(TheNewswire)
VANCOUVER, BRITISH COLUMBIA / TheNewswire / April 2, 2018 / Open Source Health Inc. (CSE:OSH) (Frankfurt:0OS) (the “Company”) wishes to announce that it is undertaking a change of business to focus on the cannabis sector, both in Canada and the United States. Subject to the approval of the Canadian Securities Exchange (the “Exchange”), the Company will acquire all of the shares of Weekend Unlimited Inc. (the “Weekend”), an arms-length private company, by the issue of common shares to be issued from treasury in exchange for all of common shares of the Weekend. (the “Transaction”).
Weekend Unlimited is a lifestyle brand built on the foundations of state of the art facilities, automated growing/extraction technologies and partnerships with high profile brands aimed at satisfying customers to the highest standard. The Company’s vision for expansion extends throughout North America and internationally, establishing an industry leading brand culture and reputation.
Besides holding approximately $12 million in cash at closing, the Weekend will hold the rights to acquire a Washington State licensed cannabis producer and manufacturer for the sum of US $1.5 million.
Weekend has also entered into an agreement dated March 10, 2018 to purchase a 600 acre organic hemp farm in northern British Columbia which is in the process of applying for a ACMPR application for a cultivation license. Weekend has agreed to issue approximately 38 million shares and fund the ACMPR application for this acquisition.
The Weekend also owns 10% of Jerome Baker Designs, one of the leading names in glass culture, with whom it intends to jointly promote products and events. The Weekend has the option to purchase up to 50% of that company and has the option to acquire the Canadian rights for products created by Jerome Baker Designs.
This transaction is considered a Fundamental Change under the policies of the Exchange. Trading in the shares of the Company will remain halted until the transaction is approved by the Exchange and shareholders of the Company. There is no assurance that this transaction will be approved.
For more information contact
George Tsafalas,
Director, 604-343-2977
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this release may constitute "forward–looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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