Subscribe
Be the first with the news that moves the market- Delta 9 Cannabis (TSX:DN) has completed the transaction to acquire two retail cannabis stores in Alberta from Modern Leaf Group
- The company’s subsidiary, Delta 9 Cannabis Store, paid Modern Leaf an aggregate C$1.3 million for the purchase
- The payment consisted of $1 million in common Delta 9 shares, a $150,000 released deposit, and $150,000 in cash
- With the transaction complete, the company intends to open its first Delta 9 Cannabis Stores in Alberta soon
- Delta 9 Cannabis (DN) is up two per cent and is currently trading at 51 cents per share
Delta 9 Cannabis (TSX:DN) has completed the transaction to acquire two retail cannabis stores in Alberta from Modern Leaf Group.
The two retail cannabis store locations are in Calgary and Grande Prairie, Alberta.
Delta 9’s subsidiary, Delta 9 Cannabis Store, completed the acquisition with a purchase price of C$1.3 million.
The company provided $1 million of that payment by issuing 1.25 million Delta 9 common shares, at $0.80 per share. Delta 9 paid the remaining balance of 300,000 by releasing a $150,000 deposit, and paying $150,000 in cash.
The final closing of the transaction is still subject to approval from the Toronto Stock Exchange. However, Delta 9 Cannabis Store and Modern Leaf have already moved to enter additional agreements.
The agreements provide for many things, including granting first refusal by Modern Leaf, in favour of Delta 9 Cannabis Store. This pertains to the purchase of another retail cannabis store in Olds, Alberta.
Delta 9’s CEO, John Arbuthnot, commented on the successful acquisition.
“We are pleased to have finalized our transaction with Modern Leaf and look forward to the first Delta 9 Cannabis Stores opening their doors in the province of Alberta in short order.
“This is another milestone for us in our goal of creating one of Canada’s preeminent vertically integrated cannabis companies,” he said.
With the transaction now complete, Delta 9 intends to open its first Delta 9 Cannabis Stores in Alberta soon.
Delta 9 Cannabis (DN) is up two per cent and is currently trading at 51 cents per share at 11:10am EDT.
