Latest News
PSIQ to Acquire 80% of Israeli Cannabis Firm Ecoland for USD 18.3m
Wednesday 15 May 2019

15 May 2019 - Florida, US-based Profile Solutions, Inc. (OTC: PSIQ) has proposed the acquisition of 80% of the capital stock and assets of Israel-based cannabis company Ecoland K.K.L. LTD, for approximately USD 18.3m, the company said.
Ecoland LTD includes cannabis licenses, operations and real estate in North California.
The acquisition is based on securing PSIQ shares of common stock for USD 18.3m based on the May 7, 2019 closing price of .222784 per share.
PSIQ is to invest USD 5m, including USD 2.5m at closing and USD 2.5m within six months of closing. The proposed agreement is nonbinding, subject to due-diligence, financing and execution of definitive and related agreements with an intended closing on or before 30 days unless mutually extended in writing by the parties.
Included in the proposed acquisition are all or part of indoor Cultivation License, Outdoor Cultivation Licenses, Manufacturing License, Distribution License, Retail Delivery License and, Retail Cannabis License as well as real estate, leases and IP rights.
The preceding licenses have either been secured by Ecoland or in the process of being secured. Ecoland shall provide proof of USD 6m cash invested in its operations prior to closing of the proposed acquisition.
PSIQ said the proposed acquisition of Ecoland gives PSIQ its footprint into the largest Cannabis market in the United States.
Combining the experience of the Ecoland management team, strategic locations and the expertise of sister company CannBerry Tek, providing unique man-made seeds known as Cannabis Genetic Seeds for growing, Ecoland will have a competitive advantage, therefore generating significant revenues and profitability for PSIQ and its shareholders.
Profile Solutions, Inc., has two operating subsidiaries: Elite Products International, Inc., a leading distributor and manufacturer in the cannabinoid industry and CannBerry Tek, Inc., a Hi-tech innovative biotechnology company which manages various Research and Development activities with the major focus on the Medical Cannabis industry.
Date Published: 15/05/2019
Target: Ecoland K.K.L. LTD/80% stake
Country: Israel
Deal Size: 18.3m (USD)
Sector: Agriculture/Forestry
Type: Corporate acquisition
Status: Agreed
Buyer: Profile Solutions, Inc