1933 Industries strikes deal to purchase remaining 9% of Infused MFG subsidiary
1933 Industries Inc (CSE:TGIF) (OTCMKTS:TGIFF) on Thursday said it has struck a deal to purchase the remaining 9% of its Infused MFG subsidiary, which it doesn’t already own, for almost C$1.25 million.
Infused MFG Business is a Nevada-based firm that provides legal hemp-derived and cannabidiol (or CBD) products, and 1933 Industries, formerly known as Friday Night, bought a 91% stake in the company in 2017.
READ: 1933 Industries Inc raises C$4.5M in private placement, thanks to single investor Paul Rosen
“Acquiring the additional 9% positions us to fully benefit from the future growth potential of Infused,” said Brayden Sutton, CEO of 1933 in a statement.
Under the deal’s terms, 1933 will pay Infused just under C$1.25 million by issuing a promissory note with a principal value of US$940,000 and a maturity date of December 1, 2019 as well as issuing 7 million shares at a deemed price of C$0.45.
The note will carry an interest rate of 6% per year and interest payments will be due on the first of each month until repaid.
READ: 1933 Industries recruits mixed-martial arts fighter Sarah Moras to promote Canna HempX sports recovery cream
Headquartered in Vancouver, 1933 is a cannabis company with operations in the United States and Canada. Operating via three subsidiaries, 1933 owns licensed medical and recreational cannabis cultivation and production assets, hemp-based, CBD infused products, CBD extraction services and a specialized cannabis advisory firm.
In addition to its ownership of Infused MFG, the company owns 91% of Alternative Medicine Association and 100% of Spire Global Strategy.
1933 shares were trading at C$0.52 in morning trade in Canada on Thursday.
Contact ellen kelleher at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/217444/1933-industries-strikes-deal-to-purchase-remaining-9-of-infused-mfg-subsidiary-217444.html
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