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Lifestyle Global Brands inks pact with Elegance Spirits

It is expected to create an integrated alcoholic spirits and cannabis company and integrate Elegance's brands with Lifestyle Global and CannHealth's combined business

Lifestyle Global Brands - Lifestyle Global Brands inks pact with Elegance Spirits
The global specialty beverages company is betting big on cannabis-infused drinks

Lifestyle Global Brands Limited (CVE:GBE) revealed Friday that it has inked a binding memorandum of understanding with Elegance Spirits Inc to create an integrated alcoholic spirits and cannabis company.

Elegance is a Delaware corporation and beverage company focused on innovating, branding and selling a range of drinks globally.

Lifestyle Global said that following the earlier announced business combination between CannHealth Group Limited and Lifestyle Global, the MoU sets forth the parties' desire to combine businesses through the acquisition by Lifestyle Global of all of Elegance Brands

READ: Lifestyle Global Brands looks to arrange more than $5M non-brokered private placement

“The proposed transaction is expected to create an integrated alcoholic spirits and cannabis company and integrate Elegance's brands with the business of Lifestyle Global and CannHealth, in order to create synergies across manufacturing, distribution and sales,” said the company.

Elegance's core product, Elegance vodka, is manufactured by Australian Boutique Spirits Ltd, which will be a wholly owned subsidiary of Lifestyle Global on completion of the CannHealth transaction.

The proposed transaction is subject to the execution of a definitive agreement, the closing of the CannHealth transaction, and listing of the ordinary shares of Lifestyle Global on the Canadian Securities Exchange. It is also contingent on to approvals from regulatory bodies.

The global specialty beverages company is betting big on cannabis-infused drinks as it gets ready to launch a line of refreshments in the US. The company currently operates manufacturing and branding projects in Australia and North America.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive 

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