Cannabis Stock News: SOL Global (CSE: SOL) (OTCPK: SOLCF) Announces Closing of Portfolio Company Bluma Wellness Inc.'s Reverse Takeover Transaction
Toronto, Ontario - June 12, 2020 (Investorideas.com Newswire) SOL Global Investments Corp. ("SOL Global" or the "Company") (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) is pleased to announce the closing of the previously announced reverse takeover transaction (the "RTO") involving its portfolio company, CannCure Investments Inc. ("CannCure"). The common shares of the company resulting from the RTO, Bluma Wellness Inc. ("Bluma") (formerly Goldstream Minerals Inc.), will commence trading on the Canadian Securities Exchange (the "CSE") under the symbol "BWEL" once the CSE's conditions for listing are satisfied and the CSE issues its final exchange bulletin confirming the completion of the RTO.
"I want to congratulate the teams at both Bluma and SOL for once again performing for stockholders in both companies during these extremely difficult market conditions"
Bluma is a vertically-integrated, licensed medical cannabis company operating in the State of Florida through its subsidiary, 3 Boys Farm, LLC, doing business as "One Plant Florida" ("One Plant Florida").
One Plant Florida cultivates and processes its premium cannabis flower at its new 54,000 square foot Nexus greenhouse facility in Indiantown, Florida, and at its 24,000 square foot Ruskin, Florida greenhouse facility. One Plant Florida also operates three (3) retail dispensaries in Boynton Beach, Florida, Jacksonville Beach, Florida and St. Petersburg, Florida, and each location offers a consumer-friendly in-store experience, the state's first approved curbside pickup network, and an innovative next-day door-to-door e-commerce home delivery service. One Plant Florida intends to open an additional seven (7) retail dispensaries and delivery hubs throughout the state by November 2020 (subject to the receipt of all required approvals from the Florida Office of Medical Marijuana Use), with its next opening scheduled to occur on or before June 30, 2020 in Port St. Lucie, Florida. Bluma may in the future expand into other states in which the production, distribution and use of cannabis is permitted under state law, as strategic opportunities are presented and as deemed appropriate by management.
"I want to congratulate the teams at both Bluma and SOL for once again performing for stockholders in both companies during these extremely difficult market conditions," said SOL Global Chairman Andy DeFrancesco. "I would also like to give a special thanks to our Bluma CEO Brady Cobb for his insatiable need to raise the bar in what will undoubtedly be the most important state and through what's quickly become recognized as the highest-quality cannabis products, as seen in Bluma's price-per-pound sales and incredible customer reviews."
In connection with the closing of the RTO, SOL Global received an aggregate of 16,067,269 Bluma Shares and 6,450,000 warrants, with each such warrant exercisable to purchase one (1) Bluma Share (the "Bluma Warrants"). The Bluma Warrants issued to SOL Global are subject to an exercise restriction that prevents SOL Global from exercising such number of Bluma Warrants that would result in SOL Global beneficially owning, or having control or direction over 20% or more of the issued and outstanding Bluma Shares, on a post-conversion basis.
As a result, SOL Global holds 19.41% of the issued and outstanding Bluma Shares on a non-diluted basis and 19.99% of the Bluma Shares on a partially diluted basis.
In addition, SOL Global holds non-controlling limited partnership interests in independent investment entities resulting in additional economic exposure to SOL Global in an aggregate of 24,375,000 Bluma Shares and 12.5% unsecured convertible debentures of Bluma in the aggregate amount of $US8,652,000.
About SOL Global Investments Corp.:
SOL Global is a diversified investment and private equity holding company engaged in the small and mid-cap sectors. Our investment partnerships range from minority positions to large strategic holdings with active advisory mandates. Sol Global's seven primary business segments include Retail, Agriculture, QSR & Hospitality, Media Technology & Gaming, Energy, and New Age Wellness.
This press release contains "forward-looking information" within the meaning of applicable securities laws including statements relating the commencement of trading of the Bluma Shares on the CSE and the strategic plans of Bluma. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release, including unexpected construction delays, the inherent risks in running an agricultural business such as insect pests and plant diseases and unexpected disruptions to One Plant Florida's operations and business due to COVID-19.
Other risk factors include, but are not limited to: the Company's ability to comply with all applicable governmental regulations in a highly regulated business; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US federal laws; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
SOL Global Investments Corp.
Paul Kania, CFO
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