Heritage Cannabis Holdings Corp (CSE:CANN) has announced the completion of the acquisition of all of Opticann Inc.’s issued outstanding securities. The company also announced that consumers in British Columbia can now access its vape products via approved Liquor Distribution Branch channels and some licensed marijuana stores in Manitoba.
Heritage to use Opticann to leverage opportunities and advance US presence
Clint Sharples, Heritage’s CEO said that bringing Opticann to the company’s platform offers Heritage a huge advantage in advancing its US presence. He added that the acquisition will also give the company the ability to take part in the fast-growing billion-dollar CBD market. Clint said that the company is advancing its offering with Opticann and already they are leveraging their current US presence with the Empower JV in Oregon.
Heritage issued 15.84 million common shares on closing the transaction most of which it will hold in escrow. The company will release the shares subject to indemnification claims related reductions.Also, vendors received around 7.92 million warrants exercisable at $0.2 per Class A share for 24 months after closing.
Heritage brings its vapes to BC and Manitoba
All the company’s seven cape cartridges are now available in British Columbia. The available products include Hybrid Honey oil and Sativa cartridges, Indica, Pura Vida CBD 4:1 Honey Oil, Purefarma Moon, as well as Sun and Earth vape cartridges. In Manitoba, consumers can purchase Sativa, Pura Vida’s Indica, Purefarma CBD Earth, and Hybrid Honey Oil vapes.
Sharples said that they are delighted to bring the vape cartridges to BC and Manitoba. He added that already Sativa and Purefarma Indica are sold out in British Columbia.
Recently the company released its Q3 2020 financial results in which gross revenue was $2.4 million and net revenue was $2.3 million. Sharples said that there was sequential growth in Q3 revenue despite the quarter being a transition period for the company. The focus during the quarter was ramping up Pura Vida and Purefarma brand’s products sales that recently launched in BC and Manitoba.