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  • Canbud Distribution Corp. (CBDX) has provided an update on its pending acquisition of Steep Hill Inc.
  • The company agreed to acquire all the outstanding shares of Steep Hill by way of a triangular merger
  • Canbud confirmed that most of Steep Hill’s shareholders approved and adopted the transaction
  • Canbud also announced that Robert Tjandra has resigned from his position as CEO
  • Canbud Distribution Corp. (CBDX) is up 12.50 per cent and is trading at $0.045 per share as of 12:00 p.m. EST.

Canbud Distribution Corp. (CBDX) has provided an update on its pending acquisition of Steep Hill Inc.

Canbud and its subsidiary, Canbud Merger Sub, Inc., entered an agreement and plan of merger and reorganization agreement with Steep Hill.

Canbud agreed to acquire all the outstanding shares of Steep Hill by way of a triangular merger.

Canbud confirmed that most of Steep Hill’s shareholders approved and adopted the transaction.

Steep Hill has been notified by holders that they have elected to convert all outstanding principal, accrued, and unpaid interest owing under all the outstanding notes into shares of Steep Hill.

Steve Singh, CEO of Canbud stated,

“Canbud remains committed to closing the transaction in the coming weeks, subject to the satisfaction of the remaining conditions and usual closing items provided for in the Merger Agreement.”

Canbud intends to generate value by looking for ways to synchronize its subsidiary Molecular Science Corp’s and Steep Hill’s analytical testing businesses to take advantage of available cost-saving, growth and expansion opportunities.

Canbud also announced that Robert Tjandra, its former director and President, has resigned from his position as CEO.

Singh commented,

“As Canbud continues to execute its strategy to focus primarily on the analytical testing service market within the cannabis and hemp sectors, we understand Robert’s decision to step down as an officer at this time.”

Canbud Distribution Corp. (CBDX) is up 12.50 per cent and is trading at $0.045 per share as of 12:00 p.m. EST.

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