​Alliance Growers Issues Shares Pursuant To Biocannatech Acquisition Agreement

Spotlight Companies  |

Alliance Growers Corp.  (ACG:CNX) ()has issued the second tranche of shares pursuant to the acquisition agreement to acquire the licensed producer applicant, BioCannaTech Inc., to become a licensed producer under Health Canada's access to cannabis for medical purposes regulations (ACMPR) in Quebec.

The terms and conditions of the agreement to acquire BioCannaTech were initially announced on April 19, 2018. The Company has reached the "Ready to Build" stage and has engaged Groupe Icore to manage the construction of the facility. See the Company's news release dated October 18, 2018 for more information regarding the Quebec facility.

The agreement calls for Alliance Growers to make staged payments as follows:

  • --A down payment of $238,637, which has been paid.
  • --The issuance of $50,000 by way of 169,491 shares to Canna Technology Inc. and 1,200,000 shares to 1134778 BC Ltd (5/6) and Erick Factor (1/6) ("the Recipients") which has been issued;
  • --$250,000 by way of 1,666,666 shares to Canna Technology and 1,200,000 shares to the Recipients upon achieving the Ready to Build stage, to be released immediately subject to a hold period of four months and one day;
  • --$500,000 paid to Canna Technology and 1,200,000 shares to the Recipients upon receipt of municipal building permits to start construction on or before December 31, 2019;
  • --$500,000 in shares to Canna Technology and 1,200,000 shares to the Recipients upon receipt of Health Canada approval of Cultivation stage on or before December 31, 2019;
  • --$500,000 in shares to Canna Technology and 1,200,000 shares to the Recipients upon receipt of Health Canada LP License on or before December 31, 2019.

About Alliance Growers

Alliance Growers is a Diversified Global Medical Cannabis Company driven by the Company's 'Four Pillars' Organization Plan - Cannabis Biotech Complex, Strategic ACMPR Investments, CBD Oil Supply and Distribution, and Research and Technology.

Alliance Growers is working with Pharmagreen Biotech Inc. advancing a new business partnership, to jointly develop and operate a 62,000-square foot facility, to be the first of its kind in Western Canada to house a DNA Botany lab, extraction facility and Tissue Culture Plantlet Production facility to service the Cannabis market and agriculture market in general. The Cannabis Biotech Complex's main facility is the Cannabis Biotech Centre which will grow Cannabis plantlets using proprietary tissue culture propagation, specifically utilizing the "Chibafreen Invitro Plant Production System", which allows for more tissue cultured plantlets to be produced in less space and less time.

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Symbol Name Price Change % Volume
ACG:CNX Alliance Growers Corp 0.11 -0.01 -8.33 236,793



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