Proactive Investors - Run By Investors For Investors

Tidal Royalty moves MichiCann Medical acquisition forward

The company announced it has signed definitive agreement to merge with private cannabis investment firm MichiCann Medical
pot dollars
MichiCann is a private Ontario-based cannabis investment company

Tidal Royalty Corp (CSE:RLTY) (OTC:TDRYF), financier to the growing cannabis industry, announced Monday it has signed a definitive agreement to merge with private cannabis firm MichiCann Medical Inc with an aim to create a major US multi-state operator. 

Under the agreement, Tidal Royalty will acquire all of the outstanding shares of MichiCann. More specifically, shares of MichiCann will be exchanged on the basis of 2.08 common shares of Tidal for each MichiCann share, according to a statement.

Tidal shareholders will hold around 20% of the new entity, while the former shareholders of MichiCann will hold around 80%, the statement said.

READ: Tidal Royalty's portfolio company, Diem Cannabis, continues to push Massachusetts expansion forward

Tidal said it will change its name to Red White & Bloom or a name acceptable to Tidal’s board of directors, the CSE and regulatory authorities after MichiCann shareholders approve the merger, expected later this month. In addition, a new six-person board will be formed that will include two current members of the Tidal board and four nominated by MichiCann. 

MichiCann is a private cannabis investment company based in Vaughan, Ontario, with an experienced management team in the industry, including CEO Brad Rogers, who was a founder of Mettrum Health Corp before its sale to Canopy Growth Corp (NYSE:CGC).

When Tidal announced its intent to merge with MichiCann back in February, Tidal CFO Theo van der Linde said the deal would allow the creation of new major multi-state operator. In addition to the Tidal's existing positions in California and Massachusetts, van der Linde said he expected the new company will focus on the largest markets in the US, namely Michigan, California, Massachusetts and Florida.

Shares of Tidal, based in Vancouver, British Columbia, remain halted. 

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full RLTY.U profile View Profile

Tidal Royalty Corp. Timeline

Related Articles

cannabis facility
January 23 2019
The company will capitalize on the need for indoor-grown, pharmaceutical-grade cannabis
cannabis
May 13 2019
1933 Industries is progressing with plans to launch one of Nevada's largest hemp extraction facilities, amidst a flurry of other activity
A cannabis facility
January 10 2019
The Vancouver-based medicinal cannabis grower’s Queensland facility will be the world's largest greenhouse cannabis operation, covering a 99-acre site
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use