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Virtual Medical to Acquire Cherry Valley Growers and Adler Properties for USD 2m
Monday 17 May 2021

US-based CBD wellness company Virtual Medical International, Inc. (OTC: QEBR) has agreed to acquire New York-based industrial hemp cultivator and processor Cherry Valley Growers, Inc, and New York-based Adler Properties, LLC, located in New York, for USD 2m, to expand hemp cultivation and CBD processing, the company said.

Virtual Medical International, Inc. agreement with Adler Properties includes an 11,560 square foot warehouse on 1.3 acres, located in Syracuse, New York, to provide a grow and extraction facility to support numerous hemp business operations.

Under to the terms of the agreement, Virtual Medical International will purchase Cherry Valley Growers, Inc and Adler Properties, LLC. in a cash transaction from debt proceeds in exchange for the property consisting of 400-acre, the warehouse and all hemp licenses.

This acquisition continues QEBR's growth and expansion in the cannabis industry following a distribution agreement with Cannonau Corp.

Cherry Valley Growers possesses both a Hemp Grow license and a Hemp Processing License with the State of New York, and has applied to renew their CBD Extraction and Manufacturing License with the New York State Department of Health.

Virtual Medical International, (OTC: QEBR), through its wholly-owned subsidiary, has trademarked the brand name Amsterdam Café: Welcome to Your Whole Health.

The diversified, multi-channel business model is positioned to derive revenue from product sales through company-owned retail stores, franchise stores, domestic and international franchise activities, third party contract manufacturing, e-commerce and corporate alignments.
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Date Published: 17/05/2021

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