CSE:PACR

PacRoots Announces Closing of Share Purchase Agreement for 250 Acres in the Fraser Valley, British Columbia

The Acreage Sits Outside the Agricultural Land Reserve with No Zoning Restrictions

Pac Roots Cannabis Corp. ("PacRoots" or the "Company") (CSE:PACR), is pleased to announce the closing of a share purchase agreement with 1088070 BC. LTD., a company existing under the laws of Canada ("1088") and Dave Jonkman and Norm Tapp (together, the "1088 Shareholders" and each, a "1088 Shareholder") pursuant to which the Company has acquired all of the issued and outstanding shares of 1088. 1088 owns and controls nine parcels of land comprised of 250 acres of prestigious land in the Fraser Valley Region of British Columbia

"The addition of such a substantial package of land to our portfolio is a major step for PacRoots. We are pleased to have the opportunity to add significant acreage with an acquisitional cost base of $9,600 per acre. This land has no zoning restrictions and is not situated within the Agricultural land reserve, which provides for infinite development possibilities." - President and CEO, Patrick Elliott

Following a 51-day due diligence period, the Company is satisfied with its investigations and the closing documents associated with the transaction have been exchanged. As consideration for the 1088 shares, the Company will pay an aggregate of $1.5 million in cash and issue an aggregate of 3 million common shares to the 1088 Shareholders, pro rata in accordance with their holdings as follows (the "Consideration"):

(a) 375,000 shares to be issued on or before the date which is 30 days from the date of Closing (the "Closing Date");

(b) $200,000 within three months of the Closing Date;

(c) $300,000 in cash and 562,500 common shares within 12 months of the Closing Date;

(d) $400,000 in cash and 937,500 common shares within 18 months of the Closing Date; and

(e) $600,000 and 1,125,000 common shares within 24 months after the Closing Date.

Pending the payment of the Consideration in full, 1088 will grant a mortgage over its land package in favor of the 1088 Shareholders.

The acquisition of 250 acres of pristine land in the Fraser Valley Region of British Columbia, coupled with an indoor facility in the late stages of permitting in Lake Country, B.C., and a 60% interest in a 100 acre Hemp JV project in Rock Creek, B.C., are complementary for a portfolio of production and development assets. A land package of this magnitude demonstrates a long pipeline of development projects for the Company. The Fraser Valley region of British Columbia is notoriously known as an agricultural and industrial hub for the province.

The Fraser Valley Regional District (FVRD) is one of the most intensively farmed areas in Canada, generating the most significant annual farm income of any regional district in British Columbia. Despite the rapid population growth of the region, agriculture has flourished and remains an essential component of the region's economy.

Access to a local market of over 2.5 million people, high-quality soils, favorable climate, accessible water, and proximity to educational and research institutions makes the Fraser Valley Regional District a center for agricultural production and innovation.

"Between the Fraser Valley and Rock Creek, B.C., which both rank at the top of the charts for outdoor agricultural producing regions in the Country, PacRoots is extremely well positioned for production and future development of Hemp and Cannabis infrastructure. We are both privileged and proud to be involved in these exciting programs, which will undoubtedly add accretive value to our Company and to our shareholders." Board of Director - Chad Clelland

PacRoots, through its strategic genetic licensing partner, Phenome One, has access to a large genetic library of suitable cultivars for the west coast outdoor climate which have been field tested over the past 3 years. This program has showcased some of the elite CBD and THC strains that thrive in the wetter, milder outdoor conditions that generated unexpectedly high yields while demonstrating environmental resiliency.

"The lack of superior cannabis genetics, expertise and growing conditions have been a common headline that has plagued the industry in producing a premium product for the market. With the partnership with Phenome One and the access to their extensive genetic library, PacRoots is extremely well positioned to deliver the best in industry quality and throughput to the consumers with a pipeline of scalable development properties in the portfolio."- President and CEO, Patrick Elliott

ON BEHALF OF PAC ROOTS CANNABIS CORP.

(signed) "Patrick Elliott"
Chief Executive Officer

For further information, please contact:

Pac Roots Cannabis Corp.
www.pacroots.ca
Telephone: 604-609-6171

Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.

Statements about the Company's proposed acquisition of 1088 and the proposed use of the land held by 1088 as well as the Company's joint venture operations are all forward-looking information.

Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to obtain an industrial hemp in a timely manner or at all, the continued availability of capital and financing, and general economic, market or business conditions, including the effects of COVID-19. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.

Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Pac Roots Cannabis Corp.



View source version on accesswire.com:
https://www.accesswire.com/606638/PacRoots-Announces-Closing-of-Share-Purchase-Agreement-for-250-Acres-in-the-Fraser-Valley-British-Columbia

News Provided by ACCESSWIRE via QuoteMedia

The Conversation (0)

Trulieve Opening Medical Cannabis Dispensary in Evans, Georgia

Company celebrates grand opening and expands access to low-THC products for patients in the Augusta metropolitan area

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the United States announced the grand opening of a new medical cannabis dispensary located at 4218 Washington Road in Evans, GA.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Trulieve Announces Purchase of 8% Senior Secured Notes due 2026

Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced the open market purchase of 57,000 of its USD $1,000 face value senior secured notes due October 6, 2026 (the "Notes") for a purchase price of USD $47.6 million which represents a 16.5% discount to par, plus accrued interest. The Notes trade on the Canadian Securities Exchange under the symbol "TRUL.NT.U".

Trulieve logo (PRNewsfoto/Trulieve Cannabis Corp.)

This press release is for information purposes only and is not an offer to purchase, a solicitation of an offer to sell the Notes or any other securities of the Company.

About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona , Florida , and Pennsylvania . Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com.

Facebook: @Trulieve
Instagram: @Trulieve_
Twitter: @Trulieve

Investor Contact
Christine Hersey , Vice President of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com

Media Contact
Phil Buck , Corporate Communications Manager
+1 (406) 370-6226
Philip.Buck@Trulieve.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/trulieve-announces-purchase-of-8-senior-secured-notes-due-2026-301935538.html

SOURCE Trulieve Cannabis Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2023/21/c4002.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Cronos launches leading medical brand PEACE NATURALS® in Germany

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos" or the "Company") announced today that it shipped its first order of bulk cannabis, which will be sold under the PEACE NATURALS® brand in Germany. In July, Cronos signed a distribution agreement with Cansativa Group ("Cansativa"), one of the leading distributors of medical cannabis in Germany. Cansativa is a market leader in the medical cannabis market and is a driving force in the German cannabis industry. Cansativa has a network of approximately 2,000 pharmacies domestically; they currently supply around 300,000 patients in Germany's medical market.

"Re-entering the German market, which has about 83 million people, is a significant milestone for Cronos and we look forward to expanding our reach and brand awareness in Germany with the help of Cansativa," said Mike Gorenstein, Chairman, President, and CEO, Cronos. "We intend to establish our PEACE NATURALS ® brand as a top medical brand, similar to the brand's reputation in Israel. We will continue to push forward on new market growth opportunities and expand our portfolio of borderless products."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Trulieve Opening Medical Cannabis Dispensary in Pace, Florida

Company celebrates grand opening and expands medical cannabis access to patients in Escambia and Santa Rosa counties

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the United States today announced the opening of a new medical dispensary located at 5037 Hwy 90, Pace, Fla. The new location will be open 9 a.m. 8:30 p.m. Monday through Saturday and 11 a.m. 8 p.m. on Sundays .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Trulieve Employee Training Program Earns Multiple Gold Awards for Excellence

Leading cannabis multi-state operator recognized for innovative, best in class human capital management ("HCM") strategy via implementation of its TruU-GROW Employee Training Program

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the United States today announced its TruU-GROW cultivation training program has received six Gold awards for excellence in the 2023 Brandon Hall Group HCM Excellence Awards™. The awards recognize best practices for initiatives in Learning and Development, Talent Management, Leadership Development, Talent Acquisition, Human Resources, Sales Performance, Diversity, Equity & Inclusion, and the Future of Work. Prior gold medal award winners include leading multinational companies such as Merck & Co., Kraft Heinz, IBM, Chevron, and Deloitte.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Trulieve Announces September 2023 Event Participation

Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced planned event participation in September.

Trulieve logo (PRNewsfoto/Trulieve Cannabis Corp.)

  • ATB Capital Markets 2023 Life Sciences Institutional Investor Conference, September 20, 2023 : Founder and CEO Kim Rivers will participate in a fireside chat and investor meetings.

  • Benzinga Cannabis Capital Conference, September 27 - 28, 2023 : Founder and CEO Kim Rivers will give a keynote speech on September 27 , Director of Digital Marketing Iram Cesani will participate in a panel discussion on September 27 , and Board Member Susan Thronson will participate in a panel discussion on September 28 .

Information about our events, links to events where available, and slide presentations can be found at: https://investors.trulieve.com/events

About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona , Florida , and Pennsylvania . Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com.

Facebook: @Trulieve
Instagram: @Trulieve_
Twitter: @Trulieve

Investor Contact
Christine Hersey , Vice President of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com

Media Contact
Phil Buck , Corporate Communications Manager
+1 (406) 370-6226
Philip.Buck@Trulieve.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/trulieve-announces-september-2023-event-participation-301920006.html

SOURCE Trulieve Cannabis Corp.

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/September2023/07/c0903.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×