VANCOUVER, British Columbia, Aug. 16, 2018 (GLOBE NEWSWIRE) — Kaneh Bosm BioTechnology Inc. (CSE: KBB)(FWB: 8K51)(OTC: KNHBF)(“Kaneh Bosm” or the “Company”) is pleased to announce that it has entered into a definitive agreement (the “Agreement”) with Aricannabis BioTech Corp. (“Aricannabis”) to acquire 100% of Aricannabis’ issued and outstanding shares.
Aricannabis works on an exclusive basis with NuCare Health (“NuCare”) to provide Cannabis products to over 2,800 independent and corporate pharmacies across South Africa. NuCare also provides their medical partners with the following:
- Access to innovative consumer products;
- Strategic partnerships with key suppliers;
- Management of channel pressure; and
- Educational and training resources.
Eugene Beukman, Chief Executive Officer of Kaneh Bosm, states, “This agreement provides the Company with access to robust client partnerships. This is strategic and significant given Kaneh Bosm’s existing licence to cultivate, manufacture, supply, hold, import, export and transport cannabis and derivative products in the Kingdom of Lesotho, Africa. This acquisition reflects the Company’s strategy to establish itself as the first vertically integrated pure cannabis play with a true international footprint.”
The alignment of Kaneh Bosm’s existing African cultivation capabilities and distribution channels, complemented by these new established marketing and distribution channels, will augment the Company’s African seed-to-sale objectives.
Under the terms of the Agreement, the Company will issue 2,000,000 common shares to the shareholders of Aricannabis.
On behalf of the Board of Directors of Kaneh Bosm BioTechnology Inc.
THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com.