the execution of a definitive merger or amalgamation agreement to be signed on or before November 30, 2018 (or such other date as may be mutually agreed by the parties).
There can be no assurance that the transaction will be completed as proposed or at all. BLOX and BCP will provide further disclosure by way of press releases and updates as such additional information becomes available.
About Blox Labs
Blox Labs Inc. is a technology development company focused on creating best-in-class software solutions driven by emerging trends in Blockchain, Smart Contracts and Decentralized Applications. BLOX is helping customers with solutions for business problems from proofs of concept through execution. The Company is currently piloting blockchain solutions for supply chain management and improvement as well as other areas which include development projects "CannaBLOX" and PetroBLOX". "CannaBLOX" is a seed-to-sale blockchain application for the Canadian Cannabis industry. "PetroBLOX" is a blockchain application for the Oil & Gas industry. Most recently, BLOX announced the launch of two internally developed platforms; Blockchain-as-a-Service offering, "BLOXsmart", and "AiBLOX" that focuses on delivering artificial intelligence for Blockchain activities. BLOX is actively targeting partnerships and strategic acquisitions of growth companies.
Blox Labs Inc.
CEO and Director
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.