Heritage Cannabis acquires recreational cannabis group Bloom Brands

Heritage Cannabis acquires recreational cannabis group Bloom Brands

Author: Calum Muirhead

The company said the merger will provide it with an immediate market footprint in California, New Mexico, Oklahoma, Washington, Nevada, and Arizona 

Heritage Cannabis Holdings Corp (CSE:CANN) (OTCQX:HERTF) (FRA:2UE) said it has signed a non-binding letter of intent to purchase California-based Bloom Brands, a collection of recreational cannabis brands.

Under the terms of the agreement, Bloom will receive around US$15 million in Heritage shares in two tranches, one of US $7.5 million in shares at a deemed value of C$0.14 each followed by a second tranche of shares six months after closing at a deemed value of either C$0.16 per share, or a 15% discount to the 15-day volume-weighted average price, whichever is greater.

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