/EIN News/ — Not for distribution to United States newswire services or for dissemination in the United States. All figures in Canadian dollars unless otherwise specified.
LOS ANGELES, Aug. 31, 2020 (GLOBE NEWSWIRE) — Ventura Cannabis and Wellness Corp. (CSE:VCAN) (“Ventura Cannabis”, “VCAN”, or the “Company”) is pleased to announce it has entered into a definitive agreement to sell Portland Asset Holding Corporation (“PAHC”, “Portland”) and its cannabis retail dispensary in Portland, Oregon to Vibe Bioscience Ltd. (CSE:VIBE) (“Vibe”) for common stock and warrants (“Consideration”) that it intends to distribute directly to VCAN shareholders, subject to shareholder vote and other regulatory approvals.
“The Board has continually analyzed the current and future cannabis market, VCAN’s current and prospective financial position, and it has determined selling the Company’s assets to another CSE listed cannabis company and delisting is the best path forward for the Company and most importantly its shareholders,” said Lloyd Kaplan, Chairman of Ventura Cannabis. “I am pleased to be trading our cannabis assets into a better capitalized company with more revenues and a top flight management team and, more importantly, the deal is poised to be done at a premium to our current stock price,” said Lloyd Kaplan, Chairman of Ventura Cannabis.
About Vibe (CSE:VIBE)
Vibe is an integrated cannabis company delivering exceptional retail experiences with its Vibe By CaliforniaTM brand and ethos, premier cultivation product and high-efficiency delivery, and on-line sales. The Company’s management team brings expertise in retail, cannabis cultivation and mergers and acquisitions to support its U.S. expansion through accretive acquisitions and organic growth. Vibe is listed on the Canadian Securities Exchange under the symbol VIBE, on the OTC under symbol VBSCF, and in Germany as A061. To learn more about Vibe, please visit www.vibebycalifornia.com.
VIBE Q2 Highlights (Released 08/19/2020; USD)
- Revenue was $5.68 million, an 84% increase from the second quarter of 2019;
- After-tax net income was positive $477,814
- Adjusted EBITDA was $792,925, a 136% increase from the first quarter of 2020 and a 600% increase from the second quarter of 2019;
- Gross margin was $2.04 million for the quarter, a 39% increase from the previous quarter, and an increase of 58% from 2019;
“The acquisition of Portland extends Vibe’s West Coast retail footprint, and as a market leader in our operating markets we believe there is tremendous potential to expand this location’s revenues. With the…