atlas global brands inc atl signed a definitive agreement to acquire greenseal cannabis company ltd and greenseal nursery ltd a privatelyowned ontariobased licensed cannabis producer greenseal is expected to be accretive to atlas’ international strategy adding a gacp and cumcs certified facility with a vertical cultivation model this is expected to expand the company’s annual production capacity by approximately 3500 kg and adds a nursery program with hundreds of genetics “the acquisition of greenseal further solidifies our strategy to bring a wide variety of premium flower to international medical cannabis markets with our recent announcement of our definitive agreement with harmony ai holdings ltd and harmony il management and escorting ltd to acquire two cannabis pharmacies and a cannabis ‘trading house’ in israel the plan is to accelerate our footprint and uphold our value proposition of offering consistent quality products to patients globally” stated bernie yeung ceo of atlas global pursuant to the share purchase agreement atlas global will issue up to 115 million common shares in atlas global to acquire 100 ownership of the issued and outstanding common and preferred shares of greenseal the price of the consideration shares will be equal to the 20day vwap of the company’s common shares on the cse to the date of closing approximately ca55 million in bank debt and ca 600000 in longterm related party loans will remain with greenseal postclosing repayable from free cash flows generated within the business the consideration shares will be subject to a lockup pursuant to which 15 of the consideration shares will be released every six months commencing on the sixmonth anniversary of the closing of acquisition until the 36month anniversary of the closing of the acquisition if however the average closing price per share for the 20 trading days preceding the releases on the 18 24 and 30month release dates is at least 200 an additional 5 of the consideration shares will be released on the respective release date reducing equivalently the final release on the 36month anniversary closing of the acquisition is subject to receipt of customary closing conditions including regulatory approvals the acquisition is expected to close in q1 of 2023 the most successful cannabis business event in the world the benzinga cannabis capital conference returns to miami for its 16th edition this is the place where deals get done where money is raised ma starts and companies meet investors and key partners join us at the fontainebleau miami beach hotel in florida on april 1112 don’t miss out secure your tickets now prices will surge very soon photo benzinga edit with photos by geralt and lindsayfox on pixabay