Liberty Leaf Holdings (CSE:LIB) has announced it has entered into a letter of intent (LOI) to acquire a 27.5 percent interest in Gr8 Track, a private corporation in California licensed to produce cannabis for medical use.
William Rascan, president and CEO of Liberty Leaf said:
This LOI which includes a loan provision to be repaid in full and an equity purchase component, furthers our November 2016 Memorandum of Understanding with CBG, a licensed cannabis cultivator that is part of the GR8 Track group.It also confirms our intention to become a major accelerator of legal-cannabis-based business ventures. Our strategy is to provide capital, management expertise, liquidity and marketing and branding services to accelerate the growth of the companies that we invest in. In turn, that will add value to the diverse portfolio of companies held by our umbrella corporation.
As quoted in the press release:
Liberty Leaf will continue pursuing diversity through investments in companies in the cannabis sector with high-growth potential in areas such as genetic research, clinics, retail sales, oils and other edibles, marijuana enhancement and cannabinoid-based health products.