Agraflora Organics International Inc (OTCMKTS:AGFAF), an international firm that mainly focuses on cannabis growth has announced a plan to take over Eviana Health Corporation.
The company revealed that it plans to present an offer to Eviana Health Corporation’s shareholders for the purchase of the firm’s outstanding and issued common shares. Agraflora also revealed that its offer will allow Eviana Health shareholders to receive Agraflora’s common shares as part of the exchange.
Agraflora is prepared to give 1.694915 of its common shares to Eviana shareholders at $0.50 for every Eviana share. Additionally, Agraflora is prepared to strike a deal at $0.295 as the share price for its stock as on August 9 this year.
Eviana shareholders have an incentive to entertain the offer because it provides a 49.25% premium on the market price. It also provides them with access to a cannabis company that boasts of higher trading volumes and is also heavily focused on growth. Agraflora is expected to hold talks with Eviana over the next few days and will remain listed on the Canadian Stock Exchange if the takeover goes through.
Agraflora signs CBD distribution and commercialization Letter of intent
Agraflora announced on August 8 that it signed a non-binding letter of intent for the commercialization and distribution of CBD. The company revealed that it signed the deal with one of the largest food retailers in Canada, known as the Canadian Food Retailer.
Agraflora opted to engage with Canadian Food Retailer about the commercialization and distribution plans because it has a robust network of physical stores. The terms of the letter of intent indicate that the two companies will sign a Supply and Consulting deal, through which Canadian Food Retailer will receive packaged CBD-infused goods from Agraflora.
“We are elated to announce that this prominent Canadian Food Retailer has selected AgraFlora as a potential partner of choice for CBD commercialization and distribution,” stated Agraflora CEO, Brandon Boddy.
The CEO pointed out that his company was an attractive pick for Canadian Food Retailer because it has the right manufacturing capabilities, human capital, and assets. The company also boasts of ample scaling capacity for its manufacturing processes.