On Wednesday, September 4, 2019, cannabis-focused software firm, CannaOne Technologies revealed that it has officially signed a letter of intent (LOI) that will allow the firm to fully purchase Real Life Sciences Inc.
The reason for acquisition allegedly stems from the fact that the duo formed an alliance back in April to create the “BWell CBD online marketplace in the U.S.” As per the official website, the marketplace now offers an array of CBD goods ranging from oil drops, concentrates and vape oils to pills, topicals and edibles.
During the aforementioned partnership, Real Life Sciences supposedly held 75.1% ownership while serving as the local managing partner. Since the completion of the acquisition agreement, CannaOne now owes the former $2,000,000 CAD in company shares to continue forward with the switch.
Speaking about the entirety of the purchase is the CEO of CannaOne Technologies, Mr. Riby-Williams, who highlighted Real Life Sciences’ “expertise, vast network and strong relationships within the U.S.” as having contributed to the success of BWell CBD.
He further added that:
“Real Life Sciences […] provides substantial baseline support towards our Company now acquiring a sole ownership stake in the BWell marketplace that will assist to potentially provide long term substantial value to our shareholders.”