Cannabis Stock News: Leviathan (CSE: EPIC) Announces Acquisition of Cannabis Technology Company
Toronto, Ontario - June 9, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Leviathan Natural Products Inc. (CSE: EPIC) (OTCQB: LVCNF) (the "Company" or "Leviathan") makes the following announcements:
ACQUISITION OF ONE CANNABIS MARKET INC.
Leviathan announces that it has completed the acquisition of One Cannabis Market Inc. ("OCM"). OCM is a privately-held technology company that provides solutions to consumers and businesses in dynamic markets. The company's mission is to be the industry leader in cannabis technology by innovation and value creation.
Leviathan has acquired 100% of the issued and outstanding shares of OCM in exchange for 500,000 common shares of Leviathan (the "Issued Shares") pursuant to a share purchase agreement dated June 9, 2022. The Issued Shares shall be subject to restrictions on resale or transfer that may be imposed by applicable securities laws from time to time, including without limitation under National Instrument 45-102 - Resale Restrictions.
In connection with the closing of the Transaction, OCM's founder and President, Kamyar Hosseini ("Kam"), will join Leviathan as Head of Technology, and will help grow Leviathan's technology business. In connection with Kam's appointment, Leviathan's board of directors has authorized the issuance of 500,000 stock options in Leviathan to Kam, exercisable at CAD$1.10 per share vesting over 2 years.
One Cannabis Market Inc, is a technology company that provides solutions to consumers and business in dynamic markets. OCM's technology address challenges facing consumers seeking information in saturated markets and business looking for a single source software.
The press release issued on June 3, 2022 (the "June 3rd Press Release") incorrectly stated that there was a total of 8,700,000 stock options representing approximately 8% of the outstanding common shares of the Company. The June 3rd Press Release should have stated that there was, on that date, a total of 8,662,500 stock options representing approximately 9% of the outstanding common shares of the Company.
As of the date of this press release, Leviathan has a total of 3,825,000 stock options representing approximately 4% of the outstanding common shares of the Company.
About Leviathan Natural Products Inc.
Leviathan concentrates primarily on non-psychoactive hemp derived products for the health and wellness market. Leviathan plans on executing a series of buy and build transactions extending across all vertical markets in Canada and internationally. The Company's global capabilities position it to become a leading multi-jurisdictional cannabinoid producer - one that brings together the best cannabinoid products, brands and expertise from Canada and around the world. The Leviathan portfolio currently comprises Jekyll+Hyde Brand Builders Inc., a marketing services agency specializing in the cannabis/hemp sector; Leviathan US, Inc., which manufactures cannabidiol products from its facility in Carthage, Tennessee; LCG Holdings Inc., a planned cannabis and hemp cultivation and processing facility in Carmen de Viboral, Colombia; and Woodstock Biomed Inc., which owns a 30-acre property with greenhouse infrastructure in Pelham, Ontario. The Woodstock property operates under a lease agreement with Medical Saints Ltd., a Health Canada regulated licensed producer of industrial hemp. The agreement allows for important research and development ("R&D") in the industrial hemp sector.
For more information, please contact
Chief Executive Officer
Leviathan Natural Products Inc.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
Certain information in this press release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or negatives of these terms and similar expressions.
Forward-looking statements are based on certain assumptions, including successful application to be a licensed cannabis producer and seller, expected growth, results from operations, performance, industry trends and growth opportunities. While Leviathan considers these assumptions to be reasonable, based on information currently available, they are inherently subject to significant business, economic and competitive uncertainties and contingencies and they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements.
Forward-looking statements also necessarily involve known and unknown risks, including without limitation, risks associated with general economic conditions, adverse industry events, marketing costs, loss of markets, future legislative and regulatory developments, the inability to access sufficient capital on favourable terms, the medical and recreational cannabis industry in Canada in general, income tax and regulatory matters, the ability of Leviathan to execute its business strategies, competition, crop failure, currency and interest rate fluctuations and other risks.
Readers are cautioned that the foregoing is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ from those anticipated. Forward-looking statements are not guarantees of future performance. Except as required by law, Leviathan disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Forward- looking statements contained in this news release are expressly qualified by this cautionary statement.
Source: Leviathan Natural Products Inc.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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