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Relevium´s Biocannabix to Acquire 30% Stake in Weedsense
Wednesday 12 June 2019

12 June 2019 - Florida, US-based Biocnanabix Health Corp., a wholly owned subsidiary of Canada-based Relevium Technologies Inc., (TSX.V: RLV) (OTCQB: RLLVF) (Frankfurt: 6BX) has executed a letter of intent to acquire 30% ownership in Weedsense Inc., a late stage applicant for standard processing and medical sales license, the company said.
Biocannabix has executed an LOI to invest CDN 1.5m (USD 1.13m) into Weedsense Inc. to obtain an initial 30% interest in the company. In addition to its initial investment, Biocannabix has secured an additional option to acquire 100% of the shares after the grant of the licenses by Health Canada and full construction of the facility, for an additional CDN 3.5m (USD 2.6m) payable in shares of Biocannabix.
The transaction is conditional to the grant of the said licenses by Health Canada, financing and is also subject to the approval to the TSXV Stock Exchange.
Weedsense Inc. is building a wholesale and distribution business in Montreal, Québec.
The company's business model includes wholesale and bulk products from licensed producers or processors and distributing directly to medical patients through a network of pharmacists or clinics.
Weedsense will also service the recreational market by acting as a distributor to provincially-sanctioned wholesalers such as the Ontario Cannabis Store or Société Québécoise du Cannabis.
Biocannabix Health Corp. will entrust Weedsense with the storage, sales and distribution of its endo-medical nutraceuticals and medical food products for the Canadian marketplace including pharmacies and hospitals. Biocannabix mission is to become a leader in providing safe, organically sourced endo-medicinal products for pediatric care into the Canadian market.
Relevium Technologies operates in the health and wellness industry, including legal cannabis, with a primary focus on online distribution.
The principal business of the company is the identification, evaluation, acquisition and operations of brands and businesses in the health and wellness markets and medical cannabis.
BGX E-Health LLC markets dietary supplements, nutraceuticals, sports nutrition and cosmeceuticals primarily through its Bioganix brand portfolio in the US and Europe. Biocannabix Health Corp., based in Montreal, Quebec, is a biopharma nutraceutical company focussed on delivering pediatric endo-medicinal nutraceuticals for cannabinoid therapy.
Date Published: 12/06/2019
Target: Weedsense Inc
Country: Canada
Deal Size: 1.13m (USD)
Sector: Business and Consumer Services
Type: Stakebuilding
Financing: Stock
Status: Agreed
Buyer: Biocnanabix Health Corp