Oct. 23, 2020 8:22 AM ETCordovaCann Corp. (LVRLF)
CordovaCann (OTCQB:LVRLF) entered into an arm's length transaction via a non-binding letter of intent to purchase Washington-based Extraction Technologies, cannabis extraction services provider to multiple cannabis licensed processors within the State.
Proposed consideration for the transaction is 2M shares on closing date and 500K shares for every $125K in EBITDA generated by Extraction Tech during the 12-month period commencing post 3 years of transaction closure with maturing of 15 years.
Through the transaction, Cordova will provide manufactured cannabis products on both a white label and branded basis across the state of Washington.
Transaction expected to close on or before Dec.1.