SACRAMENTO, California, June 12, 2020 – Vibe Bioscience Ltd. (CSE:VIBE)(OTC:VBSCF) (the “Company” or “Vibe”), a vertically integrated cannabis retailer and marijuana cultivator, is pleased to announce the closing of the acquisition of a 13,500 square foot operating cannabis cultivation facility in Crescent City, California and a phased plan to increase cultivation canopy by 40 per cent.
“Vibe is very excited to complete the acquisition of this high-quality cultivation facility in Crescent City, California. This represents a unique and strategic opportunity for Vibe to add premium cultivation capacity to our existing Hype Cannabis Co. high-quality flower, distillate vape cartridges, and wax concentrates,” said Vibe CEO Mark Waldron. “Our planned expansion of the cultivation canopy by 40% will enhance Vibe’s supply chain and help Vibe meet the extraordinary demand we are seeing in our stores for high-quality flower and Hype Cannabis Co. products.”
This transaction finalizes the completion of Vibe’s previously announced purchase and sale agreement with the security holders of NGEV Inc. (“NGEV”) to acquire all of its issued and outstanding securities. The acquisition was completed with the issuance of 600,000 common shares of the Company and the assumption of approximately $463,000 in term debt. For additional information on the acquisition, please see Vibe’s Press Release dated March 9, 2020.
NGEV is a corporation organized under the laws of California which owns a production facility, cannabis cultivation equipment, and leases land in Crescent City, California. The cultivation facility provides a turnkey operation that produces high-quality cannabis flower and clones. In addition to the immediate synergies with Vibe’s California operations, the acquisition provides Vibe with a second licensed facility and will significantly increase the supply of Vibe’s Hype Cannabis Co. branded products.
The Company, in accordance with California law and regulation, is providing applicable state and local authorities with new ownership information because of the change of ownership, which is standard in the industry and subject to approval by the California Bureau of Cannabis Control (“BCC”). Such approval is expected, but subject to delay due to COVID-19. The BCC requires the close of such transactions before notifying it of such change in ownership, and the Company, which have been approved for similar changes in ownership on other acquisitions, does not expect any regulatory issues to occur as a result thereof.
About Vibe Bioscience Ltd.
Vibe is a vertically integrated cannabis company delivering exceptional retail experiences with its Vibe by CaliforniaTM brand and ethos, premier cultivation product, high-efficiency delivery, and online 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. For more information, please visit www.vibebycalifornia.com.
Investor Relations Contact:
Phone: +1 833-420-VIBE x 107